Obama step closer to seizing retirement accounts

WND ^ | 28 Jan 14 | Jerome R. Corsi

[MrB]

Another possibility is to find a gov’t averse IRA management firm that deals in gold IRAs.

I know of one that is telling clients “off the record” that any attempt to seize the holdings will be met with legal stalling maneuvers while they ship the physical metal to their clients out the back door.

[USMA '71]

If this happens - then I no longer live in a nation of laws. As such I will consider it my moral duty to seek vengeance any way I see fit.

[skinkinthegrass]

.

[FrdmLvr]

We rolled our IRAs into tax free annuities, which are supposed to be safe from government reach. I’m calling my investment guy about this today.

[21twelve]

My dad got an annuity for my mom, to have as a source of funds for charities when my mom passed away. Except my mom lived too long - and the annuity expired before she did - but only by a year or two. I don’t know that much about it, but it sounded like it was a huge payment up front. And then no payments for 20+ years, and then once it reached maturity, in order to keep it at 80% of the original value my mom would have put a fairly big payment in again, but that would have only lasted for a year or something.

Sounded like a scam to me.

[Psalm 73]

"....any attempt to seize the holdings will be met with legal stalling maneuvers...."

I know they mean well, but after seeing an unconstitutional Gun Control bill passed in a "blink of an eye" in the dead of night here in Konnecticut, Obozo could surely sqash any "legal maneuver" that gets in his way.
No? Has a Republican-controlled House prevented him from legislating from the White House?
The courts are just as spineless.

[SkyPilot]

I yanked mine in 2008, the day after 0bama was elected. The money went into home improvements and starting my business.

A friend did almost the same thing.

[UnRuley1]

Annuities that are set up right are great for people who do not want to hassle with stocks, bonds etc. IRAs are just that, INDIVIDUAL, they were not meant to be passed on to your beneficiaries. If someone wants to leave some of their wealth to their children, the best way to do that is to purchase whole life insurance before you retire. When you pass away, the beneficiaries get the money TAX FREE. With an IRA, the beneficiaries have to pay tax and a good portion of what is left gets swiped by the government.
However, those who are informed (most are not) will know they can "rollover" an inherited IRA to your own account. The IRS recalculates the annual required distribution based on the new owners age. Effectively managed inherited IRAs can last several generations, that is if they don't get stolen by the regime.

[SkyPilot]

That's about it.

People don't realize the government already has them by the short hairs on this one.

[SkyPilot]

I believe I am on FR record in 2008 prognosticating that an Obamugabe administration will, eventually, convert all 401K. It IS going to happen before he leaves; it is just too much “idle money” for them to ignore.

I only came to this realization in the last couple of months.

I too, thought it was the stuff of the Black Helicopter crowd.

No longer. I am telling people it is going to happen.

[Renegade]

This will give a lot of pissed off people an excuse to kill SOMEBODY!

[Renegade]

I’m with you 100% Time to organize!

[Jim Noble]

All the more reason to now demanding we return to coupon bonds

The fundamental defects of paper as money (rather than as a symbol of, or receipt for, money) cannot be fixed.

[EBH]

They were talking about this before the election in 2008.

The next market drop where folks lose a portion of their retirement investments will be the trigger to confiscate them.

This legislation has been fermenting on someone’s desk now for a long time.

[Go Gordon]

If someone wants to leave some of their wealth to their children, the best way to do that is to purchase whole life insurance before you retire.

Whole life policies are the worst possible life insurance you could purchase. Hint: Think Term life insurance. The difference in premium between the two can then be invested in mutual finds or DRIPs (if you have the acumen for stocks)

[FrdmLvr]

When our aunt passed away in January last year, we found $160,000 in $20 bills neatly tucked into ziplock bags under some afghans in her bureau drawer. She had over a million in investments as well. Something to be said for that generation.

[TruthBeforeAll]

ObamaCare set the precedent. If you don’t invest in a government approved retirement plan, you will be “taxed” accordingly.

[null and void]

I've bled mine dry keeping food on the table and a roof over my head during an extended period of unemployment while the captains of my industry successfully begged congress for more and more and ever more H-1Bs because they couldn't, just couldn't, find me and hundreds of thousands of Americans like me.