I’ve now read about yet more tinkering with the Australian Superannuation Retirement System and the US 401K Retirement system by your governments.

They just cannot help themselves. This time it is far more dangerous. They want to take control of some or all of your nest egg in the form of an annuity. Read this article, “Why the Government Wants to Hijack Your 401(k).”

The original retirement schemes were set up by governments to force (in Australia at least) people to save for their own retirement. It is known as a defined contribution scheme. The idea being that you contribute to your own retirement in a tax advantaged savings account.

This account was normally with a fund manager who’s job it was to diversity and balance your portfolio of investments so that when you retired you’d have enough to live on without a government pension.

How well has it worked? Not very well at all for you - but great for them.

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