Posted on 09/01/2010 5:56:28 PM PDT by Orange1998
Right....
Just like we should have waited to let OBAMACARE pass, and NOW we can scream about it? A little late, and will never be repealed.
I'm sorry; closing the barn door AFTER the horses are gone is not the way to operate.
Yet...
Give 'em time. They want and need the money.
The political class would certainly find pedaling this kind of crap a LOT easier and less painful that making the cuts that you mention (and I favor, btw). But politicians are incapable of cutting anything. We’re still stuck with the Dept of Ed, Energy, and the TVA, for cryin’ out loud.
They figure the American people are going to go along with this because they won’t understand it, but it “sounds” good.
All I know, is the fact that your heirs would get nothing under their system is the thing that MAKES it a confiscation scheme. Can you imagine having a half million or so in an IRA, and have them convert it to these piss poor gov’t bonds and you die a month later? Your kids get nothing?
It's already an option, for individual account holders. Do a Google search for "convert ira into annuity" or "convert 401(k) into annuity" and you'll see lots of articles about it. You can do it right now -- and it's been that way for decades.
This proposal is that 401(k) administrators should be required to provide the option to you. There is also a proposal to estimate the value of a 401(k) account in a form that people can understand: the potential monthly lifetime income.
The government has done a wonderful job with Social Security. Every dime collected is secure in a lock box. SARC
I quit contributing to my 401k January 2009, which was the first chance I had under the rules my 401k operates under. And it was EXACTLY because of this. I remember the whispers from these statements in 2008.
I figured they would eventually do this, and I’d be damned if I would put one more cent in there for them to take.
I can’t get anything out of it now, and it’s worth so little with all that has been/is going on.
I can’t believe that this wouldn’t crush the markets. But I suspect that is part of the intent.
Do a Google search for something like "convert 401(k) into an annuity".
Here's one of the results:
http://www.immediateannuities.com/ira/rollover.html
Note: this isn't an endorsement. I've used this site to see what current annuities were yielding, but have never bought anything from them, and I'm not selling anything.
Line ___________ Sand. They had best not cross it.
If that's the case, they will take everything (houses, bank accounts, cars, ...) anyway.
And how conveniently that hearings are scheduled right as China, et al are saying NO to any more U.S. Treasuries!
It’s amazin’ I tell ya.
:)
When you retire check in to tell us how it turned out.
OBAMAcare is going to result in the equivalent of a revolution in our government, just like in 1994.
OBAMAcare is dead. The Democrats just don't want to admit it yet. The polls are solidly against it, and while I don't expect it to be repealed wholesale, it's going to be gutted, one piece at a time until there's nothing left.
OBAMAcare only made it through Congress because no one could reliably predict the effects. But, you can't hide a proposal to confiscate IRA/401(k) assets, and if someone tried to pass such a bill, there would be a revolt that makes the tea party look like... well, a ladies' tea party.
20%...what are you a communist?
try starting at 50% and keep going from there...and don’t forget ending 100% of ALL forms of welfare and bailouts.
Just like healthcare is an option...what are you smoking?
They crack the door open...that’s all they have to do.
NO ONE IN THEIR RIGHT MIND WOULD DO THIS.
and I can not think of one that would have people coming to washington with torches.
I fully understand the ramifications of this type of Confiscation.
As you mentioned, the removal of the ability to Inherit.
But also the Forced conversion to an Annuity which disallows the possibility of any Lump Sum Withdrawal.
Many use their IRA or 401K as an Emergency Fund as well as Funding for enhanced Retirement.
previously I would have agreed with your post
but this govt stole GM from the bondholders, stuffed in 50 bil of taxpayer money, and gave it to the UAW
so all bets are off as to what they might try
mark
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