Terry Mitchell

Your Retirement Savings Could Be Raided



Posted: Monday, August 18, 2008

by
http://commenterry.blogs.com

Even if you are like me, and have not touched your retirement savings during this recent economic downturn, you could still get hit by its effects years from now. Many people have indeed raided their retirement nest egg to make mortgage payments, car payments, or even buy food. This should be a cause for concern for the rest of us, as we may be indirectly and negatively affected by it years down the line. That's when our retirement savings might also be raided, or more appropriately, plundered – by the government!

Because they tapped into their retirement savings early, many people will run out of money within just a few short years after retiring. Then they will have nothing left to live on but their Social Security benefits. Because that won't be nearly enough to keep them above the poverty level, they will turn to the government for further assistance at that point. The bunch of do-gooders that we know as Congress will then look to those us of us with a full compliment of retirement savings to help out our brothers and sisters who were not a thrifty as we were during our working years. This "help" will come in the form of increased taxes on our retirement income. Rest assured that it will happen.

Terry Mitchell is a software engineer, freelance writer, amateur political analyst, and blogger from Virginia, USA. He posts a least one article a day to his blog - http://commenterry.blogs.com - on subjects such as current events, politics, technology, society and culture, religion, health and well-being, self improvement, personal finance, trivia, and sports. Terry is also the owner and operator of a website that is dedicated to allowing U.S. citizens to find all types of insurance at reasonable prices.  
 
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