Posted on 01/24/2015 9:57:28 AM PST by Rusty0604
Congressional Democrats are pushing a new bill to make it easier for workers to sock money away in retirement accounts.
Sen. Sheldon Whitehouse (D-R.I.) and Rep. Richard Neal (D-Mass.) said Thursday that they were introducing legislation that would set up automatic payroll deductions for contributions to Individual Retirement Accounts.
(Excerpt) Read more at thehill.com ...
Some Republicans have suggested means-testing SS. You are correct; in the end, no matter how much an individual has sacrificed to save, the gov’t plans on redistributing it.
Step five: Mandate all Americans purchase a term life insurance policy with the federal government as sole beneficiary. Then, when death follows denial of medical treatment under Obamacare, the government scores a big $$$ windfall.
So in NJ retirees don’t get any break on property taxes?
True enough, but then again, If I managed to save and retire on a net worth of 10 million with 35% in cash holdings then I wouldn’t give a rats ass about collecting social security — whether I paid in or not.
Lets start means testing government retiree’s ... see how many really need that retirement payment.
They do; their taxes are frozen at the already-high levels. After that, they have to pay the increased rate and get a refund of the difference the next year. How many retires can come up with $10K each year for property taxes alone, just to get $1K back the next year?
From all indications in NJ, not many at all.
I’m sure the Republicans will respond immediately with an efficient plan to phase it in in three stages.
Like putting our 401Ks in foreign accounts where they would be immune to seizure.
That’s right; in my case they simply moved the retirement age to 67.
Notice how they don’t send out the “estimated benefits” anymore? How disturbing is that? It didn’t just include retirement benefits, but survivor benefits for our families as well if we die before retirement.
Everything the Government touches turns into expensive salted earth.
Want to help us out? Let us have tax free medical accounts up to 50k.
If you manage to save that money you’re still entitled to the same benefits as others that paid for it in advance over decades of work. To argue the wealthy don’t need it can be used to tax the heck out of them now for the gibsmendat’s freebies (and that is exactly what is being done).
why not just call it “wealth redistribution” plan..
Setting people up for a european style “bail-in”. Cypress and Poland were just test cases.
And here middle class Americans were foolish enough to believe that their earnings actually belonged to them.
If you think that you actually “own” anything, think again. Challenge that premise, and you will witness first-hand how the financial and government classes will deal with you.
The bigger danger is that as a means of keeping Social Security solvent they start means-adjusting it;....They sort of do, now. Last year I had SS, my pension and interest to pay taxes on. This year I have those three to pay on PLUS what I withdrew from an IRA (to go fishing in Hawaii, great time). I got the same amount of money in my pension, about the same in interest and a tad more in SS for 2014, but my taxable for SS went from $7000 T0 13,000. I don’t mind paying the taxes for the IRA, but why hike the level of taxes on SS? Off hand means testing?
Before I retired a 66 year-old co-worker announced that he was retiring after 15 years. He was a nice guy but not the sharpest knife in the drawer. I asked him if he was going to roll over his 401K into an IRA. He said, "Oh, I never paid attention to that stuff." So I sat him down and created an online 401K account for him and it showed he had $66,000 dollars. He yelled, " Are you telling me I have $66,000?! OMG, I'm rich!" The employee had never contributed one dime to the account. All the money was from the employer. And he thought he was rich! Just think what he would have had if he contributed some of his own paycheck. I blame him for not paying attention. But there are way too many people out there who need some hand-holding and help along the way.
With the government getting their cut of course.
Why not make it like Obamacare? Mandate it.
Idiots
Or just let us keep all the money we make and go to a National Sales Tax. If you want to jump start the economy and consumer spending that will do it.
Bull. They’re trying to push another bill to give them more control over our money.
Honestly, does anyone ever think “You know, politicians are really no different than me, so why do I need them to...”? Or are we honestly to the point where a majority of people believe they couldn’t wipe their own @$$ without a politician’s help?
Germany and maybe all of Europe does means - testing on their SS. If Republicans are talking about it we are probably doomed.
My advice to young people: Save your money and buy hard assets such as rental properties. They may start to take away IRA’s and 401K’s but if you own 3-4 rentals they will probably leave you alone.
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