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Kiss your 401K and IRA accounts goodbye....

Discussion in 'Politics, Elections & Legislation' started by Brian in Oregon, Nov 18, 2012.

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  1. Brian in Oregon

    Brian in Oregon Well-Known Member

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    THIS is why I've been spending my 401K on my kid's college education. I figured by the time I retired the government would nationalize it (steal it) because of the Social Security pyramid scheme coming apart.

    America is done. Stick a fork in it.

    National Senior Council on Obama's proposal for nationalizing 401K and IRA accounts.

    Obama Begins Push for New National Retirement System

    A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

    The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

    "This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

    A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

    Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."

    Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

    "This whole issue is moving forward very quickly," warns Crone. "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."

    NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

    "This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

    NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.
     
  2. Catpower

    Catpower Molon Labe TS Supporters

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    Just another giverment program to take from the people who have worked for the money and give it to the ones that wouldn't

    If they did it how long before it was broke? 6 Months?
     
  3. TinMan88

    TinMan88 TS Member

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    As fast as the Feral reserve is printing and diluting the currency, it's a race to the bottom- they shrink it out of your account or abscond with it outright. Your paying for your kids college will deliver the value of your savings while 'value' is still there. Good onya Brian
     
  4. John Galt

    John Galt TS Member

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    So now Brian must rely on the bankrupt social security for his whole retirement? Great plan. Perhaps a better plan would have been to save up for education expenses starting when the children were born. JMHO

    If one is worried about the future of their 401k, then all they have to do is cash out of it.
     
  5. billyboy07208

    billyboy07208 Member

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    Damn,now Im seeing the value of a 10,000 shotgun!
    Reality is govt dont want savers=less dollars in the pipeline.
    It is a 70pct consumer based economy,so I read .
    Sounds like a major currency devaluation is upon us.
     
  6. TinMan88

    TinMan88 TS Member

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    I'm sure those of you who saved diligently thru your working years have recognised what was an ample amount (then) now won't fund your needs. Yeh, save those Dollars and watch them shrink.

    And about that Social Security- Remember every paycheck you earned, money was taken out for YOUR retirement but was looted repeatedly by the same wankers and thieves now aiming a 'senior commitee' at your remaining bucks.
     
  7. Big Az Al

    Big Az Al Well-Known Member

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    I was thinking what happens when the Ohio $50 cut in aid turns into hundreds.

    Then I read billies comment

    It may not be the aid cut,

    it maybe that aid is frozen and the prices go out of sight!

    either way those working are going to get screwed

    Gov in one pocket

    Freeloaders trying to get it while the workers are at work and can't watch it!

    Al
     
  8. Brian in Oregon

    Brian in Oregon Well-Known Member

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    <i>"If one is worried about the future of their 401k, then all they have to do is cash out of it. </i>

    That's a pretty ignorant statement. I cannot "cash out of it". I'm limited to personal loans or hardship withdrawals, like for medical, funeral, mortgage or educational expenses only, because of company rules. A lot of others are in this same boat with their 401K plans.

    <i>"So now Brian must rely on the bankrupt social security for his whole retirement?"</i>

    Another ignorant statement. I'm vested in a company pension, and have had it for 33 years.
     
  9. Big Az Al

    Big Az Al Well-Known Member

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    On the brighter side

    Can you imagine a stock market where the Government suddenly at least by today,

    controls 4 trillion dollars

    I do not think it would take a day to be worth 4 dollars

    Myself and Brian and many othere may only be able to watch on with horror,

    But I bet the top 25% to 35% of the 401K holders can get out.

    At that point the freeloaders handouts being essentially worthless

    it may be time time to stay home and protect it.

    Or families and friends band together so that the ones that have work can go to work and still have a home to come home to afterwards!

    Al
     
  10. crusha

    crusha TS Member

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    "Look at all that money."


    "What if we could get our hands on it!"


    I guess it's too much to ask for there to be a large pot of somebody else's money out there someplace, anyplace, without the ex-Goldman Sachs government ahholes trying to figure out a way to get their grubby fists into it, somehow.
     
  11. CharlieAMA

    CharlieAMA TS Supporters TS Supporters

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    All it will take is an 'Executive Order'. Hussein is famous for those. I wonder how many new 'Czars' will be appointed, to avoid Senate confirmation. Charlie
     
  12. RunGunIPSC

    RunGunIPSC TS Member

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    The problem with cashing out is the tax costs & the fact that your money is becoming worth less & less at a faster rate as time goes by. Gold?? Where will this go? Up,down,how to spend it when you need something.
    AR's?? Not worth a dime unless(you figure it out)
    And this may happen. When there are more without 401's than with. There is a ratio where this will work but we don't know what it is.
    Also,I would guess we will see gun control before this---too dangerous otherwise
     
  13. John Galt

    John Galt TS Member

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    Some of us ignorant folk were smart enough to avoid 401ks altogether.
     
  14. TinMan88

    TinMan88 TS Member

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    RunGun, I like the education. Don't have to guard it and it works to owners advantage. Strangely enough Pol Pot feared educated people and reportedly killed several million people for the crime of being educated.
     
  15. Brian in Oregon

    Brian in Oregon Well-Known Member

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    <i>"Some of us ignorant folk were smart enough to avoid 401ks altogether. "</i>

    And some of us were smart enough to take advantage of matching employer funds for 401Ks.
     
  16. John Galt

    John Galt TS Member

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    If you got matching funds, then you have no reason to whine Bob.
     
  17. 870

    870 Well-Known Member

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    Who writes these wacky things?

    Take this quote from that first post "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."

    I'll call BS on that. What it really sounds like to me is some nut's spin on 401(k) Plan auto-enrollment. It certainly isn't about IRA's as it states. Auto-enrollment is something some have been pushing for where instead of eligible participants being required to affirmatively elect to join the 401(k) plan upon meeting eligibility requirements, they change it to all eligible employees are automatically in unless they elect NOT to participate in the plan. One of the reasons for it is, believe it or not, a lot of eligible employees just don't understand the paperwork given to them and they fail to make timely elections to participate in the plan. Currently they are out of luck until the next plan entrance date when they have to get their paperwork in again. It is not something sinister.
     
  18. Brian in Oregon

    Brian in Oregon Well-Known Member

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    No reason to whine if the 401K gets nationalized because I have matching funds?

    What kind of logic is that?
     
  19. John Galt

    John Galt TS Member

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    It's not paranoia if the bastards really are out to get you. LOL
     
  20. skidrowe7

    skidrowe7 Member

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    Don't mock this URL. Argentina nationalized all the private pensions over a decade ago. Simple way to balance the budget. The gov't just takes all the private pension funds and buys treasuries. Bingo - the budget is balanced. Only bad part is you won't be allowed any lump sum payouts like some plans allow now.
     
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