Posted on 09/01/2010 5:56:28 PM PDT by Orange1998
“I cannot think of a policy that will more quickly induce people to quit investing in IRAs and other retirement accounts.”
They don’t care about that. All they care about is the $6 trillion in those accounts that they could use to buy more votes and keep them in power just a little bit longer.
The Supreme Court ruled Social Security income is considered Welfare and not guaranteed. It ruled the 14% withheld is legal under powers vested in the Federal Tax Code.
Larger Minority Role Sought In Managing Retirement Funds
(jesse Jackson 2002)article here:
http://topics.nytimes.com/top/reference/timestopics/people/j/jesse_l_jackson/index.html?offset=75&s=newest
Indeed.
And the removal of the right to inherit is right up their alley, for the social justice crowd. This is exactly the type of plan that would redistribute wealth from the producer class to the parasite class. There are few things these leftists hate more than allowing people to pass their money to their heirs. (Unless it’s their money and their heirs) They have a fundamental belief that this furthers wealth inequality.
So a move like this is a two-fer, for them. It fills a financial gap and furthers their social justice agenda.
I'm a few years away from retirement, and I'm not the least bit worried about this.
What I am worried about is that the government will restrict further contributions to Roth IRA(s). I expect that to happen in the next decade or so, but I'd like to move as much as possible from my regular IRA to my Roth IRA.
I need to spread that out over as many years as possible after I retire (until age 70), to keep the marginal (and average) tax rate as low as possible.
That is correct. When you tell people that, they’ll argue that the right to SS is guaranteed until blue in the face.
But you are one million percent correct, it’s not guaranteed.
They only got away with that because the GM bondholders (as a group) didn't use the political power at their disposal to stop it.
The ironic part is that some of the largest GM bondholders were public pension funds for teachers, police, and other state and municipal employees. If those pension funds had mobilized their beneficiaries rather than trying to fight it in court, they would have stopped Obama in his tracks.
I'll tell you what's FAIR, Senator - YOU FIRST. Give up that cushy gov't pension and try to live on SS. Surrender that free healthcare and get in line for Medicaid with the rest of us.
“They try that crap and I fear a lot of people are going to get killed!”
I think you are mistaken.
There aren’t enough people with significant amounts of money in Retirement Accounts to cause a big enough stink. The socialists believe they can get away with it because there will be a few incidents where people cause trouble but most people won’t really care because it won’t affect them.
And I will come out of retirement making tar pots, bulk packages of feathers, and guillotines.
I cannot think of a policy that will more quickly induce people to buy Guns and Ammo.
Or worse!
ITS STEALING ...NO MATTER WHAT THEY CALL IT.
I “think” you are right about this. Little doubt that nobama and his socialist cronies have a lot of Sky Is Falling folks worried.
Now, if the dems somehow hold onto 1 Party Rule after November, all bets are off as the dems will really think they can get away with murder.
If the Federal Government did this - basically STEALING our 401K’s and IRA’s from us - the FIRST thing I’d do is NEVER pay another red cent to them. PERIOD. I’d change my w-4 form to no withholdings and never file taxes again. That’s just for starters.
THEN I’d DARE the Feds to come and get it. And I DOUBT I’d have to stand alone at that point. Am I wrong?! I think this would be a DIRECT ROUTE to IMMEDIATE revolt by “WE THE PEOPLE.”
Tell me where I’m wrong...? I’m sorry — but stealing is still stealing — and that violates God’s commandments and the Constitution about six ways from Sunday — and I just won’t stand for it. If I die defending my principles, my few possessions and my people — so be it... Where, pray tell, am I wrong — and HOW am I different from the Founders were THIS to come to pass?!
Riiiiggghhht. "Annuities" are quite possibly the worst 'investment vehicle' in the history of mankind. Anyone can buy an annuity now. All you need do is contact almost any licensed Insurance Agent for details.
That however, is not what's being discussed by these people.
Variable annuities certainly are -- the only people that benefit are the ones that collect the fees. But, fixed annuities are a good way to reduce risk, if you are willing to settle for a lower return.
Anyone can buy an annuity now. All you need do is contact almost any licensed Insurance Agent for details.
Yup, that's what I've been trying to tell everyone. The concept isn't new.
That however, is not what's being discussed by these people.
That's not what is being discussed by this blogger, who is trying to alarm everyone so that he can convince them to buy what he is selling.
But, it is what is being discussed by the government. I've read the original request for information/proposal (don't remember the exact name) from the Department of Labor. What they requested was feedback on imposing additional responsibilities for 401(k) administrators.
Right now, a few administrators offer an option to convert 401(k)'s into a lifetime annuity. If I were interested, I'd be a little hesitant to take that option without shopping around. But, the government is considering requiring administrators to offer that option to people that are cashing out their 401(k) or rolling it over to an IRA when they retire.
Another part of the proposal that I found interesting was the requirement to add more information to the quarterly 401(k) statement: an estimate of the lifetime monthly income that would be generated by your current 401(k) balance. I think there was also a proposal to project the monthly amount if you continued to contribute at the same level, until normal retirement age.
The point of this proposal was to make retirement planning easier for 401(k) account holders: they could tell whether they are on track to have enough income in retirement, or if they needed to save more.
Why would they need to sieze anyone’s accounts when they print it up by the pallet load at their leisure, or wire transfer it to themselves ? It’s just a fiat currency, I am more concerned with siezing of real assets such as Gold/Silver/Private Property (?).
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