[KeyLargo]

"While those savings are technically tax-free until their holders take distributions, the government could easily force earlier distributions and then simply tax them more heavily. Currently, the “minimum required distributions” age is 70½. That affects all IRA-type funds except tax-free Roth IRAs, including SEP and Simple IRAs commonly used by small business owners.

Potentially, the deal on Roth IRAs could be undone, too."

[Erik Latranyi]

This has been done in other countries.

I believe the House will prevent such a move from taking place through the legislative route, leaving the administration with doing this by executive fiat.

I do not believe that would happen unless Obama gets re-elected and does not have to face the voters again.

[SkyPilot]

All the folks here who cheered on Obama and Geithner when they raided the fully solvent and funded Federal Pension fund will be screaming bloody murder if their 401Ks are even considered of being tapped. The FERS fund is payed for, that's why they raided it.

Here is a clue for you: there is no way in hell we can pay for all the "unfunded liabilities" we have signed up for. I think the bill now is $40 Trillion.

p>

'First they came for the Jews....and I said nothing because I wasn't a Jew. Then they came for the..........'

"A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines."

Ralph Waldo Emerson

(1803 - 1882)

[phockthis]

sfl

[meyer]

What a cool way to start a civil war. And believe me, this WOULD cause a war. If it weren’t for the horrors of war, it’d be almost fun plinking ‘rats off like they’re ducks on a pond.

[Las Vegas Dave]

I have been saying this to family and friends..!

Watch Out! Feds Could Seize Your Private Retirement Savings

[Eye of Unk]

I have had such a problem with the bank teller where I do my checking, first off its just a Wells Fargo branch store in a Walmart, in a small town.

So I see the same tellers week after week, and every one of them try a repetitious spiel of trying to get me to open a savings account.

And they just will not stop, I have literally had to cash my weekly check elsewhere because I am afraid I may just tell them adamantly what I think.

I believe only a minimal amount of money should be in a bank right now.

[Peter from Rutland]

I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen. It won’t even get into committee. It would essentially shutdown every financial investment company.

Taxation? That’s another story.

[Freedom4US]

Essentially social security was gutted for the last 40 years.

IRAs will be gutted by a VAT. Count on it. Means testing, everything. Why people couldn’t/can’t see this coming is somewhat of a mystery. One only has to look at history to see how this will play out. What makes this “interesting” is that in other countries who experienced “debt crisis” those who held dollars, marks or swiss francs were OK, relatively speaking.

[Anti-Bubba182]

If they do that there will be blood in the streets.

[muawiyah]

Geithner has already seized the bonds that back federal employee retirements. Just a matter of time until he gets yours.

[eyeamok]

This really isn’t news, they have been planning this since the Day the Marxist Muslim Man Child was elected. Almost everything the Administration has done since it’s inception has been to DESTROY what is left of This Country. This has been in the works for a very long time. Hell it has been introduced in the House a Few times already.

[a real Sheila]

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.”

[pnh102]

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.

[EBH]

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

[DCBryan1]

“Ill take: How to start a civil war for $1,000 Alex”.

[Raycpa]

Potentially, the deal on Roth IRAs could be undone, too

I warn my clients that someday congress could tax distributions from Roths.

[fatnotlazy]

Time for me to empty my savings and put the money under a mattress. Won’t earn any interest, but then again, the Feds can’t take it.

Pizz on you, Obama. You ain’t touching my hard-earned money.

[jacob allen]

They already are, it’s called Inflation. Germany -1923- in a few short months ones lifetime savings wouldn’t buy a postage stamp!

[Las Vegas Dave]

NON-ping list topic pings provided "FOR YOUR INFORMATION!!"

As one freeper commented, ".. this just happened last week in Ireland..!"

______________________________

As Congress squares off over a debt ceiling vote, the Treasury is scrambling to find cash in the couch cushions. One of the ways it will scare up extra money is by putting off saving for the retirements of federal workers — in effect, short-term “borrowing” from public pension funds.

[baddog 219]

For those who say it can't happen here......Yea right, and I poop unicorns..