Gov't seizing 401K money | TigerDroppings.com
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JBM210
Member since Dec 2010
1582 posts
Online

Gov't seizing 401K money

It's being attempted in other countries, someone convince me that this can't happen here. It's sad but the only thing I wish for, for me and my wife is enough money to live on until I die. I'm not talking traveling the world when I retire.I'm talking having food and shelter. I won't owe a dime to anyone at 63 and should have about $300,000 maybe more.


weagle99
Delaware Fan
Member since Nov 2011
15032 posts

re: Gov't seizing 401K money
Clinton floated the idea when he was in office IIRC.

So yes, it can happen here.


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djmicrobe
LSU Fan
Planet Earth
Member since Jan 2007
1313 posts

re: Gov't seizing 401K money
In 2010 it was discussed in Congress.
LINK /
LINK
It had no traction, so it was dropped.
Hillary Clinton made an attempt at a form of Obamacare when Bill was prez. 10-12 years later, we got "Universal Healthcare" or gov't takeover of healthcare rammed down our throats.

401k's will be seized eventually. It may take 10 years, maybe less.
There are many ways to takeover 401k's. They could force people to contribute 25% into gov't bonds that pay nothing. This could be added to what the Fed buys. There are many games they could play.
They could take it from the "rich" first, but that won't be enough. Then lower the bar slowly over time until you are considered "rich" just for having a 401k. They will call you mean spirited for not "sharing" it with people on food stamps. They will completely ignore the fact that you worked hard for years to save this money.
They will sign the bill on a Friday after 5pm, and no one will report on it until Monday, so it will be too late to make a move.


GenesChin
Georgetown Fan
The Promise Land
Member since Feb 2012
15912 posts

re: Gov't seizing 401K money
The only thing I am hoping for is that with so many people relying on their 401k for retirement now, people will not accept their congressmen to screw with it


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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
24199 posts

re: Gov't seizing 401K money
quote:

someone convince me that this can't happen here


Theoretically it could happen here, but it's ridiculously unlikely. Stop listening to Alex Jones


fontell
Auburn Fan
Montgomery
Member since Sep 2006
2765 posts

re: Gov't seizing 401K money
Is this scenario more or less likely than congress passing pre-emptive legislation that would prevent this very thing from one day happening


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Gov't seizing 401K money
quote:

It's being attempted in other countries,
Where? In fact, please elaborate on what other countries have 401(k) plans. Thanks.


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Gov't seizing 401K money
quote:

Stop listening to Alex Jones

Ah...so that's where this nonsense is coming from.


CoolHand
USA Fan
Member since Dec 2011
1482 posts

re: Gov't seizing 401K money
I don't know who Alex Jones is and I'm no conspiracy theorist, but I honestly don't think it's outside the realm of possibility that if the majority of voters aren't heavily invested in tax advantaged accounts, the government will find a way to change the rules.


wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7980 posts

re: Gov't seizing 401K money
I may be delusional, but it would seem to me that any attempt by the Govt to tap into 401/403 funds would get true bipartisan push back from the American public.


JOJO Hammer
Nicholls St. Fan
Getting a barbed wire tribal tat
Member since Nov 2010
6828 posts

re: Gov't seizing 401K money
quote:

I may be delusional, but it would seem to me that any attempt by the Govt to tap into 401/403 funds would get true bipartisan push back from the American public.


There was push back with Obamacare. There will be push back if something like this was being passed. It won't stop the government. They'll continue to frick over the people.


gatorsimz
Florida Fan
cafe risque
Member since Feb 2009
5502 posts

re: Gov't seizing 401K money
it could happen. they will have to increase revenue to pay for this debt and our unfunded liabilities so i wouldn't rule anything out. i think a more realistic scenario is them raising the early withdrawal penalties on 401ks and IRAs from 10% up to 20-30%.


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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1649 posts

re: Gov't seizing 401K money
So what should be done if the fed starts taken away our retirement? Does it mean a life of work and no reward?


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OldSouth
LSU Fan
Folsom, LA
Member since Oct 2011
8353 posts

re: Gov't seizing 401K money
quote:

I may be delusional, but it would seem to me that any attempt by the Govt to tap into 401/403 funds would get true bipartisan push back from the American public.


There was push back with Obamacare. There will be push back if something like this was being passed. It won't stop the government. They'll continue to frick over the people.


Difference is the people thought they were getting something for free (legislating their own well-being etc.). The people won't care about paying down debt so the hell with taking money out of savings accts.


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Gov't seizing 401K money
This thread needs to be on the Poli Board.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
36203 posts
Online

re: Gov't seizing 401K money
I'm in my 20s. I won't be able to retire?


weagle99
Delaware Fan
Member since Nov 2011
15032 posts

re: Gov't seizing 401K money
quote:

I'm in my 20s. I won't be able to retire?


Don't worry, you will have Social Security.



Vols&Shaft83
Tennessee Fan
Member since Dec 2012
24199 posts

re: Gov't seizing 401K money
Buy bitcoins and duct tape, mother frickers


OldSouth
LSU Fan
Folsom, LA
Member since Oct 2011
8353 posts

re: Gov't seizing 401K money
quote:

Don't worry, you will have Social Security.


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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7980 posts

re: Gov't seizing 401K money
quote:

Buy bitcoins and duct tape


How are we going to corner the market if you keep telling everybody our plan?


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