Posted on 09/28/2011 6:16:03 PM PDT by Rusty0604
In the coming weeks, Americans could face sweeping changes to the tax deferral status and funding strategies of their retirement plans.
(Excerpt) Read more at thestreet.com ...
Hey! Those pensions (at least federal pensions) aren’t so fat.
Soon, the Feds will be deciding what is an "adequate retirement" for each and every American - sounds like "from each according to his ability, to each according to his need" to me!
FUBO!!!
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Funny you should say that - my employer is coincidentally making administrative changes to our 401(k) plan right now. I wonder what prompted it?
“Trying to help lower-wage workers save for retirement by reducing the 401(k) and IRA contribution limits is like trying to cure a headache with a guillotine. - Hatch”
Aye; I stopped my contributions when I noticed a similar amount was being added to the credit card balance I was trying to get under control. Saving for a “possible” future against a bill that would show up within 30 days was just stupid...
If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....
If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....
If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....
I have no doubt in my mind that 401K balances will be used to reduce the payments to the “ants”, to subsidize the payments to the “grasshoppers”. It has already happened when the “ants’ “ children apply for student loans/financial aid; the ants might as well hide it as best they can.
When enough “ants” started acting like grasshoppers (having children out of wedlock, going on Jerry Springer, refusing to lift a finger and such), the King of the Grasshoppers (Our First Black President, BJ Clinton) passed welfare reform in 1996; they couldn’t have ants acting like grasshoppers. The grasshoppers stopped breeding, and were replaced by Mexican fire ants; now nobody cares who speaks “grasshopper” anymore...
I expect the feds will eventually raid 401K accounts in order to “save” Socialist Security. At first they will find a clever way to make people do it willingly. Eventually, they will probably levy a huge tax against them that will supposedly go into the SS trust fund. If I were older, I would NOT keep a large amount of funds in a 401K for this very reason. It’s just sitting there for their taking. I’d feel better keeping it in one of my safes at home.
“If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair...”
You’re right; unfortunately for the Dems, the wives/daughters/sons of those workers have gotten sick of macaroni 7 days a week, and are ready for change. The world knows what happens when technologically advanced people are reduced to peonage; I doubt they want a re-play.
They’re going to take our 401ks and give it to the Unions.
And they’ll lecture us about the goodness of their plan as they steal from us.
It’ll never happen? Yeah - they said that about Healthcare too....
I thought WE were the government?
Does anyone care anymore what you think...you're just another.....
No, of course not - the House makes this sort of call. At least at the moment. This is precisely why Peter Orszag called for Less Democracy in his recent New Republic article. Under his plan committees populated by small numbers of "experts" such as this one would make their recommendations to the President who would then present them to the combined Senate and House, who could only vote on the whole package and only defeat it through a joint resolution. Voila! Instantly that Republican-controlled House that used to make financial decisions is relegated to a back seat in the affair.
It should come as no surprise that Mr. Orszag is a former 0bama administration official. Dang that pesky ol' Constitution, we have to get the country moving again! Mussolini had a similar program, and with similar justifications.
Mr. Gale of Brookings - it often does seem to be Brookings, doesn't it? - offers us pure and distilled class warfare to justify dipping his fingers into other people's money. To him anything more than some mystic amount he considers an "adequate" retirement is merely a vehicle for rich people to avoid taxation. He'll tax your income before you tuck it under the mattress and when you take it out again he'll have a piece of it then, too. Die with it still under there and he'll still want his cut from your heirs. Try to give it to them and he'll tax it. Spend it on something to give to them and he'll tax it both times. All of this in the jolly game of "revenue enhancement".
One measure of just how far we've come down this corrupt and disgusting road is that a Tea Party member is so commonly castigated as "extremist" for the temerity of suggesting that the government doesn't really have a right to all the money it sees. Mr. Gale apparently thinks that it does, or at least all of the money that it can get away with expropriating under the rationale of an emergency it created. The answer is no.
Take the money and buy a Roth IRA your tax rates will never be lower than now.
It was already in place in the early 90’s and has adjusted a few times over the last 2 decades. The last INCREASE to the 15,500 was in 2008, IIRC, but the catch up provision was in place since I have been in the professional working world.
2001
Their idea of "funding an adequate retirement" is that you give all the money to the government and trust them to take care of you in your old age.
Bureaucrats justifying their positions..
This usually happens for one of two reasons:
A) People have been complaining about high fee, overly managed funds and have encouraged HR to change to a less restricting administrator.
B) HR hadn’t been in a holiday in a long time, put your 401k program out to bid, got wined and dined by numerous administrators, and picked the one that gave them a prospectus overview in Cancun, funded by charging poor sods like you 1.4% fees on their loaded mutual funds.
It’s VERY important in this situation to determine whether reason A or B is the culprit and change your investment strategy accordingly....
Yeah, that is tantamount to their notion all the money is theirs to begin with.
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