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Message
Gov't seizing 401K money
Posted on 3/19/13 at 10:17 pm
Posted on 3/19/13 at 10:17 pm
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.
10
Posted on 3/19/13 at 10:26 pm to JBM210
Clinton floated the idea when he was in office IIRC.
So yes, it can happen here.
So yes, it can happen here.
Posted on 3/19/13 at 11:12 pm to JBM210
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.
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.
Posted on 3/20/13 at 5:29 am to JBM210
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
Posted on 3/20/13 at 7:11 am to JBM210
quote:Where? In fact, please elaborate on what other countries have 401(k) plans. Thanks.
It's being attempted in other countries,
Posted on 3/20/13 at 8:17 am to JBM210
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.
Posted on 3/20/13 at 8:50 am to JBM210
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%.
Posted on 3/20/13 at 8:59 am to JBM210
So what should be done if the fed starts taken away our retirement? Does it mean a life of work and no reward?
Posted on 3/20/13 at 9:09 am to JBM210
This thread needs to be on the Poli Board.
Posted on 3/20/13 at 11:09 am to JBM210
Oh it can happen. If they can figure out a way to grab more money from the people who work and give it to the do nothings that vote for them they most certainly will.
Posted on 3/21/13 at 6:01 pm to JBM210
Seizing retirement money goes back to the early 90s when Jesse Jackson got Ron Dellums to propose it as a bill in the House.
But the idea was not to reduce the deficit. The idea was to take the money and invest in job training in the inner city. Then, when the inner city gangsters got a job and became productive citizens they would pay taxes to replace the money stolen from the 401Ks.
But the idea was not to reduce the deficit. The idea was to take the money and invest in job training in the inner city. Then, when the inner city gangsters got a job and became productive citizens they would pay taxes to replace the money stolen from the 401Ks.
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