Posted on 11/16/2012 11:45:13 PM PST by rocksandbroncs
It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.“
(Excerpt) Read more at silverdoctors.com ...
Barry held meetings with Dems in Dec 2008—even before he was sworn in.
He didn’t do this in the first term because he wanted to have a 2nd term. He has accelerated his Executive Orders because of a balky Congress. This will only continue, as he thinks he is a king and we are to do his bidding.
What role will his Czars play when this hits the fan??? He already has a replacement person for all his Cabinet posts—his hidden Czars.
I suspect that there has been a group working on implementing this plan to steal our money since Dec 2008.
I wonder what the compliant media will say when their savings, Money Markets, and 401’s are wiped out??? Finally their bull will also get gored.
Argentina nationalized retirement accounts and their market lost 40%. “””
Argentina told it’s citizens that the country was bankrupt and that ‘everyone’ had to help the country.
Of course, ‘everyone’ did NOT include UNION pensions or PUBLIC EMPLOYEES pensions. Only private companies & private citizens’ money.
Now, less than 3 years later, after that confiscation, Argentina is very close to bankruptcy again.
I have been involved with the issue for over three years at this point and have some background in the substance.
Setting aside the "buy gold" message and focusing only on the threat of confiscation of tax shelter retirement accounts:
If anyone has any real hard information demonstrating that this is a real threat on which either the Administration or Congress intends to take effective action in the near term, I would like to have it. I am in a position where I can probably do something about it and would do so.
At present, my position remains per my post yesterday evening as follows:
"Obama Begins Push for New National Retirement System..401K at risk? Friday, November 16, 2012 8:38:20 PM · 70 of 70
"Congress sent out a letter to the admin about nationalizing retirement: http://www.humanevents.com/2010/05/04/republicans-sound-alarm-on-administration-plan-to-seize-401ks/
That's really ancient news--that is May of 2010. The hearing was in the fall of 2012. My sense of things is that this is a non-issue--this is something the real extreme Left Wing fringe wants to pursue but it doesn't look to me like it is going anywhere. These are just fuzzies bouncing off the wall--even this Administration is probably not going to take on some thing like this.
Just my view--it might be wrong. If you see anything that looks like real current action, let me know and I will look into it. At present, I don't think it is going to happen in the current cycle and lots of other things are on the table as real threats.
Any Republican in congress that signs on to this should be told that it is a red line, and if they cross the aisle, they had just better stay on the Democrat side, because otherwise they are out of a job.
I am glad you don’t see cause for alarm right now. But I do fear what this administration is capable of especially if we come under another financial crisis. Argentina did it and we know how much Obama admires the socialist president down there. It would be for our own good of course. Also, the taxers have brought up taking away the tax deferred status of 401Ks as a way of increasing revenue. I used to be chairman of a pension committee for a public employee union and I know they REALLY don’t like 401Ks and we know how much power the unions have with this administration.
“No good investement for the small invester...
any freeper ideas appreciatd.”
How about “junk silver” (old silver coins, pre-1962 with 90% silver content)?
This is the problem with ignorant poor people. What they acquire does not have value for their future. Cars and gadgets quickly lose value and become worthless. Smart people invest in their future, spending money acquiring things that bring value in the future. Save money and put it aside, it's there for a rainy day. Acquire furnishings, tools and collectibles that keep pace with or exceed inflation. Get training and acquire knowledge to have a higher paying job. These things help your children escape poverty. Obama's children never will with their mindset.
This is the problem with ignorant poor people. What they acquire does not have value for their future. Cars and gadgets quickly lose value and become worthless. Smart people invest in their future, spending money acquiring things that bring value in the future. Save money and put it aside, it's there for a rainy day. Acquire furnishings, tools and collectibles that keep pace with or exceed inflation. Get training and acquire knowledge to have a higher paying job. These things help your children escape poverty. Obama's children never will with their mindset.
They are going to confiscate your 401K threads have been going on for ~4 years now. There is very little serious discussion of the topic. Most of the time it is the format of XYZ said something at a congressional hearing, so cash out your 401K.
I have been involved in this topic for most of the last four years.
But it needs to be considered in the context that terminating the plan (not only 401(k) plans but also IRA's; regular defined contribution 401's and others) could cost up to $400,000 for every $1,000,000 in the account (depending on state tax, applicability of the AMT; other issues--it might even cost more; in the $500k range)--it isn't something someone would do absent an imminent threat.
I agree with Rusty's earlier comment--it is something the Liberals would do; it wouldn't surprise me as a longer term threat; I would be surprised if the Dem's got to it in the next two or even four years.
But I am also in a unique position to do something about it if there is an imminent threat.
In order to act, I need to be able to show and quote some credible source indicating some commitment to action by the Administration or the Liberals in Congress. Nothing you say rises to that level.
If you have some current information, let me know.
Waiting for the info on the class, where and who taught it....
I made my purchase of some donuts to take to work, it being Sunday and I thought it would be nice to have something to munch on. Just on a hunch I casually walked out to my ten year old pick up and watched the young lady hop in her new Mustang with the drive out tag still on it. That was my epiphany. Rather than go in and work all day Sunday, as is my mode during the winter, I got in my truck and took a ride and thought about the past thirty years of being in business and watching my wife and kids grow up and do without. I also reflected on the 90 hours weeks and employees whose faces reflected only the weariness and sadness of this country and what it has become.
Since then I have cut my hours down, let most of my employees hit the road and in general, and unintentionally, quit feeding the beast.
The beast will soon be coming for your IRA and 401k and if you have a business begin the long goodbye.
Kolar,
When almost 50% tax etc can be taken from Ira’s and 401k’s upon early withdrawal, I want to be d@mned sure that the govt is going to go after them.
That is why I asked garden mama who taught the class she attended, where she heard that the govt was going to grab the accounts.
Until I get my answer, I will keep my powder dry and NOT do anything rash
Flash forward.
Yep. Interesting to read the comments from *way back then*...in 2012.
There’s this thing called the House of Representatives.
Is there? Where have they been lately?
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