Posted on 03/12/2015 12:01:39 PM PDT by tcrlaf
And that manure pile should be in another country beyond the reach of the IRS
I don't trust Boehner an inch!
No one will be shooting the Feds, even though they will be the engineers of the confiscation
Equivalent to taking from Social Security, and perhaps your own private 401K, money to pay government employees’ wages and retirement pensions, instead of your own.
eg. government workers, do better and at the cost of private workers.
Likewise inside Europe, the German workers who get for example 6 weeks paid time off per year, resent funding the Greek workers, who get 10 weeks paid time off per year. *not real numbers, used for illustration however.
In the context of the USA, government employees’ unions and PACs are the biggest single source of campaign donations at the lowest, most local level, school boards, city & county councils, state elected offices.
If YOUR city, county, state employee pensions are in jeopardy, you will see all forms of deception, clever methods of keeping them whole, at your expense.
It has been in the best interest of government workers, for the stock market and real estate prices to increase, to previous highs, and yet they are always champing at the bit for more and higher taxes, for roads as an example. And high speed trains to nowhere. And the environment. And welfare by various names.
But I thought it was a human right to retire at 50 with a full pension?
And this my friends is why the Crooks in foggy Bottom keep pushing legalizing the 10-50 Million Criminal invaders.
Our Resident Population is aging, we haven’t reproduced enough prospective taxpayers. Your Government has not and will not control Spending. No one has thought about were the heck they are supposed to get a job...but that is another chapter down the road....so to speak.
So they are gambling that a generation of takers (criminal invading hoards) will reproduce many generations of payers and vote to keep the bastards in office.
Their short sighted plans will crash when the Mexicans and Blacks fight over the scraps of social services and government housing, because there are not any decent jobs and the government is broke.
Yup
“I’ve often said to the wife that if they ever become serious about going after the 401K, I’d figure out how get it all now and pay one penalty, than for them to continuously raid it over time, or “nationalize” it.”
You can buy rental property with the funds. The rent goes back into your 401k. It is unlikely they’ll take rental property as the liability is too high.
The US Federal government is already taking your 401K.
By printing money.
When the government prints money, it will ultimately result in the devaluation of the currency...resulting in inflation. The government gets to print money to pay its bills, but that $1M in your 401K may only buy half as much stuff when it comes time to take it out.
The choice between rental property and a one-time shafting from the government. It would have to depend on the location of the rental property...
Very good point.
Your not allowed to tell people that, it might destroy our banking system that is based on fraud and deceit.
Really? It would take one stroke of a pen (or a phone.) Hitler did it with the Law of Assimilation, Stalin did it in less than a year. Mao did it in less time than that. How long would it take the Government to do it? As I said, all it takes is a pen or a phone.
Pensions are one thing, as they are more centrally managed and underfunded anyway, they would likely roll over without a wimper. For 401Ks though, the hint of it would send everyone to the exit and crash the financial system. For that reason, I don’t think they will be directly touched. The tax structure around them may change, and I fully expect in another decade or so if you did save, you will be means tested out of social security, but that is about it.
I understand; “uncle miltie” is a monetarist.
But my investments take that into account; biased towards where the money flows when they try to print too much.
Outright nationalization, a la Argentina and Greece, is the breaking point.
You will need to add some freepers to your list. There are some here that will fight to preserve their Social Security check. The 401K and IRA raid will be to ensure the fairness of the Social Security system.
You understand that “they” were promised, it was earned, and the money was stolen, and there is enough if its not wasted? Or that it is all they have? /s. So they have a right to Social Security even if it means stealing your 401K and IRA which are after all just another set of promises made by politicians.
I’m already there and have already done that.
I’ve heard comments that the government would be fine with that, because you’re paying all these taxes on the withdrawal.
However, since the federal government is severely beholden to financial institutions, they aren’t going to nationalize several trillions in retirements accounts.
Instead, I think you’ll see mandates that for an account to be tax advantaged, several percent have to be invested in federal bonds to make up for market volatility.
The state then gets a chunk of that pie immediately, and it can ratchet up the mandatory percentage over time. And by having continued growth on the invested portion, there’s more money to draw upon over time.
True. You’d see something like Obama’s 2015 budget proposal to turn tax advantaged accounts for college savings into taxed ones.
Or else they will boil the frog slowly by requiring that 401k administrators invest a mere 10% of the accounts' money in safe investments like government bonds rather than risking people's retirements in the dangerous stock market. Expect that type of argument to be especially powerful if the market drops 20% quickly. And if all the 401k accounts sell off their stocks quickly the warnings of danger of the stock market will be self fulfilling. Then that will be bumped up to 20% or 30% because the 10% requirement was so successful. Pretty soon 90-100% is in bonds with no one but a few "crackpots" screaming and no one shooting anyone.
In the end, many people will stop contributing new money to 401ks because they will get more return in non-retirement accounts even if they have to pay taxes immediately rather than defer them to retirement and many will take their 401k balances as cash with the immediate taxes and 10% (or more later) penalties rather than rolling them over into IRAs or new 401ks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.