anyone can open a retirement account at any time, indeed its impossible to avoid all the advertisements for you to do so
this is just more Obama BS
Obama has already driven Entrepreneurship and new company formation to 50 year lows. This is another job-killing, small-company destroying bit of legislation.
Cashing out my IRA is ordinary income, not long term capital gains, although it surely IS long term.
A surprise, and a disappointment. I tell this to all youngsters who ask investment advice.
(suspiciously)...his access? Or ours?
Also, the big problem here is that you have to have a job to have a retirement account. And 94 million Americans are NOT IN THE LABOR FORCE.
More government interference with business.
Yeah. That should work.
A person needs to have had a job or have a job to have something to retire from. But thanks to the thug in chief millions of Americans are jobless, due to Obama’s policies. Hopefully he won’t have time to steal our existing accounts. Or make companies give their employees IRA’s whether they can afford to or not.
But he can’t give a COLA to SS recipients and those receiving their modest federal and postal retirement checks from the Office of Personnel Management. Less money of us, more money to buy more votes. Three years out of his time in office, no COLA. Interest rates on our CD’s and Elite Savings Accounts at banks is almost nothing. Yeah Obama is really for the working person. /sarcasm.
I’d like to see the minimum age that you have to start taking IRA distributions raised or abolished. I think it’s 70 currently.
“If you like your money, you can keep your money!”
God save me from this community organizer messing with my accounts. Obama Always says he’ll do “Y” and then does exactly the opposite “X”. I guarantee if he can community-organize retirement accounts then half the value will end up in his and his co-conspirator’s pockets.
Do people understand what Obama's goal is?
It is this: to "spread the wealth." And he is expanding "access" to IRAs because when the stock market really does crash, he is going to implement his plan to seize and "consolidate" all IRAs, TSPs, and 401Ks.
This is not dreamland fantasy folks. He laid the groundwork over 2 years ago and ordered his agencies to draw up plans. There is an existing Obama plan, ready to execute in a "crisis", to accomplish this.
I’m sure Obamas proposal has a justification proviso in Paul Ryan’s budget. sarc. I love our lawless government.
Normally, this might be a positive thing. ANY OTHER PRESIDENT doing this, I might be okay with the urging by said President.
But with THIS ONE?
He’s setting up the next communist President to confiscate it.