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The thing is this Gov does not want anyone being able to survive with out them. They want them to be dependent on the Gov and that is not what America is all about that is not the American Dream!
Better to do something positive for the average 401k holder who has only about $75,000 in his 401k. The real crisis is how to keep safe and sound the average American saver with not much more than $25,000, according to Fidelity Investments. I don’t know how this huge cohort of the population is going to survive.
I call President Obama’s proposal to put a limit on the tax-free savings that can be put in an IRA or 401k an outrageous piece of statist interference in the free market.
How dare you tell me I can’t put more than $3 million away in my 401k if I’m able? What right have you to dictate that I’ll be able to make do on $205,000 a year?
Meh, it is a stupid idea (limiting it to 3 million) because of the number of people who have accounts of that size plus the fact the 401k will be taxed at some point when you withdraw (and honestly with our overall tax rates at near historic lows, a higher rate in the future!).
It is a bad idea that can be taken out of context to anger more then the "100,000" it would affect, like the OP ( though I could be wrong and he is actually a multi-millionaire:P).
Meh, it is a stupid idea (limiting it to 3 million) because of the number of people who have accounts of that size plus the fact the 401k will be taxed at some point when you withdraw (and honestly with our overall tax rates at near historic lows, a higher rate in the future!).
It is a bad idea that can be taken out of context to anger more then the "100,000" it would affect, like the OP ( though I could be wrong and he is actually a multi-millionaire:P).
It's not just today's balance.
This also affects the 20 year old that is just starting out saying that the max that 20 year old can save over his career is $3 mill because a $205K annuity payment is a "reasonable retirement income".
How does the government know what will be reasonable 40-50 years from now ?
Wealth redistribution you with large tax free 401k and IRA accounts. You voted for this now live with it.
250,000 is the opening bid in Onumbnuts game of Socialist no peek seven card stud. Except he has already looked at your cards as any good Leninist would.
I suspect it will end up around 1 million and will probably comeup for a vote after the 2014 election.
This president of ours is a long game player.
Last edited by CaseyB; 04-16-2013 at 09:31 AM..
Reason: language
Interesting that some folks here are speaking so loudly in defense of the estimated 100,000 wealthy people who've amassed more than $3 million in tax-advantage 401k retirement accounts. For any such proposal, whatever the President may float as an idea, the U.S. Congress must approve it.
This also affects the 20 year old that is just starting out saying that the max that 20 year old can save over his career is $3 mill because a $205K annuity payment is a "reasonable retirement income".
How does the government know what will be reasonable 40-50 years from now ?
Oh this article 100% affects me, not now but it will in the future. I'm basically started as the person you stated above.
Again though, it is stupid, but the government will be doing a lot of this because revenue as a % of GDP is very low historically, and our economy is addicted to it.
I know everyone hates the idea but a streamlined income tax (lower rates) combined with a VAT (allows easier changes to revenue generation) that brings in about 18% revenue in comparison to GDP when normalized over a decade is probably the best answer.
Literally I don't care how we reach that 18% number but hopefully it is done intelligently (and not done with retirement accounts/savings). Oh and spending should be 18 and 20% of GDP. Yeah you can go higher on spending (just a little) but I won't go into why. Off topic and too long.
Interesting that some folks here are speaking so loudly in defense of the estimated 100,000 wealthy people who've amassed more than $3 million in tax-advantage 401k retirement accounts. For any such proposal, whatever the President may float as an idea, the U.S. Congress must approve it.
This same rule effects 20 year olds starting out and working for the next 40-50 years and having to save themselves for retirement. What will prices be like in 50 years ? What will incomes be like in 50 years ?
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