Posted on 11/21/2012 6:51:24 AM PST by Tolerance Sucks Rocks
“Well we can’t have people being responsible with their savings and planning well for their retirement....that would simply be un-liberal!”
It’s all about “fairness” If I hear that term again I’m going to gouge someones eyes out.It pains me that hard work, responsibility, and preparation for the future is evil and unfair to the lazy grasshoppers
yeah that’s were I get the big number from..
taking it out eats most of it up.
We think alike here.
I’ve been thinking if Uncle Sham is bluffing, they win when you have most of the populace now with no savings and dependent on FedGuvInc in their old age.
No point in saving in a traditional bank account or CD since Uncle Sham is keeping interest rates artificially low.
Ghilarducci
Just another thieving Communist to lay the crosshairs over.
Except you can keep your money in a money market fund instead of a stock market investment.
It's not really a big deal to me if the government removes the tax deferment on the 401K. It gets taxed when I withdraw it in retirement anyway so this is just moving that up instead of delaying it. In essence that would be the government deciding to take their tax money now instead of saving it for the future. But given the debt situation, it doesn't make sense for the government to in effect "save" that tax revenue for a rainy day. It's already raining.
In truth, it might be better financially if the government taxes that money now instead of later. If taxes are higher later upon withdrawal, or I'm in a higher tax bracket later, I would save more money by being taxed now instead of later.
The whole idea of confiscating the money, taxing it at a higher rate, or setting up a new mandatory retirement on top of social security is hideous though. Social security is as financially obsolete a program as any that currently exist in this country. It needs to be abolished and we need the freedom to invest our own money our own way.
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