Posted on 05/06/2010 4:55:29 AM PDT by IbJensen
Good thing I have been too poor to build mine up to much.
Yeah, it sort of funny that the reason they invented 401(k)s is the same reason they're now taking them back.
Never say never with these clowns. You're best bet is to bury it in the backyard and hope they don't come searching for it with ground sensors.
Why do you think so many are 'retiring'?
When the house of cards comes crashing down, they won't be in office. They're like rats leaving a ship before its last voyage.
Get ANGRY and FIGHT to take back FREEDOM AND LIBERTY. There is no time to wonder if the sleeping Americans will wake up, or to lament over our loss of liberties...we must unite with like minded people and fight/stop this attempted communist/socialist/marxist takeover our of our country in any and all ways possible, starting with getting out the vote in NOVEMBER FOR CONSERVATIVES. We know the drill...now let us all get to work, and remember the sacrifice of our Forefathers and US soldiers of past wars...they didn't let US down, and we musn’t let each other down.
Let us make sure we torch that ship and turn the rats to toast...burn, baby, burn. Or in other words, capture, trial, prison.
She has always been an honest, stand-up kind of person during the years I have read her and followed her career.
But that doesn't mean she can't go stinky bad now that she's in the O-ministration.
You are correct.
Great way to start a civil war. Yep this would do it.
gnip
I understand that Obama wants to convert 401(k)’s into “lifetime” annuities and that there are no rights to survivorship as with the current 401 (k)’s.
If that is true, then I suspect they plan to use the residuals after the annuitant dies to bail out the union pension funds shortfalls.
I know. But I wouldn’t put this scenario past them:
“A lot of folks are retiring. When they take money out of their private retirement accounts, many are forgetting that they have to pay taxes on those distributions [insert phony sob story of some person who sent a letter]. Now, we don’t want people to make bad plans. So what we’re going to do is take just 10% out of everyone’s private-retirement account. That way, people won’t be so shocked and they’ll be able to keep more of their money.”
They’ll take 10% out of every private-retirement account. Then they’ll raise the tax rate to take another 15 or 20% when it is distributed.
At that point, we will be in the middle of the New Depression that will make the 1930’s look like the Roaring 20’s...and they’ll simply confiscate everything that is left.
If they take it all now, they’ll miss all the contributions over the next couple of years. And they want those, too.
Maybe not...but it does sound illegal. Check with the financial institution who manages the plan. There must be a service number you could call. For instance, the plan my employer offers is managed by Fidelity.
Somebody that steals hundreds of thousands of dollars of my hard-earned cash is going to get a lot more than "tar and feathers". It will be time to start shooting the bastards if they pull this stunt.
Bump for later reading.
Looks like they like the Argentine solution. Problem is there is a reason why Argentina plunged from the 5th wealthiest country in the world to 87th place today.
...
Should we wait until the evil regime does this, or should we be preemptive?
IF they attempt to go after the Roths, they will have a law suit on their hands.
Ping
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