Posted on 11/09/2008 5:53:17 AM PST by Libloather
Obama's retirement plan proposals
Retirees and workers with 401(k) savings may see changes.
By DAVID PITT
Associated Press Writer
November 09. 2008 6:59AM
The election is over and the message is clear — the economy is priority one. The big question now is how some of President-elect Barack Obama's campaign proposals will affect retirees and workers with 401(k) and other retirement accounts. Looking at them a bit closer may reveal some clues.
What are some of the ideas Obama has proposed that could impact my retirement planning?
One issue Obama has endorsed may get serious consideration before he takes the oath of office in January.
Obama proposed a temporary suspension of the required minimum distribution rule, which forces tens of millions of retirees to take money out of their IRA and 401(k) accounts once they turn 70 1/2. The rule is designed to give the government its share of the taxes on the money, which has been accumulating tax free. Failure to take out the money results in a 50 percent penalty assessed by the IRS.
Suspending the mandatory withdrawal would allow people to keep the money in the account and possibly recover some of their losses when the market recovers.
Obama's plan would temporarily waive the penalties and taxes on withdrawals made after age 70 1/2. There's interest in Congress to get it done — sooner rather than later.
The chairman of the House Committee on Education and Labor, Rep. George Miller, D-Calif., has asked Treasury Secretary Henry Paulson to suspend the tax penalty immediately.
AARP, the Washington-based group that represents 39 million people aged 50 and older, also has urged Paulson to take the action right away.
(Excerpt) Read more at southbendtribune.com ...
Yep, he ended up as a biscuit.
Right, he should have his money in Investment Grade Bonds like too much of mine. Bonds that are rated investment grade by the agency the issuer hires for that purpose and they fall 75% in value 10 days after purchase! Care to purchase some Ford,AIG,GMAC or Genworth Financial,American General Finance Bonds?
-the Catholic Church (the orginal Church and Mother so to speak of all Protestant denominations, a historical fact) from has taught the death penalty is permitted for the worst crimes
-the commandment is understood as a prohibition against the taking of innocent life
-I am sorry to throw the Catholic thing at you but the sad fact is if you are not Catholic you can believe anything you want and still call yourself a Christian (see BHO and the “united Church of Christ”)as obviously there is wide spectrum of belief among Protestant churches.
“if you are not Catholic you can believe anything you want”
That’s absurd.
well I will take back “anything you want” that is hyperbole and i don’t want to really defend it but, really, Proudofthe south asks a question, a fair question, and he deserves an authoritative answer, one that he can trust has stood the test of time and is not the whim of someone else just trying to manipulate a situation for short term gain. So the rest of the post stands. But this is not the relig section so I will leave it there.
From the sounds of it he doesn't. The account is just titled that way.
One thing I think we can all agree on is that government will always do what is best for “it.” How we let the bureacracy get so huge is beyond me.
LOL. I told my hubby he needs to stock up - who knows what Obambo will do.
That has been argued for centuries.
Many, including me, believe that it was improperly, and purposely, mistranslated in 1611.
I believe it should read, Thou shalt not murder, which is very different.
That allows for state sanctioned excecutions, acts and killings during war, self defense killings, and certain other acts of killing.
The idea that the Dems want to confiscate 401k's wasn't news to me. The timing of their theft was. I thought they'd wait a while until the country was even more socialist before they attempted it.
This thread is alarmist and total crap! Get your facts straight. Read the full article and you will see that the suggested changes are actually beneficial to retirees. It says nothing about eliminating the 401k. It talks about suspending penalties.
The DIMS are cowards. They are free to try and pass a bill that does this. But, no, they want to try and force the Dubaya admin to just invent laws. This way they can keep blaming the current admin as long as possible, not own it, and keep whining right up to Jan 22.
God has provided the state with the responsibility of maintaining civil order. For most of mankind's history the death penalty has not been a issue for us peons. To some extent that is not true any more here & in a way, we get to a chance to discuss if we think is is right and necessary. The Christian argument could be that if you shorten someone’s life, it limits their time to come to Christ and so impacts their eternal existence. Unfortunately, in real life, there are people so despicable that they do not deserve this consideration. Hope this helps, at least it's my point of view. Welcome to your new life.
The tinkering begins. Crap? Oh, no. RATS have telegraphed their punches for a long time now. The full article was written by the Associated Press Obama.
It's time to take the blinders off...
they want people to just leave their money in there....
I’ve been screaming for years that a SS recipient should get all his or her money back WITHOUT any taxes whatsoever, but after that is paid, the money is simple income, and taxed as such...
Mccain supported the same thing. MSM just did not pay much attention to him when he said it.
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