The cliff gets closer and the clock is ticking. Depending on how things fall, lawmakers are looking at some serious financial problems in 2013.
And guess who could bail them out, you. There's a very real concern now about how safe all of your 401K and IRA's are.
The 'protect my piggy' push is on as pension protection groups echo the fear of many.
You probably heard how congress is running out of money. What you may not have heard is that Congress can tap into your retirement funds..
Tax guru Bill Raabe at Fisher College of Business says 25 years ago, tax reforms stripped away IRA deductions and it could happen again.
"It's an easy target. It's a big target,” Raabe explained. “I think you have to think about at this point playing defense with your 401k and your IRA."
Raabe says let your Congressperson know how you feel. There's enough to worry about when the fiscal cliff arrives.
"What's the stock market going to do?" questioned Raabe.
The answer is it may take a hit, and if the government smashes your piggy bank at the same time.
"I think you're going to have some very angry people in the workforce," commented Raabe.
A couple ways Congress could dip into your savings is to limit those tax free contributions, a retroactive tax on all of those earnings or even take deductions away from your employer.
61 million workers have retirement plans, hence the push to protect the piggy bank.
And guess who could bail them out, you. There's a very real concern now about how safe all of your 401K and IRA's are.
The 'protect my piggy' push is on as pension protection groups echo the fear of many.
You probably heard how congress is running out of money. What you may not have heard is that Congress can tap into your retirement funds..
Tax guru Bill Raabe at Fisher College of Business says 25 years ago, tax reforms stripped away IRA deductions and it could happen again.
"It's an easy target. It's a big target,” Raabe explained. “I think you have to think about at this point playing defense with your 401k and your IRA."
Raabe says let your Congressperson know how you feel. There's enough to worry about when the fiscal cliff arrives.
"What's the stock market going to do?" questioned Raabe.
The answer is it may take a hit, and if the government smashes your piggy bank at the same time.
"I think you're going to have some very angry people in the workforce," commented Raabe.
A couple ways Congress could dip into your savings is to limit those tax free contributions, a retroactive tax on all of those earnings or even take deductions away from your employer.
61 million workers have retirement plans, hence the push to protect the piggy bank.