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Keep Both Eyes On Your Retirement Funds As Fiscal Cliff Nears
Personal Liberty Digest ^
| November 21, 2012
| Bob Livingston
Posted on 11/21/2012 6:51:24 AM PST by Tolerance Sucks Rocks
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To: 3D-JOY; abner; Abundy; AGreatPer; Albion Wilde; AliVeritas; alisasny; ALlRightAllTheTime; ...
2
posted on
11/21/2012 6:52:07 AM PST
by
Tolerance Sucks Rocks
(Obama should change his campaign slogan to "Yes, we am!" Sounds as stupid as his administration is.)
To: Tolerance Sucks Rocks
Been saying this for a while now....
Obama wants that money...
3
posted on
11/21/2012 6:53:21 AM PST
by
Rightly Biased
(Avenge me Girls AVENEGE ME!!!! ( I don't have any son's))
To: Tolerance Sucks Rocks
I turned my 401k to as much cash as I could. I figure that is safer for the fiscal cliff and if I need to withdraw it all and get the heck out of dodge.
4
posted on
11/21/2012 6:53:48 AM PST
by
jrestrepo
(See you all in Galt's gulch)
To: jrestrepo
Did you just take the 40% penalty?
I am really considering doing this but damn 40%??
5
posted on
11/21/2012 6:55:16 AM PST
by
Rightly Biased
(Avenge me Girls AVENEGE ME!!!! ( I don't have any son's))
To: Tolerance Sucks Rocks
On Mondays, Wednesdays and Fridays I believe that the government is looking for a way to steal the assets of retirement accounts. On Tuesdays, Thursdays and Saturdays I believe that such rumors are fostered by the government to convince people to stop deposits and make early withdrawals to boost this year's taxable income.
6
posted on
11/21/2012 6:56:22 AM PST
by
KarlInOhio
(Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
To: Rightly Biased
...and I’ve been saying this for a while. If the government confiscates our life’s savings it will constitute the first shot fired in the next Revolution.
7
posted on
11/21/2012 6:56:34 AM PST
by
pgkdan
(We are witnessing the modern sack of Rome. The barbarians have taken over.)
To: Tolerance Sucks Rocks
What will the gov. do, try to put a tax on each fund owned by a individual? Will it be a massive tax or a small tax? Will the tax be every year or a one time thing on the 401 K or IRA when a person goes to cash the fund out? What percentage would the tax be to the fund. I mean are we talking about 50% of the fund or what?
To: Tolerance Sucks Rocks
"Irwy believes 401(k)s and IRAs are unfair because they benefit the rich." Well we can't have people being responsible with their savings and planning well for their retirement....that would simply be un-liberal!
We's all gots to emulate this...
Get you free OBAMAPHONE!
9
posted on
11/21/2012 6:59:19 AM PST
by
wesagain
(The God (Elohim) of Abraham, Isaac and Jacob is the One True GOD.)
To: Rightly Biased
I liquidated most of it but I have not withdrawn it yet. I am waiting for the proverbial show to drop before I do that. If the shoe were to drop, I hear Costa Rica is nice year round.
10
posted on
11/21/2012 7:00:36 AM PST
by
jrestrepo
(See you all in Galt's gulch)
To: classified
If I had to bet on it I would say that they will claim that people are taking too many risks with their 401ks and need a required safer option. Thus in order to maintain the tax deductibility, participants will have to keep a "small" amount in government bonds. It will start off around 10% and quickly climb to near 100%. You'll still own your retirement account - but you'll just have to let the government use it until you retire. Also jack up the penalty well above the current 10% if you try to escape and maybe even make 401k participation mandatory.
11
posted on
11/21/2012 7:04:26 AM PST
by
KarlInOhio
(Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
To: Tolerance Sucks Rocks
Can’t have my retirement accounts. Try it and they WILL bleed for it...
12
posted on
11/21/2012 7:07:58 AM PST
by
Dead Corpse
(I will not comply.)
To: pgkdan
This slow compression of freedom and confiscation by government is going to cause a major explosion...only a matter of time as they keep pushing and pushing.
To: Rightly Biased
I thought the penalty was 10% (plus taxes, of course)
14
posted on
11/21/2012 7:11:53 AM PST
by
chrisser
(Starve the Monkeys!)
To: KarlInOhio
Many 401k’s are already removing the “cash option”.
They long ago removed your ability to roll out your 401k into your own plan while you’re still with the same employer.
Usually, the next “safest” option is heavy in gov’t treasuries.
This is a de facto takeover of 401k plans, albeit “voluntary” on the part of the person whose name is on it.
15
posted on
11/21/2012 7:13:51 AM PST
by
MrB
(The difference between a Humanist and a Satanist - the latter admits whom he's working for)
To: chrisser
10% penalty (confiscation) + the withdrawal is taxed as income for the year.
I don’t think you can even do this with a 401, only with an IRA.
And, another twist, if you’re thinking of “borrowing” from your IRA - can’t do it. This is only available from your 401, and the payback plan guarantees you can’t harbor it out of the system with a “slow payback”.
16
posted on
11/21/2012 7:16:10 AM PST
by
MrB
(The difference between a Humanist and a Satanist - the latter admits whom he's working for)
To: Tolerance Sucks Rocks
We are already a socialist country. We like to keep the illusion that we are a free-market country where you get to work and to keep the fruits of your labor. We’re not. You work and government takes more than you get to keep. You only think that you own property. You don’t. The government slices off a percentage each year in what they call the “property tax.”
We’re already there. Many many thanks to all the a$$whole$ who voted democrat!
To: Dead Corpse
This will indeed start the shootin
18
posted on
11/21/2012 7:24:33 AM PST
by
2nd Bn, 11th Mar
(The "p" in Democrat stands for patriotism.)
To: MrB
You can take out a 401(k) early, if you pay the penalty.
The penalty can be avoided under some hardship circumstances, but the taxes cannot (and they’re at your highest bracket for the year, whatever that happens to be).
I’ve always been curious where the penalty money goes, other than the obvious “black hole” of the general fund.
19
posted on
11/21/2012 7:27:47 AM PST
by
chrisser
(Starve the Monkeys!)
To: Tolerance Sucks Rocks
Touch my 401k and I pick up a gun. Clear enough, Washington?
20
posted on
11/21/2012 7:37:08 AM PST
by
andy58-in-nh
(Cogito, ergo armatum sum.)
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