WASHINGTON ? The $19.4 trillion sitting in personal retirement accounts like the 401K may be too tempting an apple for a government that is quite broke, both monetarily and morally. The U.S. Consumer Financial Protection Bureau director Richard Cordray recently mentioned these accounts in a recent interview, stating “That’s one of the things we’ve been exploring and are interested in, in terms of whether and what authority we have.” This agency, created by the 2010 Dodd-Frank-Act, is very concerned about how safe your retirement savings are. They are apparently concerned that retiring baby boomers may become
Comments: Just in case we don´t have enough to get upset and enraged about this is mentioned. I don´t even know what to say anymore.
Filthy Communist pig ØbaMugabe is stocking up on ammo and guns so he and his Black Panther good can shoot anyone who tries to resist. We have lived theiugh a soft coup and most stupid bastidges have no clue what just happened. My family has been in America since colonial times, so i dont have any other country in which to claim dual citizenship and to which i could immigrate for my iwn safety and financial security. I will stay. But this sly, cunning communist , illegitimate son of a pinko tramp and a pervertt, has made me want to leave my own country, because he has fundamentally altered what America is. And the sheeple followed.
At least two decades ago, I was cautioning my graduate students in my employee benefits seminar about the risk of government, tempted by the low hanging fruit of 401K accounts, grabbing them. If President Hologram makes a move towards grabbing the money, there will be a run on those accounts, with millions of people cashing out, thus depressing the stock market. Just when I think the administration has proposed the most stupid idea, they prove me wrong. And - if you have a 401(K), you can remove the money, but you have to pay a 10% penalty, along with regular income taxes.
The hook will be a "guaranteed" interest rate (2%?) that is locked in AS inflation hits. I.e., it will be made "palatable" to economic illiterates. How many of us have the guts to pull it NOW and pay penalties and/or get bumped into higher tax brackets?
Other people´s money. Marxist/socialists always feel they have a right to distribute same as they see fit. The more desperate they become to maintain their own power and position, the more appealing these retirement accounts will become. They want them and, if we keep allowing them into positions of power, they WILL take them.
Do not relax. Everyone seems to think someone will do something about the situation when it gets bad enough. Too little too late by then. Something needs to be done now -- but our Supreme Court has apparently already fallen.
Just after obama got into the Oval Office, Polosi was commenting on the confiscation of the 401Ks, anunities, and all savings to be doled out monthly by the Government. Since then I have been moving mine and doling out to my kids. Much rather they have the largest chunk of funds rather than the government.
The Leftists/Liberal/Progressives voted for Mr. o. and the welfare state, what did they think would fund this Utopia? The tax the rich scheme? Ha! Wait until they add 30 million illegal immigrants to the welfare rolls, collapse will quickly follow.
Reply 19 - Posted by:
Mass Minority, 2/4/2013 10:49:33 AM (No. 9157389)
They will not take our 401k´s they know that would be political (and very likely physical) suicide. Remember a lot, and I mean a LOT of dems have very large 401k accounts.
What I am expecting they might try is to take away the tax advantages of the 401k. Tax both your and if you still have one, your employers contribution as income, then tax the interest on the account every year as income as well. This pushes a lot of folks into higher tax brackets and will dramatically increase your tax bill.
As an example take someone who is 55 and saved 20% of their salary every year for 20 years. The overall increase in their 401k this year was 75K mostly due to principle growth. The cost of losing the tax advantage of the 401k would have been $21,000. If the states followed suit tack on another $4000
Those most hurt, soon to be retirees who would completely lose much of the compounding so critical to financing a retirement that is not dependant on government funding.
Its a ripe target, but if the left tried to steal the 401k I suspect we would see an awful lot of folks on the left suddenly convert to a more originalist view of the second amendment.
This lawless administration is coming after your money and after your guns. The government cannot manage anything and yet it wants to get a hold of your money and manage that better than you can. Put up with this at your own risk!
As #19 points out, the 401K is more likely, politically, to be an additional revenue generator. For example, the employer match totally avoids payroll taxes while employee contributions are hit with payroll tax right up front. Applying payroll tax on 401k´s for employer contributions would be a stealthy first step.
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