Posted on 01/17/2013 7:58:38 AM PST by IBD editorial writer
The Obama Economy: Americans are drawing down their 401(k)s for nonretirement needs in record numbers, just as Social Security goes bust. This portends poverty for millions as the White House fiddles. Cat food, anyone? One out of four U.S. workers with 401(k) retirement savings accounts has been forced to cash them out or borrow from them at high costs just to stay solvent. The Washington Post, citing a report from financial advisory firm HelloWallet, said the withdrawals have drained $70 billion, or an astonishing near-quarter of the total $293 billion, in America's retirement accounts "undermining already shaky retirement security for millions of Americans."
(Excerpt) Read more at news.investors.com ...
this is the plan....cause you to withdraw, and with inflation consume at a higher rate, thus you and up at the mercy of Obamacare where they can euthanize you because you are no longer viable
Obama is doing a good thing. After all, somebody has to eat all the damned cat food! (My cats won’t, they demand tuna fish instead.) This is what’s meant by “Redistribution...”
Get with the program, Boxer! After all, Napoleon Pig has only your Transformed Happiness at heart.
:)
They are drawing money out because they are in desperate need of money to live on. NOBODY withdraws 401K or IRA money before 59 1/2 without a desperate need because of the huge penalties and tax implications caused by such a move. Remember, those with this type of savings are generally middle class and often professional and educated people.
Responsible people who saved their whole lives are being forced into poverty because their previous jobs have gone. They are in their late forties and early fifties and they are unable to get ANYTHING in their area of knowledge or field and any open jobs are going to the young because they are able to work for much less, are usually single (much cheaper to insure), and have a fifty percent unemployment rate.
There is real desperation out there and it effects real people. Many who have done everything right their whole lives. Their lives are burning while O’Bumbler and the Democrats fiddle.
Yes, a number of cats eat better than their servants. Maybe the example should be updated to cite dog food instead...
I understand that The High Priestess Morgana Obama said:
Let them eat kale!
I’ve been thinking of withdrawing my IRA to avoid confiscation. I’m 60 te
years old and had hoped to keep it longer, but I don’t trust this president. The question is where to put it. I need something the greedy b-tard can’t touch.
To: 2ndDivisionVet
Food prices and availability would be the least of my worries.
I live in the vegetable capital of Cebu.
I go to the market each day where I see mountains of veggies from many vendors. Rice is everywhere for less then $1 per kilo.
I buy bananas, mangos, and oranges for five cents. There is abundant fresh fish, pork, and chicken.
In the US, you are dependent on a very long supply chain from farm or sea to your house. I have only one intermediary from source to my tummy.... the cute girls that weigh my selections and tell me what I owe.
3 posted on Thursday, January 17, 2013 12:54:43 AM by AlexW
http://www.freerepublic.com/focus/f-bloggers/2978975/posts
yeah! “Let them eat dog food!” (an Obama update of “Qu’ils mangent de la brioche,” commonly attributed to Marie Antionette)
thanks!
(the cats had a Rotisserie Chicken for breakfast this morning...)
I’d put 10% in gold/silver if it were me.
YMMV
And it will be worse. If the average percentage of food, gas, electric, etc. of the retirees is, say 20%, then that percentage will creep (or skyrocket) to more than 50%. That is when you will see grandma and grandpa out in the streets with pitchforks and torches. It's coming and Obama and company will relish the day.
I'm 55 and am afraid that the government raid of our accounts will happen before I'm old enough to get the tax break. With this president's love of Roosevelt's progressive experiments... I wouldn't trust gold much longer either.
He is building a constituency for the Teresa Ghilarducci “seize 401K’s and build a Super-Duper Social Security Program” project.
could probably pick a lot worse investments....
(especially with today’s phoney-inflated stock market...how long can the politicians keep THAT floating up there in the clouds with fake “stimulus” or “quantitative easing” fiat funds?)
Unfortunately, that means getting it out of the US with all the attendant difficulties with foreign accounts, reporting, or bullion storage. Some would suggest real estate in the stable country of your choice, but the key is security out of the reach of Uncle Sam.
Yes, a number of cats eat better than their servants. Maybe the example should be updated to cite dog food instead...
Plus, perhaps if the elderly subsist on pet food, we can go to a veterinarian for health care and avoid Zero’s death panel and the withholding of care.
I just called my financial guy this morning to take more money out of my Retirement Funds so that I can pay for house heating fuel.
It’s really tough going. I don’t know how we will survive four more years of this. I guess that’s the goal though, drive Americans to poverty.
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