Demo-Dictatorship & "Your" 401k and IRA

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Davos's picture
Davos
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Demo-Dictatorship & "Your" 401k and IRA

Desperate people do desperate things. 

FYI...

DrKrbyLuv's picture
DrKrbyLuv
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Re: Demo-Dictatorship & "Your" 401k and IRA

Thanks for the heads up Davos.  The government is our greatest enemy and threat.  It is time for good American's to stop fighting immoral wars in Iraq, Afghanistan, Yemen, Iran, Pakistan, etc.  Our moral battles are in Washington and Wall Street.

Larry

 

Davos's picture
Davos
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Re: Demo-Dictatorship & "Your" 401k and IRA
DrKrbyLuv wrote:

Thanks for the heads up Davos.  The government is our greatest enemy and threat.  It is time for good American's to stop fighting immoral wars in Iraq, Afghanistan, Yemen, Iran, Pakistan, etc.  Our moral battles are in Washington and Wall Street.

Larry

 

Pleasure. I think they will implode, they, like Enron are a very self destructive bunch. Sad that they will take a lot of good people down with them. 

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leo0648
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Re: Demo-Dictatorship & "Your" 401k and IRA

Just curious, my dad has been pushing me to get a Roth IRA so I can deduct the $5000 from my taxes.  I currently just have a individual account that I invest in oil and mining companies.  Do you think Roth IRA is a good choice with what is going on?  Or should I continue to just invest in my individual account and physical metals?  I don't want to invest in a IRA for the very reasons above, who cares if it is tax free if they mandate what I do with it.

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Davos
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Re: Demo-Dictatorship & "Your" 401k and IRA
leo0648 wrote:

 who cares if it is tax free if they mandate what I do with it.

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SagerXX
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Re: Demo-Dictatorship & "Your" 401k and IRA

Add this story to the "Your Banker Can Freeze Your Money Market Account Whenever They Feel Like It" story -- (http://www.zerohedge.com/article/government-your-legal-right-redeem-your...) -- and it gets too surreal to really get my mind around....

(Fortunately I have neither a 401k nor an IRA nor a MMA...  But I feel for those that do...)

Viva -- Sager

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DrKrbyLuv
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Re: Demo-Dictatorship & "Your" 401k and IRA

Hello SagerXX,

I don't think the legislation in the Zero Hedge article has passed yet.  The article headline makes it look like it's a done deal. 

I'd sure appreciate being corrected on this if it is indeed law, or, maybe someone has some info on the legislation time table.

Thanks,

Larry

SagerXX's picture
SagerXX
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Re: Demo-Dictatorship & "Your" 401k and IRA

True, the ZH article is about a proposed rule.  But there seems to be an emerging trend of "Let's Get Our Gummint Crowbars Into the Private Accounts"....

People talk (in the gold confiscation? threads) about how going after MMAs and 401-Ks would be a thing eventually.  These are pretty clear signals, seems to me.

Viva -- Sager

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Re: Demo-Dictatorship & "Your" 401k and IRA

 

"Just curious, my dad has been pushing me to get a Roth IRA so I can deduct the $5000 from my taxes"

 

 I thought that we had to pay taxes on the initial Roth IRA investment. I think after that the capital gains are not taxed (under the current law) when you make the withdrawals. I also am mistrustful of this system. They are getting their tax money up front and who knows what will happen after that.

 

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Ken C
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Re: Demo-Dictatorship & "Your" 401k and IRA
VeganD wrote:

 

"Just curious, my dad has been pushing me to get a Roth IRA so I can deduct the $5000 from my taxes"

 

 I thought that we had to pay taxes on the initial Roth IRA investment. I think after that the capital gains are not taxed (under the current law) when you make the withdrawals. I also am mistrustful of this system. They are getting their tax money up front and who knows what will happen after that.

 

Let me answer your question with a question.

Do think that the rules will always stay the same or do you think the gov. might change the rules to suit their needs?

 

Ken

 

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Re: Demo-Dictatorship & "Your" 401k and IRA

The simple fact that such bills are even being discussed is a HUGE RED FLAG, as far as I am concerned.

Maybe this was a consideration when these types of accounts were created.  They were a huge boon to the stock market, allowing those in power to reap the benefits of a huge, virtually guaranteed inflow of money.  Now that we have milked that "goat", let's see how we can further benefit ourselves.  Just sayin'.

I am one step closer to liquidating my IRAs. Which, by the way, are in money market accounts now.  My angst continues to grow.

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leo0648
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Re: Demo-Dictatorship & "Your" 401k and IRA

My dad made it sound like I don't pay income tax on my $5000 contribution.  For example.  I made $20,000 last year and was taxed on all 20,000, but if I contribute 5,000, then I will be refunded the tax I paid on that 5000.  My dad could be wrong.  I don't listen to him for any investing advice, but he has been promoting the Roth strongly so I thought I would ask you guys.  I trust you guys much more.

My gut feeling is to stay out of anything tied to the government as they will change the rules over time.  Plus, I am only 22 years old.  By the time I am able to take out the money in the Roth, the American financial system will have collapsed.  At least with my individual account, I can take my money out without being penalized.

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ljhaines
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Re: Demo-Dictatorship & "Your" 401k and IRA

Look into a "self directed IRA" where you actually control what you invest in directly. There are several custodians such as Entrust, Pensco, and others. (disclosure - I have an IRA with Entrust in Houston). Learn about your options regarding investing in real estate, notes, Companies (other than Sub-S Corp), Limited Partnerships, and so much more. You cannot invest in life insurance, collectables or loan money to yourself or your parents or children but that's about it.  Most investors I know grow their retirement accounts by making investments locally and through networks of individuals that have deals come up. Since you are so young, you have a bright future ahead because you can grow a Roth IRA and not pay taxes when you withdraw. (of course, the government will probably change that at some point) Good luck!!

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Re: Demo-Dictatorship & "Your" 401k and IRA

You can't deduct the Roth IRA contribution from your taxes. Under current tax law, you "invest" in a Roth with after tax dollars. The advantage, for now, is that it grows tax free and you never pay taxes on the earnings. If you have earnings. And if the government can continue to keep their hands off. Neither of which is something I'm counting on. 

 

SagerXX's picture
SagerXX
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Re: Demo-Dictatorship & "Your" 401k and IRA
poisonivy113 wrote:

You can't deduct the Roth IRA contribution from your taxes. Under current tax law, you "invest" in a Roth with after tax dollars. The advantage, for now, is that it grows tax free and you never pay taxes on the earnings. If you have earnings. And if the government can continue to keep their hands off. Neither of which is something I'm counting on. 

Second that.

leo0648's picture
leo0648
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Re: Demo-Dictatorship & "Your" 401k and IRA
poisonivy113 wrote:

You can't deduct the Roth IRA contribution from your taxes. Under current tax law, you "invest" in a Roth with after tax dollars. The advantage, for now, is that it grows tax free and you never pay taxes on the earnings. If you have earnings. And if the government can continue to keep their hands off. Neither of which is something I'm counting on. 

 

 

This helps a lot.  One last question?  Can I take the money out early, or do I have to wait till retirement before I can take out tax free?  I definitely don't want my money locked up till I retire, as that is over 30 years away.

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Re: Demo-Dictatorship & "Your" 401k and IRA

You pay the taxes on Roth contributions, but you take the compounding out tax free.  You don't pay taxes on a REGULAR IRA contribution, but you pay taxes when you withdraw it.  In your shoes i would put the money in a Roth IRA since you are in a low tax bracket and wouldn't save much in taxes now, anyway.  However you have to keep in mind the rules will change in the next decade as the gov't looks for more revenue.

Our banking system and government are seriously ill -- no matter the smile they put on their face  Personally I think you should just keep the cash or invest in a one year food supply, Small amount of PM precious metal ie 1000 or so.  consider a good handgun training course and AFTER taking the course perhaps a weapon and ammo.  Start reading and studying sustainable lifestyles while saving the rest to invest in that.

Get your basic emergency bases covered, BEFORE you start retirement investing -- which is 50 yrs away for you.

Just my opinion.

leo0648's picture
leo0648
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Re: Demo-Dictatorship & "Your" 401k and IRA

Personally I think you should just keep the cash or invest in a one year food supply, Small amount of PM precious metal ie 1000 or so.  consider a good handgun training course and AFTER taking the course perhaps a weapon and ammo.

 

 

I don't want to share what I have but I am already prepared.  Like I said in an earlier post, about 50% of my savings is in precious metals. The rest is in dividend paying oil companies and mining companies.  Also, I have more copper coated lead than I will ever use in a lifetime.  I am probably not like most 22 year olds.  I save a lot, invest, and prepare for the distant future.  The amount of money in stocks is very miniscule to what I have in PMs, copper/lead, etc.

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Re: Demo-Dictatorship & "Your" 401k and IRA

This has serious ramifications to all preppers. The ability to act collectively is constrained by availability of capital. Most capital of the un-prepped masses is tied up in IRA's and Stock market. Both of which will be crushed if they take action, or even if the word hits the street that they are talking about taking action on locking down.

Us Americans, as if we are a homogenous bunch, really despise being trapped, controlled, and bullied. This will cause ripple effects way bigger than the healthcare august town-halls. This is a "hurry up and finish up your preps" sign, if I have ever seen one.

 

More on this topic below
http://georgewashington2.blogspot.com/2010/01/flashback-will-obama-seize-americans.html

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