The $6 Trillion 401K Grab

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Davos's picture
Davos
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The $6 Trillion 401K Grab

They're back & talking about this again tomorrow. 

Let someone rob you once and do nothing about it and they'll do it again and again and again.

LINK TO FSN ARTICLE

According to the article: “Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.”

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metalsinvestor
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Re: The $6 Trillion 401K Grab

They have talked about this so many times.  Amazing they are bringing it up again, but once there is a lame duck Congress, they may pass some crazy bills during that time.  Including grabbing everyone's IRA and making it go into U.S. bonds.  Spain did that about one month ago, Argentina has done it.  I hope people pay attention and liquidate their IRA's and 401K's if a bill goes through. 

 

Who wants the government controlling the money?  Jeez, they have done such an excellent job so far, right?

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Davos
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Re: The $6 Trillion 401K Grab
metalsinvestor wrote:

They have talked about this so many times.  Amazing they are bringing it up again, but once there is a lame duck Congress, they may pass some crazy bills during that time.  Including grabbing everyone's IRA and making it go into U.S. bonds.  Spain did that about one month ago, Argentina has done it.  I hope people pay attention and liquidate their IRA's and 401K's if a bill goes through. 

Who wants the government controlling the money?  Jeez, they have done such an excellent job so far, right?

I did this in 2004, 2005, 2007, and 2008 and 2009. I have 0 regrets. I paid a lot in taxes but if this happens so what, something is better than nothing. Besides I have NO faith in paper, paper that is 70% traded by dark pools, HFT algo boxes and the likes.

Desperate countries do desperate things.

I'm glad my kid doesn't take economics at Notre Dame with that b%m#0!

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metalsinvestor
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Re: The $6 Trillion 401K Grab

I agree, I did mine already too.  I did not care about paying the taxes either, as I wanted as you said "to have something instead of nothing".

I sure hope people are aware of what the govt. officials will do to protect themselves and to H#$% with the people.  But CNBC and all the media I have no doubt will be fully behind it, saying "Wow how awesome - guaranteed Retirement accounts"!  Everyone should Want that! 

Then I wonder how many people will stop and think "yeah, let the government completely control my retirement, where I have no say at all" and think that is a good idea?   I can't think of too many who would jump on that bandwagon. 

Davos's picture
Davos
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Re: The $6 Trillion 401K Grab
metalsinvestor wrote:

I agree, I did mine already too.  I did not care about paying the taxes either, as I wanted as you said "to have something instead of nothing".

I sure hope people are aware of what the govt. officials will do to protect themselves and to H#$% with the people.  But CNBC and all the media I have no doubt will be fully behind it, saying "Wow how awesome - guaranteed Retirement accounts"!  Everyone should Want that! 

Then I wonder how many people will stop and think "yeah, let the government completely control my retirement, where I have no say at all" and think that is a good idea?   I can't think of too many who would jump on that bandwagon. 

I wonder also. CNBS drives me nuts, and I don't even have cable, dish - all I see are clips on blogs of it.

I'm writing another piece to this "article" I did on FSN - it is going to be nothing but comments from a selected many of the request for information comments. Some are hysterically funny. But like you said, how many folks really are aware of what is going on and once the the drive by media bubble heads tout dogsh#t as caviar what will they think?

The bums in Congress and the White House need to be thrown out for even considering this, and be replaced with Consitutional Moderates. My retirement fund and my son's retirement fund will not be taken away from us.

David N.

Keep your hands off of my money! I am perfectly capable of making my own investment choices. Why would I trust the government to handle my retirement money when they can't even handle the plan they have set up now, i.e. Social Security?? I have investments precisely because I don't expect Social Security to be around when I retire! Jennifer

The only answer that I can see is to keep ALL elected officials (and those that they

appoint to office) away from the money whatever you do.

Thank You,

Michael

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Re: The $6 Trillion 401K Grab

Is there a way to legally nuke your 401K while you are still employed?

Anyone????

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Davos
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Re: The $6 Trillion 401K Grab
Morpheus wrote:

Is there a way to legally nuke your 401K while you are still employed?

Anyone????

It's been a while but I think most have hardship and first time home buyer clauses. I know when we built our first home I borrowed from mine and paid 10% interest back. Short of quitting I think you will find after talking to the fund who handles it or HR these things are pretty restrictive already. 

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Re: The $6 Trillion 401K Grab

Here are some links, I was not able to watch it live and they are going to put the video of it up soon.

Link to soon to be posted live video

Agenda of 2 day meeting happy  Ghilarducci wasn't there according to this.

 

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investorzzo
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Re: The $6 Trillion 401K Grab

One thing you can do if you don't want to take out your money. Take out a loan. You will never get a lower interest rate and I've made 25 percent on my money in Gold, silver over the last year. Won't be long before it's a 100 percent! Jon

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Re: The $6 Trillion 401K Grab

they will not do it - they would'nt dare.

and, if they do it will be the end of the democratic party as we know it for at least a decade - they would simply go poof and be gone.  they would go down in history as the evil ones that got thrown out for stealing the people's retirement money.  it would also be overturned by the next congress and passed over obama's veto.  or, all of them would go on down the road with the first batch of thieves...

i am a whole lot more worried about what will happen to the stuff i have in my 401k when things take a bad turn to the worse, and they just might do just that.

 

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Mr. Fri
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Re: The $6 Trillion 401K Grab

I'd think a move like that would tank the markets.  Once the change started to become a reality, people would be disolving their accounts.  It wouldn't take many to close their IRA for the market to drop a large amount.

@ Morpheus.  I've wondered the same thing. I tried to close my 401k last year when I had a week of furlough. (I was eligable for unemployment benefits so I thought I'd try.)  No dice.  I have considered talking to my management and see if I could work a deal where I'd quit, close my 401k then get re-hired. So far I don't have the guts to try since it is risky.

 

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Davos
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Re: The $6 Trillion 401K Grab

Funny, one thing I forgot to put in that piece - and I'm doing a follow up - is that on passing they proposed a 50% bequeathal - I love my country a lot - but no one in the freaking right mind wills them 50%.

Stephen King couldn't write stuff this scary. 

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Re: The $6 Trillion 401K Grab

 Kissing ours goodbye Cry 

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Re: The $6 Trillion 401K Grab
investorzzo wrote:

One thing you can do if you don't want to take out your money. Take out a loan. You will never get a lower interest rate and I've made 25 percent on my money in Gold, silver over the last year. Won't be long before it's a 100 percent! Jon

I'm maxed out! Smile

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