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To: markomalley

This is why I quit contributing to my 401K when obutthead was elected. Some call me stupid for not taking advantage of the “booming” market. I see it as not putting any more of my money where the government may very well declare it not mine very soon. I just wish I were old enough to get out what I already have in there.


3 posted on 04/27/2015 3:37:09 AM PDT by kevslisababy
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To: kevslisababy
This is why I quit contributing to my 401K when obutthead was elected. Some call me stupid for not taking advantage of the “booming” market. I see it as not putting any more of my money where the government may very well declare it not mine very soon. I just wish I were old enough to get out what I already have in there.

I believe when the next financial crash happens (and it will), the sheer magnitude of the collapse will dwarf any previous financial calamity in world history.

The entire world has more debt (both corporate and government) than at any time in human history. The Stock Market "gains" are a joke and a mirage - propped up by fictitious "money" that the Fed "pumped." Now they are screwed - they cannot raise interest rates and they cannot stop "pumping."

http://www.wnd.com/2014/01/obama-step-closer-to-seizing-retirement-accounts/

Congress and Obama has been making stealth plans to seize IRAs, 401Ks, and all the rest should everything collapse. Obama is his supporters have all the machinery in place to do so today.

Government Lays Groundwork To Confiscate Your 401k and IRA: “This Is Happening”

The "groundwork" is already complete. Further, the government know EXACTLY how much is in every retirement account (that is why they dictate that you must disclose it to them).

When there are EBT food riots, and the Amish are burning down the cities, what priority for "emergency" spending do you think Obama will choose? The preservation of a middle or upper middle class white couple's retirement account?

The Treasury already "borrows" from retired civil servants Thrift Savings Plans accounts, and has taken that money twice in 3 years (citing "emergency measures"), and said they "paid it back." It is all smoke and mirrors. When the stuff hits the fan, the only reserves of cash they can hope to draw upon are the IRAs and 401Ks, and they will take them. They will issue you a worthless bond in return. Mark my words.


10 posted on 04/27/2015 4:29:13 AM PDT by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: kevslisababy
This is why I quit contributing to my 401K when obutthead was elected. Some call me stupid for not taking advantage of the “booming” market. I see it as not putting any more of my money where the government may very well declare it not mine very soon.

Good grief. No one is trying to take it away from you. There was one instance where an obscure professor testified to a committee, proposing it. No one took her seriously, except for the conspiracy theorists.

This is simply a misguided attempt to prevent financially-illiterate people from making poor investments. They have a point, but this is a sledgehammer approach to a problem that could easily be solved with one small change: ban company stock funds from 401(k)'s.

I've personally been burned by a bad investment advisor, and am still involved in a class action lawsuit as a result. But, I don't think more regulation is needed.

There are actually better choices than ever for the passive retirement investor: the lifecycle funds. There are fees that you could avoid if you do it yourself, but for many investors, the fees are worthwhile.

15 posted on 04/27/2015 5:08:59 AM PDT by justlurking (tagline removed, as demanded by Admin Moderator)
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