The Feds Want Your Retirement Accounts

[1775usmarine]

Good luck trying to fill those spots while not causing more economic harm. Either way I don't believe it will ever come down to them touching our retirement.

 

[ryanmercer]

Good luck trying to fill those spots while not causing more economic harm. Either way I don't believe it will ever come down to them touching our retirement.

Wait another 5-10 years. There are a lot of people from the baby boom still working, as soon as they start cashing out retirement investment accounts in significant quantity the government well step in and stop it to "prevent a stock market crash"

 

[EvilElmo]

Wait another 5-10 years. There are a lot of people from the baby boom still working, as soon as they start cashing out retirement investment accounts in significant quantity the government well step in and stop it to "prevent a stock market crash"

After all, it's "not fair" that you have more money to retire on than your neighbor...

 

[funeralweb]

yep. 2 years ago. paid penalties and Taxes and bought all hard assets. 401K and a Simple IRA cashed out both. Wife completely on board.

Did the same thing in September 2008 when unemployment was climbing almost as fast as the market. Didn't make sense so we bailed and have had no regrets.

 

[kiddchaos]

FactCheck.org : IRAs, 401(k)s and You

Wrong again.
Stop posting junk from agenda-driven websites.

 

[funeralweb]

Wait another 5-10 years. There are a lot of people from the baby boom still working, as soon as they start cashing out retirement investment accounts in significant quantity the government well step in and stop it to "prevent a stock market crash"

Agreed. I'm at the tail end of the Boomers. I don't see people behind me investing like I used to before cashing out. Older Boomers taking their distributions with less investment coming in = accelerated devaluation of investments = panic. Higher taxes added on to continue enabling our spending problem will only add fuel to the fire. Gold and lead will see us through.

 

[Mango]

Can't wait to start paying for social security 2.0

 

[NathanJefferson]

FactCheck.org : IRAs, 401(k)s and You

Wrong again.
Stop posting junk from agenda-driven websites.

I don't know if I've ever called anyone out like this before on here, but there is a first time for everything.

How about YOU stop posting junk from an agenda-driven website?

There have been multiple talks from so-called leaders in washington about taking over 401ks. No they aren't going to confiscate them they are going to protect them for you, so you don't have to worry about the evil capitalist marks going down. They want to take them and stick it all in special treasury bonds or some other gimmick just like social security.

Do a little research before you try to call someone out.

 

[NathanJefferson]

And as a second note - your fact check link is over four years, I'm sure nothing happened over the past four years to change anything.

Besides, all they did is weasel around it calling 'confiscation' noone is confiscating it, just wanting to put it in special new accounts. Ugh. Go home.

 

[1775usmarine]

Wait another 5-10 years. There are a lot of people from the baby boom still working, as soon as they start cashing out retirement investment accounts in significant quantity the government well step in and stop it to "prevent a stock market crash"

They can't with railroad retirement because I don't pay social security taxes anymore. After my taxes are taken out I pay roughly 12% into our retirement of my own spending money.

 

[IndyDave1776]

They can't with railroad retirement because I don't pay social security taxes anymore. After my taxes are taken out I pay roughly 12% into our retirement of my own spending money.

Five years ago we would have all agreed that the government could not commandeer a private corporation and redistribute its assets in flagrant violation of rights of ownership and bankruptcy law.

 

[GodFearinGunTotin]

They can't with railroad retirement because I don't pay social security taxes anymore. After my taxes are taken out I pay roughly 12% into our retirement of my own spending money.

With the recent SCOTUS decision on Obamacare combined with its previous decisions regarding congress and the commerce clause, there is virtually nothing outside the reach of our .gov's legislative desires.

 

[JTScribe]

FactCheck.org : IRAs, 401(k)s and You

Wrong again.
Stop posting junk from agenda-driven websites.

FactCheck.org? LOL.

"A Project of the Annenburg Public Policy Center"

Hmm.

http://www.cnn.com/2008/POLITICS/10/07/obama.ayers/?iref=hpmostpop.

http://answers.yahoo.com/question/index?qid=20081008094952AA519tW

 

[kiddchaos]

And as a second note - your fact check link is over four years, I'm sure nothing happened over the past four years to change anything.

Besides, all they did is weasel around it calling 'confiscation' noone is confiscating it, just wanting to put it in special new accounts. Ugh. Go home.

Hmmm. I believe this original story in the first post has quotes taken from 2007. Guess it's gonna happen any day now. Lol.

As as for you JTScribe....
So it's guilt by association?
And Annenburg does not equal Ayers. Nice try.
The Annenberg Foundation is a private foundation that provides funding and support to non-profit organizations in the United States and around the world, like PBS.

 

[kiddchaos]

Later.

 

[rambone]

Hmmm. I believe this original story in the first post has quotes taken from 2007. Guess it's gonna happen any day now. Lol.

National health care was supposed to happen in the 1990s. Guess that's gonna hap..... wait. It already happened.

 

[NathanJefferson]

Hmmm. I believe this original story in the first post has quotes taken from 2007. Guess it's gonna happen any day now. Lol.

As as for you JTScribe....
So it's guilt by association?
And Annenburg does not equal Ayers. Nice try.
The Annenberg Foundation is a private foundation that provides funding and support to non-profit organizations in the United States and around the world, like PBS.

So when the assistant labor secretary and assistant treasury secretary publicly ask for feedback on converting 401ks and IRAs to treasuries, there is nothing to be concerned about?

Or Joe Biden floating the idea of a GRA Guaranteed retirement account that would transfer 401k holdings into, there is nothing to worry about?

Or SEIU who is one of the larger political voices in this country advocates nationalizing 401ks to help fund union and public sector pensions, there is nothing to worry about?

No seriously, you are a pretty good troll but you will have to try harder to derail the conversation happening here.

 

[Hohn]

FactCheck.org? LOL.

"A Project of the Annenburg Public Policy Center"

Hmm.

http://www.cnn.com/2008/POLITICS/10/07/obama.ayers/?iref=hpmostpop.

Should factcheck.org be considered non-partisan, or even credible? - Yahoo! Answers

I see what you did there...

 

[Sticks]

You have to pay the 15% "penalty", plus have the amount to your taxable income at the end of the year. I'm no financial whiz but I think that pretty much wipes out your matching contributions! As always the working guy gets the shaft no matter what he does.

 

[jdhaines]

You have to pay the 15% "penalty", plus have the amount to your taxable income at the end of the year. I'm no financial whiz but I think that pretty much wipes out your matching contributions! As always the working guy gets the shaft no matter what he does.

This. I did the math and with 5.5 years of contributions with a decent company match, if I pulled it out now my penalties would be almost equal to the company match + gains. Essentially it would have been a large 0 interest savings account. What a mess.