House approves retirement reform bill that amends 401(k), IRA rules

Fox Business ^ | May 23 2019 | Brittany De Lea

[fella]

Big whoop.

They still are forcing us to pull money out that we will need later and won’t have when we need it.

[Buckeye McFrog]

At one time, there were concerns that the federal government would move to take over all of our 401k and IRA accounts, and “manage” and “take care of” them for us.

And those concerns have NOT gone away. IMHO we are one election away from seeing that happen.

A cynic might view this as an attempt to get us to pump-up the value of our accounts before they do.

[Cobra64]

Paul Ryan is a traitor to this country. He is every bit as bad as Obama, The Beast, Pelosi, Schumer...

[mastertex]

Answer about Rhine Ryan.....NOTHING

[Pining_4_TX]

Of course, that is what they are planning. Some day in the future, politicians will confiscate everyone’s retirement savings and distribute the money to all. (keeping a lot for themselves)

[sloanrb]

Argentina already did this in 2008 under Christine Kirshner. The government seized all the retirement accounts and took over management of them.

[Old Teufel Hunden]

"Argentina already did this in 2008 under Christine Kirshner. The government seized all the retirement accounts and took over management of them."

I love this insipid term they give it, haircut. They pull that here, that would be second amendment time. The Dems probably know that....

[bert]

He wrote and passed the largest tax reduction in history

[Zathras]

Because Paul Ryan was busy trying to block Conservatives and interviewing for his job on Board of Director at Faux News.

The GOP-e could have done so much if they had stopped listening to donors and listened to Voters.

[Zathras]

They were floating the idea in CA.
It lasted about 3 days and then suddenly died.
Ya like that was a surprise.

[Intolerant in NJ]

Well, with all the off and on rumblings about how the government wants eventually to take control of all retirement accounts and consolidate them in one big pot - which people will still be able to tap into to get their money back as needed of course of course (but the government also will be able to tap whenever it wants) - it’s small wonder the ‘rats want to see people put as much away for retirement for as long as they want.....

[rintintin]

Why do you think it’s just the Democrats who want more tax money? Have you seen Republicans cutting spending?

[Intolerant in NJ]

This wouldn’t be tax money - it would be a pot of citizens’ savings which the government could and would steal from whenever it thought it needed more money for whatever reasons - a la the Social Security “Trust Fund”......

[norwaypinesavage]

"They are such a large block of people/investors that it could have an effect if they all took their investments out at once and moved it to something more secure from stock based mutual funds to bonds."

That's already allowable right now. IRAs and 401Ks allow funds to be transferred at any time from stock to bonds, as long as they are not withdrawn improperly.

[Lakeshark]

Mark

[unread]

"I don’t trust this bill especially from Rats who want to kill IRAs."

I think your point is well taken.. Lake a rat after the cheese the democratic lawyers will always find a way to rob you...

[yuleeyahoo]

Both parties spend your tax dollars like tipsy sailors.

Incorrect. Drunken sailors stop spending when they are out of money.

[taildragger]

BTW...

Big push to add Annuities to be purchased within these retirement vehicles via this Bill.

Where is the ability to create the cheaper "Bond Ladder" as a parallel low cost alternative to annuities?

Hmmmm... No lobby group pushing that, man does the Swamp suck on Ice...

[Old Teufel Hunden]

"That's already allowable right now. IRAs and 401Ks allow funds to be transferred at any time from stock to bonds, as long as they are not withdrawn improperly."

Yes, they could simply transfer within the 401K itself, but this allows people to hold off on outright withdrawing the money for two more years.

[NohSpinZone]

This will greatly hurt estate planning. Inherited IRAs will have to be withdrawn completely in a given time period (10 years) and taxed at the inheritor’s tax rate.

The Wall Street Journal did an editorial on this with a cartoon of a fox in Uncle Sam gear inviting in chickens into the coop to lay eggs, if that tells you anything.