Posted on 04/06/2013 12:51:50 PM PDT by smoothsailing
Lonely Conservative
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 individual’s 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 Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts. …
Romney, Obama’s 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)
*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 .....
Thanks ...
You're over-thinking this Sky - they really just want to steal your money...
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.
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.
Exactly.
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.....
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