(NaturalNews) The federal government's ongoing looting spree of Americans' hard-earned wealth is picking up speed in the retirement savings department, as new reports have emerged outlining a plan by the Obama Administration to regulate the amount of money Americans can receive from their own retirement savings accounts. As reported by The Dollar Vigilante, the first step towards eventually seizing people's retirement accounts altogether appears to involve putting a cap on retirement annuities, with the federal government determining how much money individuals actually "need" from their own savings accounts.
A socialist slap in the face to millions of Americans who have spent their whole lives working hard and saving for retirement, the flagrantly unconstitutional plan comes from the mouth of a senior Obama Administration official who recently made it very clear how the federal government views the "wealthy." If you make "too much" money, as determined by the federal government, Big Brother will simply siphon some of it off and redistribute it, or perhaps keep it for itself.
"Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving," explains a recent statement from the White House about the planned socialist takeover of Americans' retirement accounts. "The budget would limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013."
Take control of your retirement savings to protect it from government seizure
So not only will American taxpayers have to deal with the current theft of their hard-earned wealth via the illicit federal income tax scam, the endless inflation-inducing printing of fiat currency by the private Federal Reserve, excessive property taxes, capital gains taxes, and death taxes, but they could also soon have to surrender to the corporate cabal their retirement accounts, should such accounts be determined to be in "excess." This is all, of course, a product of the Obama administration's openly socialistic policies, which are now bordering on full-fledged communism.
"[I]f you manage to survive all the taxes and inflation, whatever remaining money you have left will be mostly gutted by the death tax," writes Jeff Berwick, Editor-in-Chief of The Dollar Vigilante, about the scam. "This, of course, is the warm up for big confiscation of retirement account money later on ... a topic that has already been discussed openly in Congress."
Many are now recommending self-directed IRA accounts, including those dealing in precious metal investments, as a viable and more secure alternative to traditional retirement accounts like automated 401(k)s. Another option is to purchase real estate with existing IRA accounts, including overseas real estate in countries that are far less prone to being plundered by the unscrupulous thieves running the American federal government.