Posted on 05/22/2011 5:04:36 AM PDT by KeyLargo
Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM
By: Greg Brown
How long before Uncle Sam hits private pensions to balance the public budget? It’s quickly becoming a reasonable question to ask.
Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. “A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.
After weeks of such warnings, the United States has hit its $1.43 trillion debt ceiling hard. In response, GOP leaders have demanded cuts in federal spending equal to any increase in the limit while maintaining a strong line against tax increases.
(Excerpt) Read more at newsmax.com ...
There are leftist, greenie, pro "O" goof balls even out in the sticks. They are quite ashamed nowadays over voting for him and I'm getting miles outta it on them too. I heard one at the gas station the other day say that they better tax the rich, because if they don't, the govt will come after everybody else. Too stupid to realize realities of taxes in America.
We were in Anch end of week for supplies; man I could never live in that way of life. Too much noise, people, congestion, and rush, rush everywhere, unreal.
My problem is my old-fashioned IRA. I have to keep the money in till 59-1/2 or face early withdrawal penalties. I have about a year and a half to go.
One of many reasons why the Gangsta-in-Chief cannot win a second term.
Thanks for the ping.
I think the odds of that happening are very high -- which is why I never liked the Roth IRA to begin with. A Roth IRA that was started "from the ground up" is not a problem, but anyone who converted a traditional IRA to a Roth IRA (and paid the income taxes on the conversion) may well end up getting screwed.
Watch out!
There could be a REVOLUTION!
What's worth noting is that I believe "private pensions" are not the norm in most socialist countries. I don't think most people in those places have anything equivalent to a U.S. 401(k) plan.
I’m a little younger than you and there is no chance my money will be there when I hit 59 1/2. I took the hit and cashed most of mine out...
I got a good match from my previous employer so the 10% penalty was a wash for the most part....
I am one of those not paying taxes - actually since Barry Dunham took office, thanks to that (censored adjectives and noun) (censored verb) the economy and thus my business. Thus my tagline.
This is what coffee cans are for.
Take my 401k and IRA savings, and I’ll stop paying my Federal student loans.
I figure until after the eklection they are safe as far as being seized but after who knows? Until then they could up the tax drastically on them though.
I figure until after the election in 2012 they are safe as far as being seized but after who knows? Until then they could up the tax drastically on them though.
As usual, the morons in congress are attempting to distract from the nightmare their worthless social engineering has created.
All of their focus should be on energy and job creation....
FRiend believe me I know what you are saying.
Although, I am not paying in at the moment...I am not taking either.
The only thing I am taking is my payment for my own productivity at the negotiated rates.
“A distinction without a difference.”
In reality, yes. But just like the government wasn’t stealing, when it required all the banks to transfer their gold reserves to the Fed, in exchange for empty promises, it won’t be stealing when they force us to exchange our retirement securities for similar empty promises.
It won’t be stealing because in their minds its only stealing if it’s against the law, and they’ll change the law.
Why bother? Nothing but smoke and mirrors.
All they're doing is trading one debt for another with nothing saved.
No debt cut down and no deficit cut down.
But maybe that's the plan.
Well put. I’m glad someone here gets it.
Criminals understand force. They understand the conditions necessary to circumvent laws and consequences. The government, and the powers behind the government, are exactly such criminals.
Ultimately, Mao had it right. We have the 2nd Amendment, and it’s all we have left - if we’re willing to use it.
Suggest you buy silver or gold instead of mattress stuffing with it. You will at least have some intrinsic value, then.
Suggest you buy silver or gold instead of mattress stuffing with it. You will at least have some intrinsic value, then.
***
I’m waiting for the feds to figure a way to screw up the precious metals market too.
This government is hell bent on stealing our hard-earned money to give to its freeloading supporters. Plus keep a lot of it for itself.
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