Obama Administration Considering Nationalizing 401k savings

Discussion in 'Current Events' started by Contumacious, Feb 26, 2010.

  1. Contumacious
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    Contumacious Radical Freedom

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    Class Warfare's Next Target: 401(k) Savings

    By Newt Gingrich, Peter Ferrara
    Investor's Business Daily
    Thursday, February 18, 2010

    You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

    Business Week reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

    In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

    .
     
  2. Some Guy
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    Some Guy Deregulated User

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    So they should call it "Social Security 2."
     
  3. Contumacious
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    Contumacious Radical Freedom

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    No, USSR 2.

    .
     
  4. hboats
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    hboats Silver Member

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    They'd see such a big collapse in the investment sector if this was even brought up seriously. I along with most Americans would pull their money out of retirement funds so fast. I wouldn't even care about having to pay taxes on it, it'd be pulled out and put elsewhere and my contribution to my 401k would go to ZERO.

    Rick
     
  5. logical4u
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    logical4u citizen

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    Sssshhh! The Obama administraton s billing that as an attack on "wall street". Most of the 'less informed' that voted for him do not associate their retirement funds with "wall street". Obama has their full support to "jump" wall street. They will not realize it was their retirement accounts for weeks after they are gone and "re-distibuted" to those that did not want to put money aside for their own retirement, but now that retirement is coming closer, want YOUR money.
     
  6. Rozman
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    Rozman Gold Member Supporting Member

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    I am not shocked by this one little bit.It's typical Liberal big government we know better how much money the people should be allowed to have mentality. I can just picture Joe Biden on Meet the Press selling this nonsense to the host and how proud he is of the Democrat party.
     
  7. Samson
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    Samson Póg Mo Thóin Supporting Member

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    What is a "401(k)?"

    Did anyone really buy into this idea thinking that the Treasury and Labor Departments would simply allow people to set aside earnings so they could be taxed at a lower rate after they retired????

    LMAO!!!

    My Retirement Plan to die on a beach in Mexico at age 65 with a Margarita in one hand, and a little senorita in the other.
     
  8. California Girl
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    California Girl BANNED

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    I wonder if someone should remind Obama that we are no longer a British colony. The Brits do this, pay into a state pension all their working lives (many top that up with private pension plans too but most do not). This is becoming a HUGE problem in the UK. Why? Because the Government has not invested that money to secure funding for an ever aging population, they have spent it - working on the theory that the next generation pays the pension of the previous. Good theory, does not work in practice. This is just another way for the government to get its hands on yet more of our money, people. They have already been shown as a bunch of self-serving, corrupt bastards. Please - do not let them get their hands on your retirement funding.
     
  9. Gadawg73
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    Gadawg73 Gold Member

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    Old, old and oldest news. Gingrich has to earn some cash some way and picks an old topic already hashed out and forgotten. Scary but the government is not going to do it. Political suicide.
    The real story is how bad an investment a 401K is anyway.
    Numerous legitimate investment oppurtunities have to be passed by because you have your retirement in a hands off 401K.
    Market dependency is the absolute WORST WAY to invest. We all know that now. We learned that in college in the 70s.
    NO liquidity.
    How much do you folks really know about your 401Ks and the exorbitant administrative fees attached to all of them?
    Many retirees sell of many assets at retirement that are taxed and then receive an even higher bracket when drawing 401K. The myth is that you are always in a lower bracket at retirement.
    401Ks are sitting ducks for estate taxes. NIGHTMARE.
    Exit strategy from them is a horror movie with fees, penalties and regulations.
    Subject to government control ALL the time and changes at will.TERRIBLE investment strategy.
    Americans abandon their own stewardship of their own prosperity when investing blindly in 401Ks. They actually believe these clowns are "investment experts"!!
    How often is the "100% match" ever utilized by anyone? Or offered in their plan?
    If you currently contribute to a 401K stop immediately. Invest in other tax deferred areas other than just the market.
     
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  10. PatekPhilippe
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    PatekPhilippe Senior Member

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    Like I said...the greatest con man ever to hold the office in the WH. Obama makes Frank Lucas look like a saint.
     

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