In related news, there’s a big gun show in Ft Lauderdale next weekend....
In sum, because I have done without and contributed the maximum permitted by law into my 401K, I am screwed.
I have been using a Roth (post tax) contribution to my 401k, with my employer (who is really me) matching withing my 401K, for about $31K a year.
I wonder if I should cash out and just go stick it somewhere, taking the penalty, at least my Roth portion.
We already have a government-mandated retirement plan. It’s called Social Security, and it’s a Ponzi scheme that’s going broke.
And a long, long time FReeper!
If anyone touches my 401k, which represents a large portion of my life savings, I would be willing to take up arms against the government. This would be the act that puts me right over the edge!
People voted for this. 49% of Baby Boomers voted for Obama. 47% of seniors and tons of young people voted for him.
They are going to take healthcare from seniors and baby boomers then their money. Keep paying that cable & sat TV bill to enpower them. TV enpowers them and makes you a serf.
They aren’t smart in this Administration but surely some must know this isn’t going to work. On the other hand, it’s a nice thing to rally GOP before the election.
When did she quit flacking for Alan Keyes?
Good, let loose the dogs of war. For everyone that has skrimped and saved for retirement, allow this and fit yourself for a metal collar and leg irons.
I was born free and I will die that way.
Great post, thanks.
Argentina did it.
Fastest way to see me in full armed revolt? Steal my retirement money.
I guess they want a war, then.
We are a free people, and have been pushed, prodded and abused. This is tyranny. If you choose this path, prepare for incarceration, for we will sieze your Ponzi-scheming asses and put you away for life.
If the govt attempts to seize 401’s,it will be the call to Arms, the left cannot bear.
I never trusted 401k’s nor the government’s promises concerning 401ks and everyone thought I was nutz....
The government has always been and always be, run by corrupt people.
!
The Dems have been trying to do this for a while, now that they have a supermajority and a president, they may actually do it.
Please read the article below for more details, it will curl your hair:
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
Nov 4, 2008
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Ghilarducci’s plan first appeared in a paper for the Economic Policy Institute: Agenda for Shared Prosperity on Nov. 20, 2007, in which she said GRAs will rescue the flawed American retirement income system
http:// www.sharedprosperity.org/bp204/bp204.pdf
I see the Alinsky push by the White House to demonize 401Ks, complete with sob stories and Obama condemning the billions lost by “ordinary folks from inflation and market risk”.
Nothing personal to anyone here, but a lot of folks who think they will fight with arms against seizure, will only be standing there asking nicely, “Please may I have my money.” And if they get 2 cents on the dollar they will still say please for another cent.
It’s just not that easy to pick an appropriate target.
They won’t do it. There would be a national outcry.