Bigger Pension??? Again Obama is a LIAR!!!

[healthmyths]

Obama said after Romney reminded him Obama's pension is invested in Cayman Isles, China,etc...

"I don't look at my pension. It's not as big as yours so it doesn't take as long. I don't check it that often."

Well Obama ONCE again is full of CRAP!

FACTS: Investments???
Obama, you may recall, was an Illinois state senator from 1997 to 2004 before winning election to the U.S. Senate. He is a participant in the General Assembly Retirement System in Illinois, said William Atwood, executive director of the Board of Investment, who confirmed that for us.

The Romney campaign pointed us to that pension fund’s holding in an entity that is part of Advent International. Advent has described itself as "one of the world’s most global private equity firms" and has buyout offices in 16 countries.

Atwood confirmed that the pension fund has invested $30 million in one of Advent’s limited partnerships, Advent International GPE VI-A. That partnership was organized in the Cayman Islands, Atwood said. Public filings back that up.

PolitiFact Wisconsin | Romney says Obama also has investments in Chinese companies and through a Cayman Islands trust

Pension size? From the standpoint of a public pension, Obama is well-heeled.
As president, he will receive $191,300 annually for life — win or lose in next month's election — and receives a travel allotment as well as mailing privileges. Should Obama lose, his presidential pension kicks in immediately after leaving office.

Given that the president enjoys a normal life span, the pension allotment would be worth upwards of $6 million.

The federal budget spends about $3 million annually for the four living ex-presidents. Obama also will get Secret Service protection.

In addition, Obama may be due a nice pension for the eight years he served in the Illinois Legislature as a state senator.

Illinois is infamous for its lavish pension plan for former lawmakers. A Freedom of Information Act request for Obama's pension amount submitted Wednesday to the General Assembly Retirement System of Illinois was not immediately answered, nor was a call to the Obama campaign.

But what about Romney?

It's extensively documented that Romney is, well, a rich guy. He earned untold millions —though famously circumspect about releasing tax returns — while leading private equity giant Bain Capital and has a substantial retirement plan.

His Individual Retirement Account could be worth in the neighborhood of $87 million, as documented in an extensive report from the Washington Post.

But as for a strictly public pension like OBAMA is getting over $200,000 a year for life???? Zip, zero.

Romney only served one term as governor of the Bay State and did not take a salary, so he is eligible for nothing.
Pension Envy: Who Has More

NO PENSION for Romney... Obama huge pension for LIFE from double dipping as Ill Senator and President... OVER $200,000 a year for LIFE!!!

 

[TNHarley]

Good post. I enjoyed the read

 

[bucs90]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

 

[Skull Pilot]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

So what? Why should I as a business owner be responsible for your retirement?

Pensions might have worked when people retired and then died in a couple years but they don't work anymore.

 

[healthmyths]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

YOU are a f...king LIAR! Until you prove THAT stupid idiotic comment YOU are an idiot and LIAR!

GEEZ why are people like you so stupid as to make asine dumb statements like that without ANY proof!

SHOW me where ANYONE is exterminating pensions and more importantly destroying 401Ks that are BETTER for individuals then pensions!

 

[peach174]

Any American who has a pension like 401K's has their money in foreign investments. It's not just the rich who do this.

 

[Skull Pilot]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

YOU are a f...king LIAR! Until you prove THAT stupid idiotic comment YOU are an idiot and LIAR!

GEEZ why are people like you so stupid as to make asine dumb statements like that without ANY proof!

SHOW me where ANYONE is exterminating pensions and more importantly destroying 401Ks that are BETTER for individuals then pensions!

401Ks aren't the deal you have been led to believe.

Sure you get to defer taxes but the growth on your contributions is taxed at a higher rate than those on after tax investments.

Let's say you deposit 1000 a month before taxes in a 401K for 45 years.

If you earned 5% over that time you would have 2.02 million saved.

Now every cent of that money will be taxed as ordinary income. If you withdrew 50K a year that would be $8300 at current rates.

if you saved that 1000 a month after taxes you would still have 20.2 million but you would only be taxed at 15% or 7500 a year.

Now don't forget that with a 401K the government has a formula to tell you how much you have to withdraw every year so as to avoid penalties.

So if the government tells you that you have to withdraw 60K even when 50K or less would be enough to live on you have no choice.

Not so with after tax investments. You can control your own money.

So my advice to anyone is to only contribute enough to a 401K so as to maximize any employer match then save the rest after taxes.

 

[Zander]

"Hope-a-Dope" Obama will say anything to win. Fortunately, his lies won't work this time, he has a record now. He will get 47% of the vote and lose in a landslide....

 

[peach174]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

Government pensions are much higher than private pensions. Getting Government pensions more balanced with the private sector pensions is not exterminating them.

Why do the left always blow things up so much?They do this all of the time, like the right wants no government. The right are exterminating gov. pensions. The right wants dirty water.
The left need to stop making mountains out of mole hills.

 

[G.T.]

this insignificant little squibble between two immature debators really led you to a post this long, all this research, all the caps locks and gigantic fonts, etc?

Get a grip dude, you need therapy.

 

[Foxfyre]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

YOU are a f...king LIAR! Until you prove THAT stupid idiotic comment YOU are an idiot and LIAR!

GEEZ why are people like you so stupid as to make asine dumb statements like that without ANY proof!

SHOW me where ANYONE is exterminating pensions and more importantly destroying 401Ks that are BETTER for individuals then pensions!

401Ks aren't the deal you have been led to believe.

Sure you get to defer taxes but the growth on your contributions is taxed at a higher rate than those on after tax investments.

Let's say you deposit 1000 a month before taxes in a 401K for 45 years.

If you earned 5% over that time you would have 2.02 million saved.

Now every cent of that money will be taxed as ordinary income. If you withdrew 50K a year that would be $8300 at current rates.

if you saved that 1000 a month after taxes you would still have 20.2 million but you would only be taxed at 15% or 7500 a year.

Now don't forget that with a 401K the government has a formula to tell you how much you have to withdraw every year so as to avoid penalties.

So if the government tells you that you have to withdraw 60K even when 50K or less would be enough to live on you have no choice.

Not so with after tax investments. You can control your own money.

So my advice to anyone is to only contribute enough to a 401K so as to maximize any employer match then save the rest after taxes.

The privaely owned 401K or IRA are a great deal and are a wonderful tool to use and should be the ONLY retirement plans for both private and public employees. Privately owned businesses often contribute to their employee's retirement plans, and the employee retains all of their retirement plan when they leave the company, but the business does not continue to contribute to the plan after they leave.

Employee owned and controlled 401ks and IRAs are far superior to Social Security or any other employer owned plan because it is yours, you can spend or reinvest it as you wish, you can bequeath it to your heirs, and nobody can abscond with it or spend it for other things without your permission. The tax deferrments are beneficial as you are earning your money, and though the money becomes taxable as normal income when you withdraw it, you usually won't do that until you are 65 and get an extra exemption and your income is otherwise reduced so for most of us the taxes won't be so much.

A big corporation, most especially those burdened with unions, will too often include a lifetime pension plan in their employee benefits. The CEO can agree to it on the theory he or she will be long gone before those lifetime plans start seriously cutting into the bottom line of the corporation. Same with governors of states and presidents of the country. They can easily agree to long term benefits/entitlements/perpetual pension plans for those in government on the theory they will be long gone by the time those chickens come home to roost.

Public employees and politicians should be funding their retirement funds out of their salaries just like most private citizens have to do, and should not be entitled to lifetime benefits at taxpayer expense after they leave office.

 

[healthmyths]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

YOU are a f...king LIAR! Until you prove THAT stupid idiotic comment YOU are an idiot and LIAR!

GEEZ why are people like you so stupid as to make asine dumb statements like that without ANY proof!

SHOW me where ANYONE is exterminating pensions and more importantly destroying 401Ks that are BETTER for individuals then pensions!

401Ks aren't the deal you have been led to believe.

Sure you get to defer taxes but the growth on your contributions is taxed at a higher rate than those on after tax investments.

Let's say you deposit 1000 a month before taxes in a 401K for 45 years.

If you earned 5% over that time you would have 2.02 million saved.

Now every cent of that money will be taxed as ordinary income. If you withdrew 50K a year that would be $8300 at current rates.

if you saved that 1000 a month after taxes you would still have 20.2 million but you would only be taxed at 15% or 7500 a year.

Now don't forget that with a 401K the government has a formula to tell you how much you have to withdraw every year so as to avoid penalties.

So if the government tells you that you have to withdraw 60K even when 50K or less would be enough to live on you have no choice.

Not so with after tax investments. You can control your own money.

So my advice to anyone is to only contribute enough to a 401K so as to maximize any employer match then save the rest after taxes.

EVERYTHING YOU SAID I AGREE WITH!!!
NO one should put MORE into a 401K then what the employer matches!
Thinking it is a "tax shelter" is NOT the rationale!
The rationale is WHY not have employer match what you put in to the max.. THAT means for every dollar you put in the employer in some cases matches ... so why not?

BUT NO one should look to the 401k as their retirement funding solely just as they shouldn't look for SS!

 

[healthmyths]

YOU are a f...king LIAR! Until you prove THAT stupid idiotic comment YOU are an idiot and LIAR!

GEEZ why are people like you so stupid as to make asine dumb statements like that without ANY proof!

SHOW me where ANYONE is exterminating pensions and more importantly destroying 401Ks that are BETTER for individuals then pensions!

401Ks aren't the deal you have been led to believe.

Sure you get to defer taxes but the growth on your contributions is taxed at a higher rate than those on after tax investments.

Let's say you deposit 1000 a month before taxes in a 401K for 45 years.

If you earned 5% over that time you would have 2.02 million saved.

Now every cent of that money will be taxed as ordinary income. If you withdrew 50K a year that would be $8300 at current rates.

if you saved that 1000 a month after taxes you would still have 20.2 million but you would only be taxed at 15% or 7500 a year.

Now don't forget that with a 401K the government has a formula to tell you how much you have to withdraw every year so as to avoid penalties.

So if the government tells you that you have to withdraw 60K even when 50K or less would be enough to live on you have no choice.

Not so with after tax investments. You can control your own money.

So my advice to anyone is to only contribute enough to a 401K so as to maximize any employer match then save the rest after taxes.

The privaely owned 401K or IRA are a great deal and are a wonderful tool to use and should be the ONLY retirement plans for both private and public employees. Privately owned businesses often contribute to their employee's retirement plans, and the employee retains all of their retirement plan when they leave the company, but the business does not continue to contribute to the plan after they leave.

Employee owned and controlled 401ks and IRAs are far superior to Social Security or any other employer owned plan because it is yours, you can spend or reinvest it as you wish, you can bequeath it to your heirs, and nobody can abscond with it or spend it for other things without your permission. The tax deferrments are beneficial as you are earning your money, and though the money becomes taxable as normal income when you withdraw it, you usually won't do that until you are 65 and get an extra exemption and your income is otherwise reduced so for most of us the taxes won't be so much.

A big corporation, most especially those burdened with unions, will too often include a lifetime pension plan in their employee benefits. The CEO can agree to it on the theory he or she will be long gone before those lifetime plans start seriously cutting into the bottom line of the corporation. Same with governors of states and presidents of the country. They can easily agree to long term benefits/entitlements/perpetual pension plans for those in government on the theory they will be long gone by the time those chickens come home to roost.

Public employees and politicians should be funding their retirement funds out of their salaries just like most private citizens have to do, and should not be entitled to lifetime benefits at taxpayer expense after they leave office.

Agree 100%... but the thread was correcting AGAIN another gross LIE from Obama..
A) He has a bigger pension for life from Il/ and as President!
B) His pension invests offshore and in Chinese!

Romney gets ZERO right now as he didn't take a salary at MA or Olympics!
So he has ZERO pensions!

 

[Ernie S.]

Wont matter. Right wingers are exterminating pensions for private and public sector workers nationwide. Necessary or not....its happening.

They are not exterminating pensions for current workers or retirees, only seeking to change pensions for new hires.