Some democratic leaders are talking about killing your 401k and replacing it with a social security plan which would give you a 3% yearly return.
That's right, a 3% yearly return.
The reason they want to do this is to get their hands on millions of dollars that they can use for government spending. They will take away the tax break for your retirement fund (remember they said they were going to end the tax breaks for the wealthy - bet you never considered yourself "wealthy") and require you to put it into a social security type trust fund.
What does this mean to you?
Well under the plan, a person who makes $100,000 a year and invests the maximum of $5,000 at 35 will have $245,000 to retire on after 30 years.
Yet if that same amount of money is invested at the average rate of return received on the stock market, 10%, that same person would have $905,000 to retire on.
$905,000 v. $245,000 Which do you want? You are the wealthy ones that Obama wanted to get.
Story here.
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