Posted on 02/18/2010 8:03:31 AM PST by Red Badger
You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.
This "conversion" may start out as an optional choice, though you are already free to buy Treasury bonds whenever you want. But as Karl Denninger of the Market Ticker Web site reports: "'Choices' have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your 'retirement' money to buy them."
Moreover, benefits based on Treasury bond interest rates may be woefully inadequate compensation for your years of savings. As Denninger adds, "What's even worse is that the government has intentionally suppressed Treasury yields during this crisis (and will keep doing so by various means, including manipulating the CPI inflation index) so as to guarantee that you lose over time compared to actual purchasing power."
(Excerpt) Read more at investors.com ...
It may not even be safe there....................a coffee can buried in the back yard would probably be safer.............
It is a filter/purifier. From my understanding, it filters microbes, etc, as well. They use (expensive, but cleanable) ceramic filters. The more elements, the faster the water flow.
http://www.bigberkeywaterfilters.com/berkey-filter-systems-c-1
+1
At least the Al Capone types were honest and up front about what they were.
There are plenty of safe havens, where your money cannot be seized without a court hearing,, which they would lose if you do everything legally.
Anyone who stays in a Roth IRA or a 401K is a few cards short.Take the penalties , cash out and head for the hills.
Al Capone’s business card said he was a “Furniture Salesman”................
Hmmmm. Maybe I should take the tax hit, pull ALL of my money from all of my IRAs tomorrow, and divide the funds equally among the following investments:
.223
7.62x39
.308
7.62x54R
.357
LOL!.................Gold is protected by lead and brass...................
It’s always nice to meet others who feel the same way I do about our country’s flags.
I have two 25’ flag poles in my front yard, upon which I currently fly the Grand Union flag over the Commonwealth of Virginia flag (finally able to do that once again, since last November); and the Navy Jack over the Culpeper Minutemen flag. I’m not 100% sure I am using proper etiquette for each flag, but my particular “mix” is not addressed in any protocol book I have ever seen, so I’ve done the best I can.
For some unexplainable reason the Culpeper Minuteman flag is VERY popular where I live -— Culpeper County, Virginia. ;^)
I will fly the 50 star U.S. flag when it is no longer being befouled by its use at a White House infested by anti-American socialists and marxists. Until then, mine is carefully stored away.
mrmeyer - I agree with you about Annin brand flags. They are first-rate.
Over my dead body.
It may come to that................
They're just going to steal it from the tax slaves. They'll get their grubby hands on every penny you have eventually.
The Mare of Steel!!!! The Longships was a great movie!
when was this originally posted?
I have watched this one for some time.
I stopped 401K contributions and took a hit on what was left.
Bought durable goods, 9mm, 7.62, 12ga, and kept a stash of cash.
Remember Argentine, circa 2000? I have a relative that broke down and ended up in a hospital (still there, never to recuperate) after total loss of his cash (was in U$S, the government decided it needed to be in Pesos overnight).
May not happen here, but they sure will keep trying, is just about the only place they can get any $$ other than printing it.
Robert Reich also talked about raiding retirement accounts. He also talked about charging homeowners income tax on the rent they would have paid on a similar sized property. This was back during the first two years of the Clinton administration.
Then they shouldn't show any surprise whatsoever as a bullet enters their skull directly between the eyes as they try to seize whatever they have their soon-to-be-useless eyes set on.
you threatening me? Just kidding. Unless your an IRS agent..haha
And be careful with the CW2 talk. Big Sis is watching, and loose lips sink ships.
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