Will the Government Confiscate Your Retirement Account?

Is the Federal Government Eyeing Your 401K?

People are getting paranoid about the government; and these days, it’s hard to blame them.

From time to time I hear someone say he’s afraid the government has a plan to “confiscate” everybody’s 401K or IRA. Or at least start taxing it to death. Hey, those multi-trillion-dollar “infrastructure” follies have to be paid for somehow. Can’t just keep on printing funny money.

But before anything like confiscation or new punishing taxes can happen, our current laws would have to be changed. And who knows what the Supreme Court would have to say about it?

Some financial experts call this “baseless speculation” about a draconian scheme that has never actually been proposed (https://www.irahelp.com/slottreport/government-not-planning-confiscate-your-ira). But we are getting used to government way overstepping its bounds–like, just three years ago, who ever heard of lockdowns? So there are people who are just one step removed from pulling all their money out of the bank and hiding it under the mattress.

Laws do get changed. “Mandates” are a dime a dozen now. Executive orders routinely sidestep laws. So yeah, people are afraid. Government’s erratic–one might even say “weird”–responses to the COVID scare have led to an erosion of trust. In fact, a lot of things have led to an erosion of trust in government. You can name as many as I can.

The only way we can even hope to be safe is to vote Democrats out of power and keep an exceedingly sharp eye upon Republicans.

Because in the long run this is a political issue, and the way it pans out will be directed by political maneuverings. And those depend entirely on how much power the people are willing to allow the government.

2 comments on “Will the Government Confiscate Your Retirement Account?

  1. The financial experts on the Right say to buy gold. I’m all for it but have you seen the price of gold lately? And remember how Nixon took us off the gold standard, or when FDR outlawed privately owned gold? No wonder people are flocking to bitcoin and cryptocurrency.

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