Social Security and Your 401(k) Plan

Congressman George Miller, chair of the House Education and Labor Committee has called 401k)s a big failure. According to the Wall Street Journal, he recently held a hearing to ponder alternatives to them. One of those alternatives would be to nationalize pensions and replace them with special bonds administered by Social Security. Does that sound familiar? Argentina is in the process of doing just that. They plan to seize all the private pension assets and promise benefits paid out of the Social Security system there. This is being done because the government of Argentina has a big cash need.

Of course, if the government in the USA did seize the assets in pension plans there is no guarantee that anyone would ever see them again. They would be spent on current government needs and we would get a promise of future benefit, unfunded. Sounds like piling onto a currently very broken system to me.

Don't let this happen. Let your congressmen know that you want to retain ownership of your possessions.

Save Social Security, Now