[Libloather]

RATS will start to tinker with the system. Gird your loins.

[Doogle]

Retirees and workers with 401(k) savings may will see changes

there fixed

[Eye of Unk]

I would not be surprised that in the near future retirees will become Soylent Green like Edward G Robinson.

Anyone too young to have ever seen the movie should rent it.

[truthkeeper]

ping

[ChetNavVet]

Note to persons with 401k’s:

If ther is away to be penalized now by dipping, strongly consider it.

Note to self: Must see if I can withdraw any of my non 401 type money to put in safer location, like my matress.

This is scary

[pepsionice]

The case of “forced” distribution of 401K funds at 70...came up with a friend of mine this past month. He really didn’t want to touch the money but the Vanguard folks are going to force the issue because of the law. His account was worth $200k two years ago. Its barely $120k currently because of the stock market losses. He’d rather wait two years before taking any funds out but the law isn’t written in a way to provide for that. Personally, this is the one idea that some folks might support. Makes me wonder why the Republicans didn’t bring this up two months ago? But again, a day late and a dollar short on real thinking has been the Republican slogan for the past year.

[sono]

Eliminating 401K’s will crush, I mean CRUSH, the market. We’ll be partying like it’s 1929. I’m hoping Volker is able to head this one off at the pass.

[MrsPatriot]

This is a ruse; they want people to leave their money in their 401Ks, so there will be more there when the government seizes all 401Ks.

Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

http://www.carolinajournal.com/articles/display_story.html?id=5081

[CRBDeuce]

Yep....the knuckle sandwich. bait and switch. The oldest Con in the books, and (given the election results) it will work. A penny today, tomorrow we take your bag of gold.

[3AngelaD]

ping

[mlocher]

-Matching 50 percent of the first $1,000 of savings for families that earn less than $75,000 a year. The savings match will be automatically deposited into designated personal accounts.

The gov't has no business matching savings. Designated personal accounts will no doubt be invested in gov't obligations to fund liberal causes. Gov't obligations will end up being worth next to nothing. This is completely ludicrous.

[bertmerc1]

I wonder if this includes 403(b)’s as well.

[johnny7]

Retirees and workers with 401(k) savings may see changes

[commish]

Well if the Dems want to see financial armeggedon and the Depression they seem to so desire - nationalize 401K’s. Then sit back and watch how quickly EVERYONE pulls their money out of thier 401K’s before the Govt grabs them.

They move to do that, and you will see the market crash by at least 75%

[falker]

All your retirement accounts are belong to us.

[DJ Taylor]

"Obama's plan would temporarily waive the penalties and taxes on withdrawals made after age 70 1/2."

Could this possibly mean what it says and a person could leave their 401K/Thrift Savings alone and they would pay no tax or penalty upon withdrawal at age 70.5?

If true, it would be good for those who reach 70.5 before Obama leaves office in 2012, but not for those who won't.

[IndyTiger]

If something like this passes, I’m wondering whether it would be wise to liquidate my 401K (about 140K after the losses) and pay off my mortgage. Would appreciate any FReeper advice.

[babyfreep]

ping

[jsh3180]

Here’s some more change from Barry’s economic adviser Stiglitz. Quote from Bloomberg article which cannot be posted here at FR:

---

President-elect Barack Obama will need at least 18 months to turn around the U.S. economy, even if he ``does everything perfectly,’’ Columbia University Professor Joseph Stiglitz said.

``It won’t be easy,’’ Nobel Prize-winning economist Stiglitz wrote in the Outlook section of early editions of tomorrow’s Washington Post. ``More than 1.2 million private- sector jobs have already been shed this year, and by the end of the year an estimated 1.15 million people will have exhausted their unemployment-insurance benefits.’’

Stiglitz said Obama, who’s argued against cutting taxes for upper-income Americans, should also consider rolling back outgoing President George W. Bush’s 2001 to 2003 tax cuts as well as taxing dividends and capital gains as ordinary income.

[sergeantdave]

Watch for the confiscation of all wealth followed by the collectivization of all private property.

Prepare that extra bedroom for a welfare bum obama voter. And stock the fridge with MD 20-20.

[NTHockey]

“RATS will start to tinker with the system. Gird your loins.”

You have to really give these Libs one thing - they got chutzpah.

In 2005, President Bush proposed deposit accounts, which the Libs called “stealing Soicial Security”. Now they are all for them.

Before the election, it was tax cuts for 95%; but he didn’t say 95% of TAXPAYERS. Now, they are going to give a bone - no taxes for seniors who make less than $50K/yr - while preparing to steal billions.

I’m following the example of my glorious leaders - Don’t pay property taxes (Rahm Emmanuel), plead ignorance (Dodd and Dorgan), cheat on your taxes (Kennedy, et. al.) and basically ignore the laws.