Posted on 07/25/2011 2:53:17 PM PDT by bkopto
Those who believe our government is too honorable to raid private retirement accounts had better wake up! The seriously dangerous and wounded animal we know as government is fighting for its survival. It will do anything short of dying, reducing spending, or revealing itself as the Ponzi scheme it truly is.
Your notions of integrity, law, and morality do not apply to this animal. The biggest, meanest man in town is trying to escape death and will use whatever means possible. Rightly or wrongly, he believes you are his antidote and he is going after whatever he can get.
One hurdle to preventing government from taking such action might be the stock market. The shift in asset allocations required in retirement accounts would presumably be detrimental to the stock market. Whether it would crash or not is moot. Any such action would certainly reduce its value, which might be the best protection retirees have.
Unless government spending is reduced to the point that new debt grows slower than GDP, most retirement accounts will diminish dramatically. This conclusion is independent of whether government raids your IRA account. Hyperinflation will eventually result from continued quantitative easing (printing of money). That will destroy most savings and all fixed income obligations like bonds and pensions whether these funds are in or out of IRA accounts.
Things are going to get ugly. Prepare for the worst and hope for the best.
(Excerpt) Read more at americanthinker.com ...
Thanks for the info, I do appreciate it.
I did contribute to my 401 and do have a few small ira's...but I've stopped adding to it....why should I....I'll spend or save it in a simple credit union....
You must report foreign held accounts every year: Federal Form TD F 90-22.1 "Report of Foreign Bank and Financial Accounts".
“Would it be legal to quit the job for a few days, quickly roll the 401K over into an IRA, then get rehired (which I could do and I know I would be rehired), and cash out of the IRA?”
IIRC, there’s an additional 10% penalty for withdrawing money from an IRA in the first two years of it’s existence.
I don't trust this govt....
direct deposit is an easy way to go....don't have to worry about picking up a check and taking it to the bank...but then again, the govt knows exactly how much money is deposited..
if you pay your bills with check or credit card...they know...
if you pay for groceries...or ammo or gas or prep supplies...they know....
okay...I guess you could go to the bank and withdraw money and pay for everything with cash.
Then we'll have to resort to the barter system.
.
Ping.
I hope not! We pay with cash as much as possible. Even large purchases. The less the government knows of our spending habits, the better for us.
That's what we do. The bank tellers don't even bat an eye. About the only thing we regularly buy with credit is gas for the cars. Some vendors prefer cash, as they don't have to pay the extra fees for processing credit transactions. More money for them and they smile more.
Money attracts taxes like carrion attracts flies. The state will take it, and the seniors will scream for it soon.
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