Posted on 11/22/2012 1:13:55 AM PST by lowbridge
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”
Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”
(Excerpt) Read more at theminorityreportblog.com ...
Fortunately it would no longer affect me since I have been forced to cash out my 401k, my profit sharing, my retirement and my entire life savings in order to feed my family for the past 4 years...
“Drain your 401Ks.”
We did that last week.The first thing I bought was a new rifle.
“Own physical gold and silver”
I suppose that’s a last option. Of course the govt can get that too. Can get anything. But at least physical commodities (houses, gold, land, livestock, food, vehicles) are harder to take than 0’s and 1’s in a bank account.
“Own physical gold and silver”
I suppose that’s a last option. Of course the govt can get that too. Can get anything. But at least physical commodities (houses, gold, land, livestock, food, vehicles) are harder to take than 0’s and 1’s in a bank account.
If you surrender your 401K, you will be taxed at ordinary income rate, not the capital gains rate.
Whenever I hear the gnashing of teeth and wailing about what is happening in our country, I just wonder how many of those wailers voted for him.
We’ll be hearing a lot more of this when their individual oxes are gored.
Well the Republicans are pretty screwed up but they won’t vote for that garbage.
This is what happens when Americans make up only half of the population of the country. Too many freeloading buzzards have come here to pick America’s bones.
nationalize = TAKE
Thanks lowbridge...Isn’t it interesting that unions are involved in this, since almost all unions in the country are bankrupt : if you project what they owe to their members to what money they have to pay out . Are they hoping for a bailout to cover their ‘shortfall’ ?
There is also a 10% penalty for withdrawals before age 55 i think. Anyway, you might find this calculator useful:
https://www.wellsfargo.com/investing/retirement/tools/401k-early-withdrawal-calculator
I think you’ll find at the bottom of this ‘government pension’, the insurance industry. Just like the health insurance companies pushed hard for obamacare, the life insurance companies are advertising annuities perpetually. Annuities are very profitable for the companies.
Thanks in advance.
This story is about a hearing held TWO YEARS AGO in 2010. I’m not sure how this has become something new this year. I’ve seen it all over. The hearing was about how participants are paid their benefits from defined contribution plans like 401(k) plans.
Having said that, all the people who were called to testify and the guy who led the hearing, Mark Iwry of Treasury, all hate, loathe and despise the 401(k) plan.
It is right to be worried that some new Obama retirement scheme would force people to take their 401(k) plan assets as an annuity paid out by the government with the government seizing the balances in the plan. BE AFRAID. BE VERY AFRAID.
This is satire... right? I hope...
for later
SO, you work hard, earn your money, pay taxes on it - BUT, it is NOT yours to invest the way YOU want ...
You MUST give it to the Gub’ment, let IT invest it for you and pay you a PALTRY 2%-3% - because its not FAIR to let you MAXIMIZE your investments ...
SHEEEEESH !!!
That still is a win....all the income brackets are going up.
I’m over the 55 limit so there isn’t a penalty
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