Say Goodbye To Your 401K's And IRA's

[mrjarrell]

Well, we knew the day was coming when they'd want to take over privately owned retirement plans. That day's here, now. They've been having meetings and discussing that very thing. In their minds they're more qualified to run things than we are, so it's best if they just seize some more of your money and "administer" it for you.

RETIREMENT SECURITY - Nealz Nuze on boortz.com

(Link to CSPAN video of the meeting at the link, as well as a transcript).

 

[Expat]

They might finally screw the pooch with this one.

 

[WWIIIDefender]

There will be no administering it to you. They need to fill that gigantic derrivitive hole with some money and fast. This will be theft on a massive scale.

 

[Pocketman]

I think this is all stemming from the 2008 proposal of Guaranteed Retirement Accounts (GRA). The committee hearing in the CSPAN video is looking at greater transparency for 401k fees, etc.. While there is a lot of "propaganda" I've not seen any real evidence to indicate the government attempting to takeover existing private retirement account. Am I missing something here?

 

[tk21k]

If the government does do this I like many other people will pull all of our money out, take the hit for early withdraw and pay the taxes. The result will be a run on everyone 401k, investment companys going broke, and a crash in the stock market that has not been seen before. Just my opinion.

 

[88GT]

I think this is all stemming from the 2008 proposal of Guaranteed Retirement Accounts (GRA). The committee hearing in the CSPAN video is looking at greater transparency for 401k fees, etc.. While there is a lot of "propaganda" I've not seen any real evidence to indicate the government attempting to takeover existing private retirement account. Am I missing something here?

Only the realization that what the buffoons in Washington say never matches what they do.

Follow the links from the OP's original one and you can see this goes straight back to the Unions who favor seizing the private retirement accounts to fund their own screwed-up, under-funded pension plans.

So, no, Congress probably isn't actually considering it right now. But make no mistake, if the Unions are pushing for it, and the Dems retain control, you can bet it will on the short list of action items. Somebody mentioned it above: the Dems need money coming in and fast.

 

[Liberty Sanders]

This was discussed by the government back in the 70's when it became clear that Social Security was a Ponzi scheme that was going to go bust. It caused such an outcry that it was quickly dropped. At least the gubmint wanted us to THINK they dropped it.

Our private pension funds are far too fat a prize for them to ignore. They WILL come after them...it's only a matter of time.

 

[Jack Ryan]

If the government does do this I like many other people will pull all of our money out, take the hit for early withdraw and pay the taxes. The result will be a run on everyone 401k, investment companys going broke, and a crash in the stock market that has not been seen before. Just my opinion.

Yep, this.

If any of the histerical actors running in circles screaming really believed the propaganda they are shouting was plausible, they would be doing it now before the fire sale.

It doesn't really matter because you are being robbed by the bail out printing press every day right now. Just like the printing press was robbing you just the same with the "read my lips, no new taxes (teee hee hee)" party was running it.

The republocrat uni-party should really be running Don Davis for head of the one big party, "I don't want to tax YOU folks, I just want to print my own money! heh heh heh!"

 

[Leadeye]

I figure that most americans will just have to get used to a death spiral in our standard of living. Lots of reasons for it, but it's still depressing.

 

[Kirk Freeman]

A decades-old proposal, but something that bears watching.

 

[O2guy]

A decades-old proposal, but something that bears watching.

So was Nationalized Health Care....They just dont know when enough is enough...or better they don't give a darn

 

[rockhopper46038]

They've been prepping the public for this with the full court press "public service" announcements touting annuities as the "best way to ensure your retirement". Now, annuities themselves can be very helpful as part of a retirement plan, but a forced annuity administered by the government has "fail" written all over it.

 

[jedi]

Oh ya have such little faith that big brother can't manage this. Come on YES WE CAN!

 

[INGunGuy]

Gold, invest in GOLD, not paper gold, but get coinage, bullion, WHATEVER, just invest in gold.

INGunGuy

 

[Expat]

Gold, invest in GOLD, not paper gold, but get coinage, bullion, WHATEVER, just invest in gold.

INGunGuy

And if they order all gold turned in like FDR did?

 

[nova512]

invest in ammo!,,,if they steal peoples money from them they are gonna start a s$%t strom like they have never seen.ok income tax and ss money that is taken from every check is one thing you knew you were loosing that no matter what.but to have an account that is yours free and clear and they just take it?to me it will be the nail that closes the coffin of the title free in this country.imo they only thing worse as that is to come and take the guns.

 

[longbow]

That would not be a good idea! I just added another comma to my retirement funds total and there is no way I'm going to roll over on this!

 

[INGunGuy]

And if they order all gold turned in like FDR did?

KEEP IT!

INGunGuy

 

[Doug]

But, it's just so unfair that some people saved for retirement and have money to spend while those who didn't save are struggling.
We just need to "spread the wealth around!"

 

[dukeboy_318]

KEEP IT!

INGunGuy

Exactly,ill do the same with my guns if they ever want try ordering them turned in. sad part is I can't afford gold at the price its at. Im stock piling ammo, thats bout all I can afford at the moment