Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Last May, I wrote about the rumor that the Obama administration might seize funds from American's 401k and IRA accounts.
Last week, Bloomberg pointed out:
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort...
Encourage <> Sieze
Also, did you check snopes.com before posting this? So many stupid emails flying about that just change the presidents name and then the partisan morons latch onto it because they are biased and stupid.
Example: Bush\Obama planning to use FEMA camps to imprison us.
Also, did you check snopes.com before posting this? So many stupid emails flying about that just change the presidents name and then the partisan morons latch onto it because they are biased and stupid.
Example: Bush\Obama planning to use FEMA camps to imprison us.
There is some truth to it. Congress has had several think tank people in to discuss various retirement options for Americans using their 401K's.
One in particular says that Americans want the government to intervene.
I'll find that link if you are interested.
401k's are terrible, anyway. I'm starting the process of closing mine out, even though I'll have to pay penalties. I really don't want some law telling me how much money I can take out of a 'savings' plan or having to pay taxes on money I earned. I know, it starts out tax free, but I'd rather pay the taxes on my money and put it into a regular savings account. Only then is it 'all mine'.
401k's were developed for ultra-wealthy people to hide income to avoid paying taxes on it. Whoever decied to bring them to the mainstream public and have them take the place of pensions or savings accounts was an idiot. Probably the same idiot who is raking in billions while my 401k takes hit after hit.
Cool. Make your own decision and take personal responsibility.
Frankly, I'm relying upon my education in math and finance to take full advantage of my 401k.
The part where you talk about the Ultra-wealthy hiding income in 401k's (they have contribution limits way below "ultra wealthy" levels) to avoid taxes tells me you really don't know what you are talking about.
Pensions? You don't like 401k's because you feel it's not your money but you favor pensions? Really? I'd like to show you my Uncles pension of about 1/2 what was promised him because the steel mill got in financial trouble and couldn't fully fund the pension.
Honestly, you have some strong opinions for someone with little financial education.
I'd rather have a pension than a 401K but that's just me.......
You would until the employer sponsoring your pension goes belly-up, you find out that the pension has been underfunded for a long time, the pension obligation gets turned over to PBGC and you get pennies on the dollar. Sadly, this has too often been the case.
Except that AIG's insurance business wasn't the problem. That business is solid. It was the investment bank and its credit-default swap commitments.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.