Skip to comments.With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts
Posted on 04/06/2013 12:51:50 PM PDT by smoothsailing
With his budget proposal, President Obama has told us what he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose.
According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
“The budget would limit an individuals total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013,” the statement said. “This proposal would raise $9 billion over 10 years.”
Brian Graff, executive director and chief executive officer of the American Society of Pension Professionals and Actuaries, told Bloomberg News his group intends to “vigorously oppose” the proposal. (Read More)
Progressives have had their eyes on Americans’ retirement accounts for quite some time. I guess Obama sees this as a good place to start. Or maybe it’s just a major jab at Mitt Romney.
President Obamas budget, to be released next week, will limit how much wealthy individuals like Mitt Romney can keep in IRAs and other retirement accounts. …
Romney, Obamas 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account. (Read More)
When I was a kid a million dollars meant you were set for life. Now it would be an existence. Three million after the wave of obamaflation hits will probably be below the poverty line.
Well said sir. Well said.
Is not turnabout fair play. so Obama can only have $1.00 in his retirement account. It is only fair, because Obama is truly an ass.
It is unfortunate that most Americans don’t/won’t understand your presented facts. SS is an entitlement program akin to Medicare/Medicaid, unemployment and so on and so forth. Besides, those SS dollars have already been spent on other Federal programs the ‘masses’ demanded but couldn’t/wouldn’t pay for.....
“Is this a comedy act?””
“It’s fascism... with a laugh track”.
Every day, it’s a search for either good news or a laugh out loud.
I can now shut down and get back to my day.
“”Facts are stubborn things”, but not nearly as stubborn as a social security recipient who believes that his monthly check is an earned right.
Banks in 2008 generated 26 percent of income for GDP. They over leveraged when the housing market imploded. Gov had to step in to buy the toxic assets and make the banks solvent again. This bailout was financed with money printing when T Bill sales could not cover the costs of bailout and budget deficit. Right now our current debt is 16 trillion plus another 90 trillion in unfunded liabilities. Today the US Treasury must print money to buy the sales shortfalls in the T Bill sales.
Biggest nightmare for US gov is the money printing is starting to ignite inflation and does nothing to jump start the economy. After six years the US economy limps along and the Fed Reserve is in the risk zone as money printing continues. If inflation ignites, money printing is no longer possible, and the monthly shortfalls in sales of T bills must be covered or the US is in default. That must be avoided at all cost because the US national survival is at stake. Gov will use whatever means necessary to survive. That is why our 401k/IRA are being sighted for taxation or raid because it is about 9 trillion which can be used to cover many monthly T Bill auction shortfalls. Once all the pensions are depleted, the bank savings accounts are next. Of course before that happens the powerful ones at top of the communications chain will get the impending acts first and will move a bulk of their wealth out of country before the financial repression begins. Just look what happen to Cyprus. The average guy is learning that the 1 percent of Cyprus moved their money out before the bank holiday. CEO who ran the bank had his email and the bank records on the transfers totally wiped out of his computer and bank system. Gov investigators are unable to investigate and the ones with the inside info may get away scott free.
Where does that moronic imbecile have the right to tell free citizens what they can or cannot have in their retirement accounts?
There are so many rules on those retirement accounts and that is even before this. I am not sure if i understand the whole thing. Is that 3 million in one account but you can have several? Most of us are not going to have 3 million in our total retirement anyway.
Plan B (really plan A) is Cyprus....
Obama figures the more crap he throws at the wall, the more will stick. It's the whole Cloward-Pliven thing.
At what point do we become the unreasonable ones...?
Back during the campaign when he had that most teachable moment when he told American business owners, “You didn’t build that.” Inside the text of the speech were a number of other statements like....
Your little house...
Maybe take a little vacation...
All this rhetoric and policy to keep the little people little, submitted to working for the man...sound familiar? Amazing to think about how liberals, democrats, and progressives don’t see they have become that which they themselves hate.
And Peoria is a lot smaller than Chi-Congo.
What amount was “reasonable” for John Corzine to steal for his retirement? Apparently, he was not over the limit because that crook is still running around free.
What amount was “reasonable” for the Clintons to get from the Chinese in grocery bags full of cash? I guess they were okay because he’s still loose and she’s going to run for president.
What amount did you and Michele sock away when both of you got into the lottery of Democrat politics in IL after your very brief fling at being lawyers? It must have been hundreds of thousands but who’s counting, since you’ve moved on up to the White House now.
Welcome to Cyprus II
He is just figuring how much it cost us for his family to vacation for two weeks and that should be good enough for a lifetime of the underlings!!
I’d hate to be his dreams!!!!
The government wants the taxes on that money, now. They want it because they know that it is more than the a person is likely to spend in their lifetime, and they don’t want to wait until the wealthy die.
They would like to take over all the money, and pay it back as an annuity, but they know that anyone who accumulated anywhere near 3 million dollars in a retirement account isn’t about to allow the government to manage their money.
Oh, I’d love to be in his dreams. He’d be screaming to wake up!!!
I guess the gov is to now make a list of what are resonable items for Americans.
Groceries in pantry
all excluded for Gov Officials of course.
Oh and of course 0 tolerance on GUNS!
Sort of like what the Hilde-beeste (Hillary) wanted when she wanted to take over people’s 401(k) plans. Give it back with just 3% interest and the government would keep the money.