A commentator warns the government could seize IRAs and 401(k)s and fold them into Social Security, promising fixed payouts that inflation would erode. He claims the government would break that promise, leaving retirees worse off.
I think what will come at some point is they'll nationalize the IRAs and the retirement accounts. They could literally just pass a law or even maybe, I don't know, an executive order. That's even more scary, right where they say all retirement accounts are now part of the government because this is for your protection, they're going to be part of the Social Security system. So that 401k you have that IRA you have at that brokerage company at Schwab or whatever, right, who manages your 401k or your IRA, all of those now by fiat, by law will just now be owned by the government. And the government promises that when you retire we're going to pay you like with Social Security that's broke. And of course they'll break the promise if they can. They'll just break it in nominal versus real dollars because they'll pay you nominal dollars but in real dollars the value will have been inflated away.
