POSTED: Tuesday, February 26, 2013 - 6:23pm
UPDATED: Wednesday, February 27, 2013 - 10:25am
Tyler, TX — The Obama administration is looking at your 401K plan to pay off its bills and perhaps fund retirement of those who don't have a plan.
Financial Advisor, at Rose Point Capital, tells KETK, when the government is spending more money than they are taking in, they are always looking for opportunities to help close deficits.
"There are a lot of monies sitting around in 401K plans and IRA's that are available for investments," says Jay Oliver, Financial Advisor, Rose Point Capital.
Studies found, the country's retirement assets totaled more than $19-trillion dollars, and the government is thinking about helping Americans manage their savings.
Reports say, the government will require IRA and 401K holders to buy treasury bonds which will help fill-in holes of the country's 17-trillion-dollar federal debt.
"That's a rather obscure way of working the debt down," says An East Texan.
"There is speculation, there is concerns sometimes that it might become less of an option for people to chose how they invest those plans," says Jay Oliver, Financial Advisor, Rose Point Capital.
Some bureaucrats say it could help the economy.
KETK asked East Texans about this idea, they say the government should back off.
"They should bug out of a lot things," says an East Texan.
"We need to get Obama out of there somehow and the only way we are going to be able to get the chance to get out of the hole is to get him out and his coerce," says an East Texan.
The government is trying to figure out why Americans are not saving much for retirement.
Reports say, this could be another approach of the government taking over.
"Fight against everything wit a tooth and nail otherwise were are going to go down and the deficit is going to carry us down to bankruptcy," says an East Texas.