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DETAILS: THE PLAN TO STEAL YOUR 401(k)
www.RushLimbaugh.com ^ | November 29, 2012 | Rush Limbaugh

Posted on 12/06/2012 4:40:06 AM PST by Yosemitest



TOPICS: Business/Economy; Crime/Corruption; Editorial; Government
KEYWORDS: 112th; 401k; fiscalcliff; money
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Thank you, Rush.

I called my Precious Metals IRA account and asked about early withdrawals.
They told me that they needed the paperwoprk before the 15th of December to guarantee a completed transaction before December 31, 2012.
There's not much time left to act, and a 10% penalty on top of Federal and State taxes, will eat away about a third of what I have.

Damn that Arab Kenyan P.O.S. !
1 posted on 12/06/2012 4:40:20 AM PST by Yosemitest
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To: Yosemitest

These fools want every job to be a state job; they want the state to be the only entity that’s prosperous (well, besides the state’s pets).

It ought to be obvious. This is no question of how many angels will dance upon a pin head.


2 posted on 12/06/2012 4:43:03 AM PST by HiTech RedNeck (How long before all this "fairness" kills everybody, even the poor it was supposed to help???)
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To: Yosemitest
I wouldnt hold my breath on that, but they could further lower the amount you can get tax deferred each year, if Dems take the House back 2017.
3 posted on 12/06/2012 4:48:01 AM PST by sickoflibs (Has Bohner caved yet? And called it historic again?)
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To: Yosemitest

....back when they started, savings plans, it was the government and the banks getting together to do you a favor, and no one knew what the tax rates would be after 30 years.
Odungo, the thief, wants it all.....after all, the parasites of the country, voted, and need to be encouraged to vote again, for even more.


4 posted on 12/06/2012 4:49:43 AM PST by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Yosemitest
Questions:

1. Can someone put this in layman's terms?

2. What is holding the market up if those who have IRAs know the government is about to rob them?

3. Is the government going to force the sale of rental property through excessive taxation of same?

5 posted on 12/06/2012 4:53:17 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Yosemitest

When does the 3.8% capital gains tax from Obamacare kick in?


6 posted on 12/06/2012 4:54:43 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Doogle
...it was the government and the banks getting together to do you a favor...

And this is why I'm going to have a hard time feeling sorry for anyone still paying into these things when they gdt nationalized. You get into deal with two groups of thieves and liars doing you a "favor" and not expect it to end badly for you? It's a rigged card game and in any rigged card game if you don't know who the chump is before the cards are dealt, it's probably going to be you.

7 posted on 12/06/2012 5:04:57 AM PST by Orangedog (An optimist is someone who tells you to 'cheer up' when things are going his way)
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To: sickoflibs

The RATs will have the House back in 2014, thanks to Boehner’s sellout.

And if ANYONE votes for this theft, CWII will start the next day. There won’t be a place on this planet for the POS that vote for it.

BTW, anybody that thinks 0bambi is going to willingly hand over power is whistling past the graveyard. Why do you think he’s still campaignng?


8 posted on 12/06/2012 5:07:31 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: MeneMeneTekelUpharsin


Good question.
I think your answer is "God sends them a POWERFUL DELUSION".

Your guess is as good as mine./ul
9 posted on 12/06/2012 5:11:28 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
These articles are the equivalent of a propaganda leaflet drop prior to an invasion. In other words, this is no coincidence, this is an effort of the political left to prepare the battle field.

1) The big lie: Tell the populace 401k's are not taxed. This is not true. Every penny in a 401k, both principal and interest, is subject to taxation. A 401k is simply taxed on withdrawal, not deposit of principal or earning of interest.

2) Claim "only the rich" get 401k's. Turn those with access to 401k's but too stupid to save, against the responsible by calling the responsible "rich".

10 posted on 12/06/2012 5:17:57 AM PST by magellan
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To: MeneMeneTekelUpharsin

Read the 10 planks of the communist manifesto and the 45 declared goals of the Communist plans for America,

and you’ll have the democrat agenda.

Yes, they intend to make private property ownership and inheritance a thing of the past.

The State will be IT. 1984, to them, was an instruction manual.


11 posted on 12/06/2012 5:20:47 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: MeneMeneTekelUpharsin
I ass/u/me next uyear, but I'm guessing.
12 posted on 12/06/2012 5:21:34 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: MeneMeneTekelUpharsin
I ass/u/me next year, but I'm guessing.
13 posted on 12/06/2012 5:21:34 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: MeneMeneTekelUpharsin
What is holding the market up if those who have IRAs know the government is about to rob them?

Mostly, the holders are trapped.

With an IRA, you have more control, but with an employer-sponsored 401(k), it's likely you can't take the money out, no matter what.

I've looked into it at our company, which admittedly has a stricter plan than most. As long as we're employed, there's no way to pull the funds except under hardship, and the hardship exemptions basically call for you to be disapproved for all other sources of funding (high interest credit cards, signature loans, etc.)

But even if you can take the money out, there's a 10% penalty, and you pay taxes as if it were current year income, which means the whole lump sum is charged at your highest marginal rate (and likely a bunch of it will be in an even higher tax bracket).

So, between the taxes and penalties, you may end up loosing any gains you made by putting that money away.

Even with all that, I'd still pull the funds out of my 401(k) if I could, but, short of quitting my job, I can't.
14 posted on 12/06/2012 5:29:09 AM PST by chrisser (Starve the Monkeys!)
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To: NTHockey; Yosemitest; IbJensen
RE :”The RATs will have the House back in 2014, thanks to Boehner’s sellout.”

At the moment he hasnt sold anything out to Dems yet on taxes, but we still got two years in the next House for him to do that. And maybe Pelosi will take over in 2 years.

This session will end with the House extending the middle class tax cuts by themselves and little else, and they have no real choice in that.

His cap deductions ‘offer’ to O while working up some here and on talk radio was meaningless, Obama made clear that he wont sign a bill extending those upper income tax rates and Bohner knew this ahead of time.
That was all for show to curry sympathy from the MSM. This endless drama has been all about nothing so far.

15 posted on 12/06/2012 5:29:22 AM PST by sickoflibs (Has Bohner caved yet? And called it historic again?)
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To: MrB

16 posted on 12/06/2012 5:29:41 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest

There are ways to get around the penalty if you are not yet 59 1/2. There’s an IRS rule regarding ‘substantially equal payouts over a period of time’


17 posted on 12/06/2012 5:32:22 AM PST by SueRae (It isn't over. In God We Trust.)
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To: Yosemitest

The solution is for everyone in the US to quit work at the same time. Sell everything, stash your money, and become homeless.

Then where will those thieves get their taxes?


18 posted on 12/06/2012 5:34:25 AM PST by beachn4fun (Lost: sense of humor. If found please return.)
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To: SueRae

If it’s not done by Dec 31, 2012, it’s lost (I believe) .
However, I want to talk to a CPA today.


19 posted on 12/06/2012 5:35:10 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: beachn4fun

Is it already too late to invest in gunpowder and lead?


20 posted on 12/06/2012 5:36:38 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest

Never too late.

F R E E let’s stay free!
bulk ammo dot com bay bee!


21 posted on 12/06/2012 5:43:25 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Yosemitest

That will be put in your Social Security account, and then the government, not you, is going to invest that money,your Social Security plus whatever the amount of your 401(k) is,...The government does NOT invest. I once got my SS statement and pulled up the S&P year end results from 1965 to the date of doing this. At the time, I had put 96,000 in and my employer had put in the same amount. If I had been forced to invest in the S&P from the beginning, I would have had $3,000,000 plus in my account at that time.


22 posted on 12/06/2012 5:44:12 AM PST by Safetgiver ( Islam makes barbarism look genteel.)
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To: NTHockey
And if ANYONE votes for this theft, CWII will start the next day.

No... it won't. People will talk about it ad nauseum, but there will not be a shooting war over this.

23 posted on 12/06/2012 5:44:58 AM PST by ScottinVA (I've never been more disgusted with American voters.)
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sfl


24 posted on 12/06/2012 5:48:35 AM PST by phockthis (http://www.supremelaw.org/fedzone11/index.htm ...)
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To: Yosemitest

“Is it already too late to invest in gunpowder and lead?”

Not if you can find it.

We went to The Crossroads of the West gun show this last weekend. The largest annual gun show in Arizona. Powder was limited (they had 1 lb jugs, none larger) and we could find NONE of the bullets we needed.

We were also looking for .45 Colt ammo - none to be had.


25 posted on 12/06/2012 5:49:05 AM PST by FrogMom (Chicken Little is coming, and he's right!)
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To: Yosemitest

my wife and i have lived a frugal life..

while we watched other people and both friends and family take expensive exotic vacations, buy new cars constantly, big houses and many other luxury items, we bought what we needed mostly used, spent very little on ourselves, and put every extra dime we ever made into IRA and 401K plans..

we have been doing this for 30 years now..

now that we are close to the age of retirement, and through our own frugality, we have a very tidy nest egg built up..

now, a group of sonsofbitches wants to take 30 years of work and just steal it because they did not make provisions of their own???

7.62x39......


26 posted on 12/06/2012 5:49:24 AM PST by joe fonebone (The clueless... they walk among us, and they vote...)
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To: MrB
Have you checked out Georgia Arms ?
27 posted on 12/06/2012 5:52:41 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
Is it already too late to invest in gunpowder and lead?

Never too late for that.

28 posted on 12/06/2012 6:00:43 AM PST by beachn4fun (Lost: sense of humor. If found please return.)
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To: beachn4fun

If you’ve found a good way to live without food, shelter, etc. I’m in.


29 posted on 12/06/2012 6:01:39 AM PST by Tublecane
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To: joe fonebone

Not because “they did not make provisions of their own”.
This is the left’s surface, “fairness” argument by which they advance their power.

The real reason they hate private savings is that it makes you a bit more independent of them and out of their control.


30 posted on 12/06/2012 6:04:32 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: NTHockey
And if ANYONE votes for this theft, CWII will start the next day.

Nope. CWII has already been fought and they won. Proof of that was when we accepted obamacare being forced upon us with only minor griping and bitching. I will however state that the Republican Party kept us calm with teir, Elect us [Republicans ]to Congress and we will repeal obamacare line.They were elected, went to Congress and were immediately neutrailzed by the Republican Establishment. Our lack of action was not lost on the Left. They realized that that they could steal the 2012 Presidental election when the time came without repucussion. They did and there were no repucussions. Next is all private retirement funds. After that comes control of the food supply. Then they will control the medical, money, and food. then when they get ready to, they will demand that people turn in their guns for food. The people are being picked from their possessions likse chickens of their feathers. After that, they will be butchered like chickens. And the people will not utter a whimper of protest. Why? Because the Government wil keep them calm and pacified by freebies and judas goats telling them everything is o.k. Right up to slaughter time.

31 posted on 12/06/2012 6:06:23 AM PST by sport
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To: chrisser

See if your 401(k) plan offers a non-hardship early withdrawal. Many do. Roll it into an IRA. IRA’s are different than 401(k)’s, especially from a political perspective.


32 posted on 12/06/2012 6:12:03 AM PST by jdsteel (Give me freedom, not more government.)
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To: joe fonebone
...a group of sonsofbitches wants to take 30 years of work and just steal it because they did not make provisions of their own???

I think the biggest lie many of us bought into was the "before taxes" or "tax deferred" 401Ks.

I converted my Trad. IRA over to a ROTH, paid taxes over a 2 year period because one never knows what the tax rate will be in 10 or 20 or 30 years. Now when I draw from my ROTH it'll be tax free until The Bastards change the laws to get their fingers on that too.

33 posted on 12/06/2012 6:13:23 AM PST by beachn4fun (Lost: sense of humor. If found please return.)
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To: Yosemitest

The process has started already with the Department of Labor regs that kicked in this summer. Yes, the DOL. http://www.dol.gov/ebsa/newsroom/fsparticipantfeerule.html

It’s not just about fees as the government suggests. It is much, much more. NO, there has been no bill. It is an expansion of their powers under ERISA laws like never before.


34 posted on 12/06/2012 6:16:17 AM PST by jdsteel (Give me freedom, not more government.)
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To: Yosemitest

They’re playing with fire here and trying to provoke blood in the streets.


35 posted on 12/06/2012 6:18:46 AM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: Yosemitest

Bfl.


36 posted on 12/06/2012 6:28:16 AM PST by Jane Long (Philippians 2:11)
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To: pgkdan
I really think you're right.
They DO want blood in the streets.
They'll looking for justification to confiscate guns and implement martial law.
"Top down, Bottom up, Inside out"
37 posted on 12/06/2012 6:31:45 AM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
Notice both TIME Magazine and The Atlantic are calling the 401(k) tax deduction now a subsidy.

A lot of FReepers believe the same thing.

My Grandfather was very mad at me when I started a 401(k). He told me till the day he died that the government will go after than money someday. Seems he was right.

38 posted on 12/06/2012 6:31:59 AM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Yosemitest

They touch my 401K and I will not hesitate to retaliate. I will no longer have a reason to restrain my behavior in a civilized manner. It’s WAR!


39 posted on 12/06/2012 6:33:10 AM PST by meyer (Proud member of the 53%.)
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To: Yosemitest

I’ve been hearing about this woman for many years but this is the first time I’ve seen a picture of her. YIKES! When Helen Thomas assumes room temperature she stands to inherit the crown.


40 posted on 12/06/2012 6:34:23 AM PST by Buckeye McFrog
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To: Yosemitest
Looking at Obama through the conventional prism of presidential politics is to totally misunderstand who he is.

And there's the 'money' quote. But even that treads far too lightly.

Obama is NOT trying to ride to the rescue. He IS trying to bury this nation.

I feel real disgust at anyone who says, "Well, he's a decent guy but he was handed a really bad situation. He's doing his best."

The truth is, what Obama was handed was merely a jump start. He is not a decent guy. He is an unctuous reprobate. I will agree he is doing his best. Once you understand what it is he is trying to do.

41 posted on 12/06/2012 6:36:04 AM PST by Bloody Sam Roberts (Political correctness does not legislate tolerance; it only organizes hatred.)
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To: ScottinVA
People will talk about it ad nauseum, but there will not be a shooting war over this.

Wanna bet?!

42 posted on 12/06/2012 6:36:41 AM PST by meyer (Proud member of the 53%.)
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To: Yosemitest

Communist goals bump


43 posted on 12/06/2012 6:41:09 AM PST by newfreep (Breitbart sent me...)
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To: Orangedog
And this is why I'm going to have a hard time feeling sorry for anyone still paying into these things when they get nationalized.

Knowing what is coming, many people are not putting anything into them anymore. But how does one avoid getting their 401k steamrolled? If you have 200k in a 401k and you can only take out a max of $10000 twice per year, pay the taxes...and pay a 10% penalty on top of that...how exactly does one get the dough out of the way of the Gubmint's new freight train?

44 posted on 12/06/2012 6:41:41 AM PST by Bloody Sam Roberts (Political correctness does not legislate tolerance; it only organizes hatred.)
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To: Yosemitest
The ant, the grasshopper and the Democrat Communists.

What's holding the market up? The numbers HAVE to be fake on the ticker.

45 posted on 12/06/2012 6:55:11 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: ScottinVA

If no revolt, then may your chains wear lightly.


46 posted on 12/06/2012 6:56:06 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: Yosemitest

Obamanation Communism File.


47 posted on 12/06/2012 7:01:04 AM PST by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: meyer

Sadly, I have to agree with you.

The majority of the sheeple will eventually decide that a “secure, Government guaranteed plan” is preferable to “playing the Wall Street casino”. It’s how they’ve sold the SS lie since 1934.


48 posted on 12/06/2012 7:04:58 AM PST by Buckeye McFrog
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To: jdsteel
See if your 401(k) plan offers a non-hardship early withdrawal.

I checked. No in-service withdrawals unless for hardship, and only then under extreme cases. No loans either.

I can understand the reasoning, if you are under the assumption that 401(k)s will exist in their current form indefinitely, which was the case when the plan was set up.

But it's not looking like that is going to be the case for much longer, and I can't get them to consider revising the plan. I don't think many people have their eyes open to what's coming down the road - maybe they just don't want to see.


49 posted on 12/06/2012 7:08:38 AM PST by chrisser (Starve the Monkeys!)
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To: sport; ScottinVA

Abject surrender is cowardice. Oh, we lost the war. Now we must bow down to, as Jamie Foxx said: “Our Lord and Savior, Barack Obama”. BULL S%*T!

We tried to prevent DeathCare from being enacted, playing by the rules.

We responded to the anti-religion dictates of HHS, playing by the rules.

We had an election, playing by the rules.

Silly us, THERE ARE NO RULES. Now we fight, without rules.


50 posted on 12/06/2012 7:09:30 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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