Fortunately it would no longer affect me since I have been forced to cash out my 401k, my profit sharing, my retirement and my entire life savings in order to feed my family for the past 4 years...
Fortunately it would no longer affect me since I have been forced to cash out my 401k, my profit sharing, my retirement and my entire life savings in order to feed my family for the past 4 years...
Whenever I hear the gnashing of teeth and wailing about what is happening in our country, I just wonder how many of those wailers voted for him.
We’ll be hearing a lot more of this when their individual oxes are gored.
Well the Republicans are pretty screwed up but they won’t vote for that garbage.
This is what happens when Americans make up only half of the population of the country. Too many freeloading buzzards have come here to pick America’s bones.
nationalize = TAKE
Thanks lowbridge...Isn’t it interesting that unions are involved in this, since almost all unions in the country are bankrupt : if you project what they owe to their members to what money they have to pay out . Are they hoping for a bailout to cover their ‘shortfall’ ?
I think you’ll find at the bottom of this ‘government pension’, the insurance industry. Just like the health insurance companies pushed hard for obamacare, the life insurance companies are advertising annuities perpetually. Annuities are very profitable for the companies.
This story is about a hearing held TWO YEARS AGO in 2010. I’m not sure how this has become something new this year. I’ve seen it all over. The hearing was about how participants are paid their benefits from defined contribution plans like 401(k) plans.
Having said that, all the people who were called to testify and the guy who led the hearing, Mark Iwry of Treasury, all hate, loathe and despise the 401(k) plan.
It is right to be worried that some new Obama retirement scheme would force people to take their 401(k) plan assets as an annuity paid out by the government with the government seizing the balances in the plan. BE AFRAID. BE VERY AFRAID.
This is satire... right? I hope...
for later
SO, you work hard, earn your money, pay taxes on it - BUT, it is NOT yours to invest the way YOU want ...
You MUST give it to the Gub’ment, let IT invest it for you and pay you a PALTRY 2%-3% - because its not FAIR to let you MAXIMIZE your investments ...
SHEEEEESH !!!
The chronically poor just need to learn to live with their self-inflicted “disease”.
This national retirement thing has been all over the net for the last few days and posted here at FR several times.
What all these postings have in common, regardless of the news source, is the same base article coming from National Seniors Council National that refers to: “A recent hearing sponsored by the Treasury and Labor Departments - - - -”. There is no link to the hearing transcript or date of the hearing.
Unless I’ve missed it, Fox never picked it up, Rush has not said a word, as this would certainly be a major news item likened to obamacare.
I have contacted the financial advisor managing my IRA, and her firm (a major one) has heard nothing. I contacted my GOP senator and have not heard back yet.
I believe this scheme to raid IRA’s is on the plate, but I also believe the National Seniors Council National is pushing it for some reason, maybe they have gold or silver sponsors trying to get people paranoid in order to cash in retirement plans and look for something more solid to get such as gold or silver. Or it could be a membership drive effort as they are sure getting attention.
What I do know for fact is I am not dumb enough to bail out of my IRA and take a huge tax hit without verification from a competent source.
If anyone can find a recent source of this information not tied to the National Seniors Council National, please advise.
Think there will be any pushback from Congress?
If not, will 2014 be a bloodbath election again?
As people prepare for retirement, and we attempt to avoid pitfalls that could jeopardize our retirement nest egg, this possibility should have been in people’s minds, ever since they requested public comments on the issue about 4 years ago. To not have been preparing for this eventuality is sheer foolishness. They won’t be able to keep their hands off the estimated 5 trillion in retirement accounts once things begin to really get tough for them with their dollars becoming ever more worthless. Our 401’s are like crack to crack addicts (politicians). My advice is to withdraw as much as you can take the tax hit on (you will have to pay the tax hit eventually) but look at the ways you can avoid the 10% hit, and use the loopholes to get your cash. Personally, given how they are debasing our money, it makes no sense to have anything denominated in dollars. Physical gold, silver, and even lead are good investments. One can even put their money to work in the futures markets and make the tax money back in no time, particularly if you leverage it, and have a niche knowledge of certain parts of the markets. You don’t have to know how everything in the market works, just certain segments and you can swim with the big fish. Just don’t be one of those who are crying after the government seizes your 401, because its coming sure as the sun rises.
When did the hearing happen? Anyone?
I’ve seen this posted again and again and I thought the original meeting took place in 2007 or 2008. Is it a new meeting, are we rehashing a 3 or 4 year old story, because it get’s the hits?
Frantic hand wringing?