Posted on 01/25/2016 9:35:05 PM PST by Olog-hai
President Barack Obama will pitch some new proposals to expand access to retirement savings accounts and revisit some old ones when issuing his budget next month. [...]
The White House says Obama's proposals, if enacted, would provide more than 30 million people access to a retirement account.
The biggest chunk of that increase would occur through legislation requiring employers that don't offer a retirement plan to automatically enroll their workers in an Individual Retirement Account. The employers that did so would get a tax credit of $3,000 to help them offset the administrative expense. The proposal was also part of last year's budget, but Congress did not pass it. ...
(Excerpt) Read more at hosted.ap.org ...
anyone can open a retirement account at any time, indeed its impossible to avoid all the advertisements for you to do so
this is just more Obama BS
Obama has already driven Entrepreneurship and new company formation to 50 year lows. This is another job-killing, small-company destroying bit of legislation.
Cashing out my IRA is ordinary income, not long term capital gains, although it surely IS long term.
A surprise, and a disappointment. I tell this to all youngsters who ask investment advice.
(suspiciously)...his access? Or ours?
Also, the big problem here is that you have to have a job to have a retirement account. And 94 million Americans are NOT IN THE LABOR FORCE.
More government interference with business.
Yeah. That should work.
More like presidential interference.
Probably too little too late for obama to do, but at least he can set it up for the next commie.
Step 1): Require all businesses to provide retirement accounts.
Step 2): Wait for the stock market to fall.
Step 3): “Rescue” those that have been taken advantage of by the rich and powerful Wall Street Gang by having the trusting and stable U.S. of A. government take over those retirement accounts.
A person needs to have had a job or have a job to have something to retire from. But thanks to the thug in chief millions of Americans are jobless, due to Obama’s policies. Hopefully he won’t have time to steal our existing accounts. Or make companies give their employees IRA’s whether they can afford to or not.
His access to our retirement account is how I read that...
That’s two of us. I was really excited that Obama would be my partner. On account of I’m really not sure I can handle my own money myself. Nice retirement account I’ve got here. Be a shame if something were to happen to it. It would have been an offer I couldn’t refuse.
Deferred income.
And not paying into social security.
-PJ
I don’t know. But I’d love to know what companies did with all the savings from not providing pensions like they used too. That money has to be around somewhere. When companies stopped giving pensions, that was a boom to all companies and saved them trillions. Where is that money???????
But he can’t give a COLA to SS recipients and those receiving their modest federal and postal retirement checks from the Office of Personnel Management. Less money of us, more money to buy more votes. Three years out of his time in office, no COLA. Interest rates on our CD’s and Elite Savings Accounts at banks is almost nothing. Yeah Obama is really for the working person. /sarcasm.
You mean like all the teacher, police and firefighter pensions?
Or like GM's pension that was killing the company?
He’s as much “for the working person” as any elitist leftist throughout history has ever been, to be sure. Nothing to lose but their (imaginary) chains, to get replaced with heavier iron yokes.
I’d like to see the minimum age that you have to start taking IRA distributions raised or abolished. I think it’s 70 currently.
“If you like your money, you can keep your money!”
God save me from this community organizer messing with my accounts. Obama Always says he’ll do “Y” and then does exactly the opposite “X”. I guarantee if he can community-organize retirement accounts then half the value will end up in his and his co-conspirator’s pockets.
A surprise, and a disappointment. I tell this to all youngsters who ask investment advice.
I call BS on that one. The money you put into your IRA was not taxed when you put it in. Therefore it is taxed when you take it out.
You can ignore the advantages of an IRA and open an ordinary brokerage account, but you will have to pay taxes on every trade and the money you put in will come from after-tax income.
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