Where is the take over. Where is it that the government is taking peoples IRAs.<quoted text>
For starters, by removing investor choice and directing retirement funds to crummy yields:
"In 2010 Senators John Kerry- D, MA and Jeff Bingaman-D, N.M proposed ideas that have been circulating in discussions and public hearings at the Treasury and US Labor Department since which has been endorsed in the Obama administration's 256 page Budget Proposal For Fiscal Year 2013. The centerpiece is an "Automatic IRA" in which employers are directed to allocate an amount that equals 3% of a participating employee's salary into a social security-type retirement plan that invests in US treasuries and in which the federal government guarantees a 3% return. Smaller firms with 10 or less employees would be exempt. Even though tax credits to businesses would be provided for this scheme the concern is that this would add an additional cost burden on small businesses that would restrict job growth."
You said it.
The US Treasury IRA concept was a plan for lower income people as a starter until their plan values $5000. These treasury plans have no administrative costs. At that point it would be switched to a private plan.