“They will have to ‘take’ your excess monies.”
Well, THAT is going on NOW.
I used to be able to put money into a savings... now, I have to use every penny I make to meet my obligations.
I don’t travel, go out, make necessary repairs at home, replace old appliances, buy anything except absolute necessities, give gifts (even to my brother for his birthday). etc.
I live in a way that’s very frugal and STILL have to withdraw from the little savings I had accumulated from previously.... when it’s gone, I don’t know what will happen!
When Charlie Rangel became the chairman of the ways and means committee, we worked hard to get out of debt. When Obama, the redistributionist, was elected, we reduced our ‘tax footprint’.
Instead of being set to withstand the storm. We’re in a leaking boat thanks to Obamacare. The money I could be using to save for retirement now goes to my insurance premiums. It went up 400%. If I had car payments and a mortgage, I wouldn’t be able to afford the cost. I grow a lot of our own food, too. I just don’t know how people are going to afford to eat. I guess Michelle could take credit for a backdoor cure to Obesity.
They’ll invent a covert tax on 401ks. If that doesn’t work, they’ll just have on overt tax on savings, but only on the “rich”.
when that doesn’t work, they’ll just take your 401k.