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 ...
Anti-Annuity Sentiment Boils Over Before DOL Hearings
Sep. 14 2010 - 9:12 am
Notice they don’t breathe the word “annuity.” The U.S. Labor Department and the U.S. Treasury Department are holding hearings today and tomorrow on how to annuitize, that is how to get a lifetime of income, from your 401(k) or IRA, entitled: “Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans.”
Total U.S. retirement assets were $16.6 trillion as of September 30, 2010. If the Feds take every penny, it's still not enough to put a dent in Zeros' crack-cocaine spending addiction. The best they can do is kick the can a few years down the road, while destroying US stock and bond markets.
I have always felt that the Roth IRA rules would eventually be “undone” resulting in double taxation.
I swear, if Obie gets re-elected and we still have a Dem majority in the senate, they are gonna tax the H out of us.
I expect fees and taxes out the ying-yang.
I also expect there is something in the works for all of these foreclosed houses around the U.S. Banks own the houses, the govt owns MANY banks, therefore the govt. owns many of these houses. I expect a BIG housing giveaway. Coming to your neighborhood soon - “the great unwashed.”
You are dreaming. We are already getting plucked for about 50% of our income through various taxes, fees, etc. I don’t see any armies forming up. People are content to watch american idol and eat popcorn.
I suppose I should be “happy” that I pay so much in taxes that get redistributed to people who don’t work that I cannot afford to put any money away for retirement.
Um...that’s called selling. I think you’re making a mountain out of a molehill. Companies sell products.
Transcripts from hearings held last September:
Lifetime Income Options For Participants And Beneficiaries In Retirement Plans
Lifetime Income Options Joint Hearing Written Testimony
http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html
“Ill take: How to start a civil war for $1,000 Alex”.
I was unaware the FERS fund was tapped!!!
I’m going to have to look into this.
You are right except for at least the 4th or 5th time after I said no they just repeat the same song, I would hate to have a job where the security of my job is at stake unless I have to sell some form of “package”
Sorry mate, I’m a blue collar worker, I drive big trucks for a living.
“I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen.”
There is no way the government will simply seize our retirement assets. Instead, they’d force us to trade them for credits in some new mandatory government plan.
I warn my clients that someday congress could tax distributions from Roths.
Obama Administration Plans to Seize 401(k) Retirement Accounts
Written by Joe Wolverton, II
Wednesday, 05 May 2010 12:45
One aspect of a new and improved federal regulatory scheme is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds.
In Chapter 3 of the Annual Report on the Middle Class released in February by Vice President Biden and the White House Task Force on the Middle Class, the Obama administration calls for enhancing the “retirement options” for the middle class by imposing “new regulations to improve the transparency and adequacy of 401(k) retirement savings.”
The plan, as sketched in the 43-page document, calls for the creation of something called “Guaranteed Retirement Accounts” (GRAs). Biden slyly shifts the onus for the idea through weasel words typical of the federal government: “Some have suggested the creation of Guaranteed Retirement Accounts (GRAs), which would give workers a simple way to invest a portion of their retirement savings in an account that was free of inflation and market risk, and in some versions under discussion, would guarantee a specified real return above the rate of inflation.”
See post 21.
and a few posts later I linked the actual transcripts.
The details are almost all ironed out.
Which means that it will sometime down the road happen.
Speak for yourself - I'm ready for the fight, and you should be too. Sitting on your butt while the government rapes you doesn't fit the profile of an American.
Bingo. Joe the plumber was right when he asked &*(*^%$ $$$ %^& & 0bozo that question on the campaign trail.
A VAT accomplishes this, so what recourse does anyone really have?
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