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Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?
H.R. 2035: Automatic IRA Act of 2013; 113th Congress, 2013–2015. Text as of May 16, 2013 ^ | Aug 0, 2015 | Yosemitest

Posted on 08/09/2013 6:09:06 PM PDT by Yosemitest



TOPICS: Crime/Corruption; FReeper Editorial; Government; News/Current Events
KEYWORDS: 401k; bhofascism; criminalgovernment; democrats; govtabuse; highcrimes; ira; obama; obamacare; spreadthewealth; stealthewealth; tyranny
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To: sickoflibs

I get you, but problem is that liberal proposals for meddling with private IRA’s has been cropping up in one form or another for the past decade.

So when you hear any liberal mention private IRA’s, there is a knee jerk reaction that they can’t be up to any good.

At the very least, Democrats (Rep. George Miller, e.g.) have advocated limiting any tax advantages IRA’s have. Not fair that people who save get tax advantages and those who don’t save get none, he claims.

I can’t find the source now, but there was a proposal that the gubmint would restore the amounts lost in the recent crash and guarantee a certain % going forward if people would turn over their IRA funds to the gubmint. I’m not joking. This came from a lib bureaucrat.

Sounds great, doesn’t it? Especially if you lost a lot in the crash, which many did. But it’s just another Ponzi scheme and another way for libs to get their grubby hands on money for their union pals and to buy votes.

They’d never just outright say, we’re going to seize your IRA. There would be a pot sweetener for those who got on board first and it would be entirely voluntary, then every crisis would be used to slowly make it mandatory.

Just like Obamacare. Now it’s kind of “mandatory”, but you can weasel out with a small penalty-much smaller than the cost of buying insurance. Eventually that penalty will increase to the point where it is many times more than the cost of the insurance. Then people really have no choice but to buy insurance unless they want to stand on principle.

It always starts small and seems so harmless.


121 posted on 08/11/2013 6:25:45 AM PDT by randita
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To: sickoflibs
My wife and I do the same thing: we have maxed out our 401(k)'s, and both are over 50 so we can can add the "catch-up" contribution. And, we contribute the maximum to our HSA, letting the balance build for later use.

It reduces our taxes significantly, and also brings our adjusted gross income down below the threshold, so we can also make the maximum Roth contributions as well.

Assuming you have sufficient funds set aside for emergencies, deferring all this income has another benefit that many people miss: it imposes spending discipline. You can't spend these retirement funds on a whim. So you adjust your standard of living to the remaining taxable income.

When you retire, you don't have to adjust to a significantly reduced income. We will have almost enough income from various sources to replace our current income, and will only have to withdraw a small amount each month to make up the difference. Or, we can splurge and do some things we've been wanting to do for a while.

I actually expect to withdraw excess funds from our IRA/401(k)'s each year and either put it in the bank or "recharacterize" it into our Roth IRAs. I'll only do enough to bring us up to the top of the 15% marginal income tax bracket. If you are married, that's currently an adjusted gross income of $92,500. This takes maximum advantage of the lower tax rate, as it jumps to 25% after that. And, it draws down the IRA/401(k) balance, so that you reduce the Minimum Required Distributions that start when you reach age 70.

122 posted on 08/11/2013 7:46:27 AM PDT by justlurking (tagline removed, as demanded by Admin Moderator)
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To: sickoflibs
I absolutely disagree.
Any money saved today in any IRA or 401K will be empty, when the investor goes to get the money out,
either because the government will have taxed it all away, devalued the dollar so it isn't worth any value, or has totally collapsed to where the dollar is no longer an accepted currency.
Obama and the Devil-crats are trying to "Collapse the System" and they are succeeding!
123 posted on 08/11/2013 8:20:21 PM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
RE :”Any money saved today in any IRA or 401K will be empty, when the investor goes to get the money out,
either because the government will have taxed it all away, devalued the dollar so it isn't worth any value, or has totally collapsed to where the dollar is no longer an accepted currency.”

So your solution is to pay Obama the most taxes that you can now, so he can make this a better planet with it.

Sorry, I will deny him my $$$ as I don't think he will make good use of my $$$.

Obama will not be POTUS when I pay the taxes on my $$$. Yours will go to illegals and gays and criminals.

124 posted on 08/11/2013 8:33:14 PM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: justlurking; MD Expat in PA; randita
RE:”Assuming you have sufficient funds set aside for emergencies, deferring all this income has another benefit that many people miss: it imposes spending discipline. You can't spend these retirement funds on a whim. So you adjust your standard of living to the remaining taxable income.”

Which our Roths can be used for too.
I am in the same situation as you are.

One thing that is readily ignored here and on talk radio because it doesn't fit a simple black white theme is how many Americans and non-Americans ( many under 65 too as well as over) here end up in nursing homes long term on medicaid=just adding to national debt. And they are hell holes as it is, immigrants do most of the dirty work..

Many don't realize its medicaid paying for the long term nursing care not medicare. And just dumping them out on the street is not an option. And yes, many see their own savings paying for the nursing homes as 'government stealing my money' so they don't like having savings round that they think the government will 'steal' for those nursing bills.

Maybe an idea like the above will generate some personal savings $$$ to pay for SOME of their nursing home expenses that future taxpayers will get stuck with,

125 posted on 08/11/2013 8:40:54 PM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: sickoflibs
You know better than that!
My solution is to elect conservatives, get government out of the financial and health-care industry.
The ILLEGAL ALIEN IN CHIEF and the Devil-crats destroy everything they touch!

126 posted on 08/11/2013 9:24:12 PM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: Yosemitest
RE :”The ILLEGAL ALIEN IN CHIEF and the Devil-crats destroy everything they touch

Except your money , you said we are better off by giving Obama as much of our $$$ as we can NOW by not deferring our taxes like I do.

Not me. I don't want Obama anywhere near MY $$$,

What conservative advises Americans to spend all their savings NOW so they can be taken care of?

127 posted on 08/11/2013 9:34:36 PM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: MD Expat in PA
Thank you for your input.
It appears thought out, and I'm glad you don't like this proposed bill.
The more I read this proposed bill, the worse it gets.
It DOES appear to be an amendment to a much larger regulation, where it says "amended to read as follows" , "is amended by inserting" , or "by inserting" .
Then it states "The Secretary may issue such regulations as are necessary to carry out ..." , or "the Secretary of the Treasury and the Secretary of Labor shall jointly establish an Automatic IRA Advisory Group" .
"The ...‘retirement bond’ ... ‘(B) is not transferable," so does that mean that if you die the money goes to the government and not your "dependents" ?

Look, I don't have ANY faith in the government any longer.
Someone's going to have to pay for all this debt that the ILLEGAL ALIEN IN CHIEF is running up.

I believe that the government is going to steal all the money it can from ALL of us!
I also believe that if you don't get your money out of the system NOW, there won't be any money for you to get much longer, and I think what's happening in Greece will happen here soon!
128 posted on 08/11/2013 10:01:42 PM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: sickoflibs
I never said that, and you know it.
You may trust the ILLEGAL ALIEN IN CHIEF.
I don't! I wouldn't put any money under government control today, in any way.
I wouldn't work for the government today.
I would make as little as possible, just enough to survive, because I refuse to pay today's tax rates!
But I'm older and can survive off my military retirement.
As soon as I can I'm drawing out ALL of my 401K and getting it out from under the government's control!
129 posted on 08/11/2013 10:07:59 PM PDT by Yosemitest (It's Simple ! Fight, ... or Die !)
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To: sickoflibs

My wife and I have long term care policies.

They aren’t cheap, but it means we don’t have to spend almost all of our savings on nursing home care before Medicaid will pay.


130 posted on 08/12/2013 6:40:52 AM PDT by justlurking (tagline removed, as demanded by Admin Moderator)
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To: justlurking
RE :”They aren’t cheap, but it means we don’t have to spend almost all of our savings on nursing home care before Medicaid will pay.”

I have a coworker who is single who paid for that and I never understood it in his case.
In your case being married it protects the spouse from financial devastation.

What are the limits on payout of that policy?
I recall~ 2008 here nursing homes were about 6K per month and its still a hellhole. I had a older relative with a bad stroke go to one for over a year.

131 posted on 08/12/2013 6:58:59 AM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: sickoflibs

Yes, my financial advisor tried to sell me one when I was single. I didn’t think it was worth it. That changed when i got married. I looked at the maximum assets and income allowed for Medicaid to pay for long-term care, and it would all but wipe us out. I couldn’t risk doing that to my family.

The benefit level is whatever you want (or can afford). And the premium depends on your age and medical history when you start the policy.


132 posted on 08/12/2013 8:20:27 AM PDT by justlurking (tagline removed, as demanded by Admin Moderator)
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To: justlurking
The ones I was offered at work ran out after a year or two of nursing care benefits which here = big $$$.

So it assumes you will recover.

My uncle had a real bad stroke in early 80s much of it was his own fault and I guess my Aunts and so he went into a local nursing home for 1+1/2 years and it was a living nightmare for them both,

Their only $$$ break was that the home care was so poor that he was so sick due to their neglect that medicare paid a 2/3s of it, which they wont normally do. But making even more poor decisions he refused to document it for a lawsuit, leaving his wife to an unhappy future.

Now my aunt nurses him at home, a real bad job as she can never get a day off till he dies, and even with that all the costs of the nursing home and fixing up the house and buying equipment so he could live home has them in a bad financial situation.

He prays he dies before she gets ill. He talks about Heaven frequently and imagines meeting his long dead relatives again.

133 posted on 08/12/2013 8:48:38 AM PDT by sickoflibs (To GOP : Any path to US Citizenship IS putting them ahead in line. Stop lying about your position.)
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To: Yosemitest

Time to ping this thread to the top of FR.


134 posted on 01/29/2014 12:45:05 PM PST by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
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To: CSM
Thanks.
The question is:
135 posted on 01/29/2014 4:22:03 PM PST by Yosemitest (It's Simple ! Fight, ... or Die !)
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