Posted on 01/09/2010 9:46:42 AM PST by Captain Peter Blood
Liquidate it? Don’t they force you to put it into an IRA?
I’m going cash out everything I have in banks and in my investments, put it into sealed coffee cans and bury it...somewhere. (Can’t give the precise place since the commies in the Obama administration may be monitoring this thread).
Pitchforks anyone?
Looking for advice. Hubby starts new job soon that offers a 410k, should we just forget it and invest otherwise? We are in no way are well off and really need money for retirement (25+ years from now).
What I think they will do is raise the tax liability on all 401 K accounts.
401 K contributions are tax free until you take it out at retirement or under a hardship reason (10 % penalty).
It would not surprise me at all to see taxes as high as 75 % of accounts over a million and moving down to "only" 50 % on accounts over $100,000
After all, a large percent of the money in your 401 K is company matches which I'm sure will somehow morph into dem talking points that loss tax revenue the government didn't get in the first place
I would join the 401 K at the lowest contribution % simply because it gives you a head start on being vested. Most companies have a graduated vested structure where you get fulled vested after 5 years
Before you bury it, you had better convert it into a precious metal. Cash will be rendered less valuable by inflation.
I think inflation is the obvious way to steal retirement accounts. The administration doesn’t have to worry about court cases or open rebellion.
The Businessweek article:
http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html
If the Dems keep their “60”, I believe the next thing you will see is an increase in the SS and Medicare tax.
My mattress just got a little bit thicker.
No such stuff will ever happen; this isn’t even a trial balloon......even out of control ‘Rats know better than to try stunts along this line.
Bump
So they won’t let us personalize our Social Security accounts, but they’ll gladly nationalize our 401k accounts (or tax the hell out them at retirement).
Why retire? Why donate to a 401k if the Feddies will “take care of you”. Just keep working until you drop dead.
It does not require any stretch of the imagination to believe that desperate money-hungry politicians in the future will not hesitate to vilify someone who worked hard and saved up a lot of money for retirement.
You can hear them now... “a person who hoards all of that money for themselves is selfish!”... “who needs more than $1,000,000 in retirement anyway?!”... “it’s so unfair that one person should retire in LUXURY and another should retire in poverty”... “everyone deserves a minimum standard of living in their golden years”... and on and on.
They will steal it in the name of “social justice” and as long as they can get 2 moochers to vote for them in order to cancel out the saver’s 1 vote, they will rob blind those who have worked and saved and then take credit for “leveling the field”.
That is what you get when a country is governed by mob rule. A land of men, not of laws.
It all started with the progressive tax code.
Taxes for thee, not for me.
Sickening!
investment ping
Yeah “The great One”Mark levin grilled some professor chick over this on the air a couple years ago!
Remember, annuities are paid for in “tomorrow’s” dollars. You know; the devalued ones?
Why yes, I'll take the pretty pearl handled one please!
“It would be worth it to me to liquidate the whole 401K and take the tax hit now, in the long run I’d be money ahead.”
Why not borrow against your 401k and starve the beast by not paying the taxes? Buy silver, gold and lead with the money and pay yourself back over time with interest. At least you will have some immediate inflation protection with the silver/gold and if they make a grab for your 401k you will have the lead to do what our forefathers prepared us for.
After you pay yourself back, repeat the above process.
If the whole financial house of cards collapses you certainly will not have to worry about paying yourself back.
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