Posted on 05/06/2010 4:55:29 AM PDT by IbJensen
TAKE THE MONEY FROM PEOPLE WHO EARNED IT, SCRIMPED AND SAVED FOR IT, DID WITHOUT FOR IT, DIDN’T WASTE IT, ACTED RESPONSIBLY AND DIDN’T PARTY EVERY NIGHT, AND GIVE IT TO PEOPLE WHO SAT ON THEIR ASS, SMOKED CRACK AND DID NOTHING TO BETTER THEMSELVES FOR 50 YEARS!.......................
but but but they see nothing wrong with doing this
What you just described they think is the FAIR thing to do dontcha know?
Husband and I have transferred to a Roth IRA. We paid the tax penalty and will never pay taxes on that again!
Roth IRAs are next
PING!!!!!!
All they have to do is have their Wall Street allies tank the economy again
Like today ???
UNIONS want our retirement accounts because their pensions are bankrupt.
The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
Well. I’m shocked, surprised and disappointed.
(Was this announced right before the market crashed over 900 pts?)
Of course they will try to seize them. There are trillions and they need the money. They will do it and there will be a little pissing and moaning then they will go back to watching American Idol and the Bachelor. Death care passed and what happened? Not even a whimper. It’s basically a dead issue now.
They won’t get a dime of my money. I paid the penalties and took it all out long ago. I leave a minimal amount in checking and money market to pay bills. I pay cash almost everything. Not using credit cards either.
They can have their hell hole, I will be way South of here fishing and sitting on the beach where I have excellent health care for a fraction of what it costs here. No property taxes on my home for 25 years either.
My message to the Marxists.... BITE ME!
think part of the plan is to frighten people into doing just that.
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Hell no! They don’t want anyone to take it out. They are banking that they can get it before most people realize that they have actually done it.
OafOfOffice:
Readers’ omments from your link:
Be aware folks, they’re looking a IRAs too. From the proposed rules:
“…how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs)…”
The “Agencies” are the Department of Labor and the Department of the Treasury.
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A 401K is your employers property. These Pension funds are on paper, until the employer funds the plan, and can be pledged as collateral against a business loan. Roll the funds to a Private Contract, between you and an Insurance company. A Fixed or Variable annuity is an asset you own, and is currently out of reach from Government seizure.
a 1035 exchange makes it a tax free move from one tax deferred investment to another tax deferred investment.
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And in case you are shaking your head, saying, “the new Congress will repeal it all,” consider this: they can include a clause in their bills requiring a 2/3 majority to repeal or amend. We won’t have that majority until 2012 at the earliest, and by then, the economy they have been propping up will have collapsed (blamed on the GOP of course, “It was recovering and then the Republicans screwed it up again.”). The newly minted citizens from the amnesty will be voting and we are screwed. Completely.
I believe the leftists are so angry over SB1070 because it shows the only way to stop them: STATES RIGHTS. States must reclaim their sovereignty, because that alone can stop Leviathan. National elections are important, but right now, your state elections (Gov, AG, Sheriff, and Legislature especially) are the do-or-die issue.
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http://gatewaypundit.firstthings.com/2010/05/obama-administration-makes-plans-to-gobble-up-401ks/
Yea right, there will be barely a whimper. Dumbed down, already have a jackboot on their throats and don’t even know it.
I think of it more as the Stockholm syndrome on a national scale.
Thank God there are some people like you left. You “get” it. Most are clueless.
EVERY ONE of those accounts is tied to your social security number.
They have computers that can get everything at once.
Get a large safe— put some of it into cash NOW.
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BINGO. BUT not a large safe. Never put all your eggs in one basket and never put all the baskets in the same place.
Time to cash them in.
Of course, this probably means today is the most awesome time to buy stock cheap before the greatest S&P twenty year run ever.
:(
If the stock market keeps tanking, there won’t be any 401ks to steal!................
I will do the same. Screw them. If they touch our 401k’s all bets are off. When is enough, enough?
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