With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts

Lonely Conservative ^ | 4-6-2013 | Lonely Conservative

[SkyDancer]

*sigh* Before Clinton your SS payments were not taxed. When you retired those payments were taxed at a lower rate. Clinton had your contributions taxed >first< at the higher rate while you were working .....

[GOPJ]

Thanks ...

[GOPJ]

To me it’s the idea of the gov’t inserting itself into your personal life i.e. retirement. They want to control all aspects of your life.

You're over-thinking this Sky - they really just want to steal your money...

[TexasFreeper2009]

I keep reading articles stating something to the effect of... how did Mitt Romney get so much money into his IRA? And I instantly thought to myself... he didn't, he put much smaller amounts into it and it simply grew tremendously after he made the contributions.

Imagine someone who puts $100,000 or so into a retirement plan... and then then use that $100,000 to buy stock is company __________. Then they just happen to get lucky and company __________ stock price goes up 1,000 times overnight. They could end up with 100 million in their IRA even though they only contributed $100,000 into it.

So even if they weren't allowed to contribute anymore money into the IRA .... they would still have 100 million in the IRA that the taxes are being deferred on.

[Alberta's Child]

You are not wrong, but you are talking about something here that has nothing to do with the retirement accounts referenced in the main article. I’m referring to personal retirement accounts like IRAs and 401(k) plans. You are referring to Social Security. You’re correct about what you’ve said, but Obama’s proposal involves personal retirement accounts, not Social Security payments.

[Alberta's Child]

Exactly.

[CSM]

I’ve skipped his show these last couple of months, however I doubt that he has adjusted his plan. I am sure that he is defaulting to his usual plan, with-out realizing the coming train.

That said, I have to say that I have stuck with his plan. If the SHTF and all is lost, then everyone will be equally in squalor. However, if we are somehow pulled out of the way of that train, then I will be a big winner. The upside could be amazingly profitable, and on the downside, I can only assume that by being debt free (including the mortgage), then I will be a bit better than the rest of my peers.....

Plus, I don’t know what else to do.....