October 22, 2014, 06:46:51 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: NEW SPECIAL SECTION CREATED FOR VIRGINIA AREA MISSING AND MURDERED AND POSSIBLE CONNECTIONS
 
   Home   Help Login Register  
Pages: 1   Go Down
  Print  
Author Topic: Govt. Stealing Your 401K? - An Update  (Read 1260 times)
0 Members and 1 Guest are viewing this topic.
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« on: February 25, 2013, 10:55:23 PM »

Quote
Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.

Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments."  That thought generates some skepticism, as aptly expressed by the Richard Terrell cartoon  published by American Thinker.

Why do they need anyone's savings? 


Quote
How would that be accomplished?  The Carolina Journal reported Ghilarducci's 2008 testimony to Nancy Pelosi's House.

    Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts "including 401(k)s and IRAs" and convert them to accounts managed by the Social Security Administration.

Your Government universal GRA investment savings account is an annuity managed by Social Security.  Hedgecock noted '[m]ake no mistake here: Obama is after your retirement money. The "annuities" will "invest" not in the familiar packages of bond and stock mutual funds but in the Treasury debt!'

The article goes on to define 'financial repression' and makes some good points.

From the article -"Which is preferable, one faulty Government solution or millions of individual free choices?"

Can a government with $16 TRILLION in debt and unable to cut spending, eliminate fraud, waste, and financial abuses, really be trusted with the savings of millions worth $19 trillion and growing?  I don't think so.

Read more: http://www.americanthinker.com/2013/02/the_feds_want_your_retirement_accounts.html#ixzz2LyNTzAaC

Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« Reply #1 on: February 25, 2013, 11:01:26 PM »

"...solidly credible to questioningly credible in a mere four years. In four more years at this rate, we’ll be downright not credible!"

Quote
So, to address that whole printing money thing to avoid further devaluing the dollar, which seems to be a concern to important, interested parties, there’s the plan, from the Times:

    “Nationalizing the personal retirement accounts would allow our government to borrow even more from its largest debtor (U.S. citizens) without further devaluing the currency.”

Why isn’t the plan NOT “to borrow even more” so they don’t have to “nationalize the personal retirement accounts”? Oh yeah, that’s right, we voted for spending in November. Oops, I forgot. Forward.

Naturally,  Big Gov is not just going to take your cash. Well, not at first and not in the daylight. They’ll wait until you’re lulled into the rhythms of your life or into the vacuity of today’s pop culture before making a move. Either way, you won’t be paying attention, until there’s a manufactured crisis; then, they’ll implore you to give up those 401Ks and to invest into something more “secure” like that other retirement boondoggle. The one with the Lock Box that's curiously absent of cash, but stuffed to the hilt with IOUs.  Again from the Times:

    “If the government takes control of retirement accounts, it will not be called ‘nationalization.’ There will most likely be an indecipherable document that provides an opt-out option (initially), but why would you want to do that? The US government only wants to ensure the safety of your retirement funds; they did after all create a new bureaucracy for that specific purpose.  And what could be a safer investment than US bonds?”

More here and links - http://merrimack.patch.com/blog_posts/the-government-going-after-your-401k-plan

Why don't they nationalize the assets of Pelosi, Reid, Boehner, Hollywood, and Political Contributors first?
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« Reply #2 on: February 25, 2013, 11:23:07 PM »

Quote
Tax Breaks

To improve the system, the government should expand tax breaks so more small businesses set up retirement plans for their workers, revamp savings credits for low-income workers, expand access by establishing an automatic IRA program and cap the value of tax deferral in retirement accounts at the 28 percent bracket, Dynan said.

The limit on the tax benefit for high earners would reduce the budget deficit by about $7.5 billion in the first year, while all of the proposed changes would mean a net reduction of about $4 billion, according to the study.


Somehow, I think ending bad green investments, eliminating fraud/waste/abuse of Medicare and welfare benefits might reduce the budget deficit by more than $7.5 billion...

Quote
Senator Tom Harkin, an Iowa Democrat and chairman of the Senate Health, Education, Labor and Pensions Committee, plans to introduce legislation this year to require businesses that don’t offer a pension or 401(k) plan with a company match to automatically enroll workers in a so-called USA Retirement Fund.

Folks are already invested almost 15% in Social Security and it's been broken for years...a Ponzi scheme full of IOUs in the 'Trust' Fund.

read more here - http://www.businessweek.com/news/2013-02-25/capping-top-earners-401-k-benefit-seen-as-cost-cutter

just my humble opinions
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« Reply #3 on: February 25, 2013, 11:34:00 PM »

"Retirement Planner: The math doesn't work with proposed retirement plans"

Quote
Back in 2008, I wrote about the misguided proposal to undermine 401(k) plans by taking away their tax benefits and replacing the whole system with a national retirement plan -- a plan with a government-guaranteed return equal to 3 percent above the rate of inflation. Moreover, the payout would never be in a lump sum but in an annuity that would guarantee a lifetime income also indexed to inflation.

The current tax deductibility and tax-deferred compounding enjoyed by qualified retirement plan participants would be offset by a flat $600 per year tax credit per employee. Everyone would contribute 2.5 percent of their income. The money for all these guarantees would come from the taxes the government would henceforth be collecting on virtually all investment efforts conducted by U.S. citizens. While I expected this proposal to die quickly on the vine, I now learn that it is gaining traction back in Washington. Like Oofty Goofty, it keeps flipping back up.

To get anywhere, the proponents of this new program have to make the case that the current collection of defined benefit pensions, 401(k)s and other retirement plans have failed miserably. This attempt lacks credibility in the face of the $6 trillion we have all managed to accumulate in a combination of our voluntary 401(k)/403(b) plans and their resulting rollover IRAs.

Quote
Waiting at the end of the forced march accumulation period will be a mandatory annuity purchase, which pays a specific amount for the rest of a retiree's life. Annuities are a good deal if you live to 105, but if you get hit by a bus on the way out of the government's annuity sales office, you would get nothing. Your sacrifice compensates for those who live a long time. But it gets worse. The proposed annuity payment would be an inflation-indexed payment guaranteed by the government should insurance companies offering the guarantee happen to fail -- a foregone conclusion if we have 1980's level inflation at 18 percent again.

read more here - http://**/personal-finance/ci_22646516/retirement-planner-math-doesnt-work-proposed-retirement-plans

Nothing to leave your family or favorite charity.  What kind of inflation is all of Obama's spending going to bring?  The price of gas has more than doubled since he was elected.  No telling how soon it will be $20 a gallon...
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« Reply #4 on: February 25, 2013, 11:57:25 PM »

America's future?  High unemployment and 20% annual inflation?

Quote
...a proposal floated by Alice Rivlin, former vice chairwoman of the Federal Reserve and an important Obama administration adviser, might change the way an inherited IRA is taxed. Currently, when a beneficiary inherits an IRA, he can distribute the assets whenever he wants. Rivlin’s suggestion would require that all distributions be made within five years after the benefactor’s death. Swell idea, Alice baby.

What if the 401K was intended to support two people after death?  For many years? 

Quote
Argentina’s economy is in much better shape than Europe’s “Great Greek Fleece.” Corruption is so pervasive and well-orchestrated that the country’s government and judicial body have morphed into an efficient economy of scale. The Argentine government spends billions each year on social programs such as free health care, monthly pensions, rental assistance and food distribution for children. And amazingly, the costs to distribute this largesse exceed the expenditures.

And so it is with the government’s public service and infrastructure spending; every peso spent to repair a bridge or a sewer requires an equal peso to a bureaucrat. Our Congress taught them well. Even though Argentina’s gross domestic product is expected to grow by 1 percent, its government continues to spend wantonly while the sticky fingers of public servants collect their share.

Meanwhile, inflation is more than 20 percent, and unions won’t allow businesses to reduce payrolls while stridently demanding higher wages and increased entitlements. America’s unions have taught them well. Riots are breaking out, and folks are looting supermarkets and retail stores while the Peronist-led unions demand lower taxes and increased pensions for members. Sound familiar?

How much ammo did DHS buy?  Why?

Will Americans loot when the currency collapses and they cannot buy food, find clothing, housing, or gas?

read more here - http://heraldnews.suntimes.com/business/berko/18157367-420/no-proposal-to-confiscate-iras-and-401k-accounts.html

Changing the game plan after Americans have their 401ks set up?  Really?
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7640



« Reply #5 on: February 26, 2013, 08:15:28 AM »

A neat summary of the problem -

Quote
“Many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused,” the Investors.com article forewarns.

I think 'drain' should be 'steal'.  I think they plan to send millions more into retirement poverty.  Squander, waste, and steal more money from hard working people...

Quote
Another plan would have the government seize private retirement funds and convert them into annuities administered by the U.S. government. The Obama administration is proposing to convert some of the privately held retirement funds into U.S. Treasury bonds.

Why aren't they stealing the money immigrants send home?  IIRC, that's billions every month.  Eliminate waste, fraud, and abuse in benefits programs?

Quote
The National Seniors Council (NSC) initiated an online poll in November 2012, asking the American public if the U.S. government should nationalize private retirement accounts. Of those who voted, 95.7 percent told the sitting administration to keep its hands off private retirement funds.

Barack Obama, Democrats, Republicans, and SCOTUS didn't EARN that money.  They didn't SAVE that money.  Hard working people were responsible for these investments. 

Dumping on working folks like they screwed small investors in Chrysler and GM...

Why aren't they seizing hedge fund money?  Derivative money?  Dark Pool and HFT money? 

Why do they always seem to steal from the pockets of working people?

How far will the money go toward solving the nations problems? 

Quote
Seizing retirement accounts “would merely retire less than 19% of Washington’s $16.3 trillion debt. Taxed at 50%, 401(k)s would narrowly cover the $1.3 trillion deficit that Washington rang up in 2012,” the article on the Investors.com website states.

The article goes on to show how Bulgaria, France, Hungary, Ireland, Poland, Spain, and Dominican Republic have been taking/investing citizen pension/retirement accounts and investing in debt and building affordable housing.  Sounds a lot like Jesse Jackson's ideas for 'our money'. 

Are any of these nations better off?  Solve their financial problems?  I don't think so!

Did slaves have money?  IIRC, slaves get everything free and don't need money.  All the fruit of their labor is controlled by one person, no free will, no choice...kinda like Obama and Jackson's plan for 'our' money.  Money they didn't earn or save.  Modern slavery?

read more here - http://www.theepochtimes.com/n2/business/american-retirement-funds-at-risk-353135.html

just my humble opinions
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Pages: 1   Go Up
  Print  
 
Jump to:  

Use of this web site in any manner signifies unconditional acceptance, without exception, of our terms of use.
Powered by SMF 1.1.13 | SMF © 2006-2011, Simple Machines LLC
 
Page created in 0.147 seconds with 19 queries.