The Coming Confiscation of Retirement Accounts

Stephen A. McIntyre | 01/09/2010 | Stephen A. McIntyre

[crosshairs]

I will burn my goddamn money before I let them take it.

How about we burn the democrat congress instead?

[broken_arrow1]

I’d convert quite a bit of it to any of the three precious metals (gold, silver, lead).

Don't forget the fourth precious metal -- 'blued steel'. An extra Glock or Smith & Wesson will be worth it's weight in gold for trade once the SHTF!

[Joan Kerrey]

Good idea but it doesn’t go far enough. CDs, other savings and investments are just sitting there, often completely inactive and unused. Government could use this money also. We might also consider forced mortgages on those homes completely paid for, the proceeds going to the state in return for 80 year government bonds.

In these troubled times it’s the least we could do for our country. /s

[Joan Kerrey]

Don’t forget to claim 100 million exemptions on your w-4 this year -------------------------------- Should be able to claim more. Subtract all those who pay income taxes from our population. The result is the number of your dependents.

[Joan Kerrey]

Pitchforks anyone?

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Too heavy. 12 gauge works better.

[Joan Kerrey]

I think inflation is the obvious way to steal retirement accounts.

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And it’s coming soon. You can bet on it.

[Waco]

If they can confiscate an IRA/401K acct, why not a farm, ranch, oil well, ski resort, Walmart,,,,,

[DuncanWaring]

In theory, they could, but IRA/401k accounts are much more “liquid”.

[JoeFromSidney]

Buy heavy metal...Gold, Silver, and especially Lead.

Don't forget brass.

[meyer]

How about we burn the democrat congress instead?

That's a much better idea.

[meyer]

How about we burn the democrat congress instead?

That's a much better idea.

[CJ Wolf]

I called it in 2002.

http://www.freerepublic.com/focus/f-news/608804/replies?c=2

[MHGinTN]

The unions have been spending their members’ retirement and healthcare funds for decades to elect the democrat federal oligarchs. Now, the rest of the nation will mkae up the losses for the union leadership by taking ALL retirement funds and making them gov’t funds, which buries the theft the unions have perpetrated for decades. The process is working in healthcare so why not do it with retirement funds, eh?

[MHGinTN]

The unions have been spending their members’ retirement and healthcare funds for decades to elect the democrat federal oligarchs. Now, the rest of the nation will make up the losses for the union leadership by taking ALL retirement funds and making them gov’t funds, which buries the theft the unions have perpetrated for decades. The process is working in healthcare so why not do it with retirement funds, eh?

[WOBBLY BOB]

gubermint unions and their savings plans, of course, will be exempt.

[ding_dong_daddy_from_dumas]

Well as of November, 2009 that has now become a reality, over $29 Billion in retirement accounts have now been seized by the Government and they will use that money to pay down debt.

If that's true, it would be better than a US gov takeover, where they would just spend the money.

[cherry]

what company do you work for?.......I have no defined pension plan and the hospital I work at puts a pittance away for me....almost all of my money in my 401 is what I put there...

[wbill]

Hubby starts new job soon that offers a 401k

The answer is "It depends".

If you believe that the gov't will grab all tax advantaged plans and leave taxpayers holding the bag.... then "no". (I don't...not even pols are that stupid.) I think that they'll "helpfully" offer some sort of a conversion, or maybe get rid of some of the tax advantages. But to just make a naked money grab? Doubtful, and we'll see it coming from a long way off, to boot.

If the 401k has no employer match, then the answer is "maybe". Will you get any tax advantage from it?

If the 401k has an employer match, then the answer is "You'd be dumb to just leave money laying on the table." Until my employer discontinued it last year, I got a 100% match, up to 5% of my salary. That meant that I instantly doubled every dollar that I put in. Plus the tax advantages. Plus, the fact that my funds did OK, and made a few more bucks to boot.

It's a hard deal to beat.