User Panel
User Panel
User Panel
|
Posted: 9/29/2011 8:11:03 AM EDT
[#1]
I have been saying for decades that the 401k will go down in history as one of the biggest boondoggles our gov't ever foisted upon us. Get rid of guaranteed pensions for this garbage? And now they are on their way to take these too.
Once again it is all about control. Keep the people under their thumb. Steal more money. More people having to rely on them. Instead of lowering spending they want to raise more revenue. Outrageous. And since the repulicraps and the demoncans are pretty much identical nothing will change. When/if we get a new gov't in Nov. they will not get rid of this, just like they did not get rid of obamacare. But mark my words they will campaign on it. |
|
|
|
Posted: 9/29/2011 8:13:45 AM EDT
[#2]
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. Plus you will be taxed at your Top Marginal Rate so depending on where you fall up to 40%... In so far as inflation goes you can hedge against that by investing in non-depreciating physical assets - Art, Machine Tools, etc... or income producing assets such as municipal bonds, dividend bearing stocks, ownership (part or whole) in a small business, rental units, etc... |
|
|
|
Posted: 9/29/2011 8:39:36 AM EDT
[#3]
They should adjust the tax rate for years of savings, if I lost my job and had to cash out my 401k I would be taxed like I earned that amount every year, not like I had been saving for over 20 years.
Kind of pisses me off knowing that if I am laid off I get to choose getting raped on taxes or losing my home. |
|
|
|
Posted: 9/29/2011 8:42:37 AM EDT
[#4]
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. 10% penalty plus taxed as (added to) regular income on the amount you withdraw. |
|
|
|
Posted: 9/29/2011 8:45:33 AM EDT
[#5]
Guess the government sees this as a tax loophole. And would say something stupid like, "Tax payers can't pay for these 401k accounts."
|
|
|
|
Posted: 9/29/2011 8:46:26 AM EDT
[#6]
Quoted:
Quoted:
Quoted:
Who the fuck are they to say what an adequate retirement is? They're educated and compassionate. Only a rich fatcat would think otherwise. Is that you, citizen? Are you a greedy, rich fatcat concerned only with making money and not the plight of poor single mothers in the inner cities who can't feed their children? We have to spread the wealth around a little...everyone has to have some skin in the game. Doesn't matter. When the public system (Social Security) collapses, they go after the private system (401Ks, IRAs, etc). Liberals have done this throughout history all over the world. We just saw it done with Obamacare. Medicare/Medicaid wasn't enough so they "closed the system" maximizing their ability to control and distribute. What we are hearing is noise. Noise that is used to attempt to justify what they know they must do to keep their flawed programs and ideas going. It's a double-down on stupid. I cut my 401k contributions down to the minimum match after the 2008 elections. I am saving cash, and paying off my mortgage as early as possible. The new successful retirement plan will be to have cash in hand, no liabilities/fixed costs, and avoid deferred benefit plans/accounts that the gov can seize via taxation or inflation. This. I fear that the day will come when the Federal Government, like that of Hungary and France, will seize the 401(k) and put them into a government annuity. Hmmm... Wasn't Socialist Security supposed to do that (before the Federal government hi-jacked the funds and put them into the general fund)? I stopped making payments and finally withdrew everything. You cannot trust the man with your money. |
|
|
|
Posted: 9/29/2011 8:47:26 AM EDT
[#7]
Quoted:
I have been saying for decades that the 401k will go down in history as one of the biggest boondoggles our gov't ever foisted upon us. Get rid of guaranteed pensions for this garbage? And now they are on their way to take these too. Once again it is all about control. Keep the people under their thumb. Steal more money. More people having to rely on them. Instead of lowering spending they want to raise more revenue. Outrageous. And since the repulicraps and the demoncans are pretty much identical nothing will change. When/if we get a new gov't in Nov. they will not get rid of this, just like they did not get rid of obamacare. But mark my words they will campaign on it. Actually I have a lot more confidence in 401(k) then I do any other type of retirement program. Pensions are the most sketchy sort of retirement you can deal with. Generally the company takes the tax writeoff and then does everything they can to not put money in to fund them. There is a lot of territory in the law where clever actuaries can change the assumptions and oftentimes are forced to as the company doesnt want to actually deposit anything more then the bare bones minimum. With a 401(k) the money is there and its yours, but with a pension the moeny isnt yours until its paid to you and its not gaurunteed because the company didnt put the money in. |
|
|
|
Posted: 9/29/2011 8:48:22 AM EDT
[#8]
Quoted:
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. Anyone want to speculate on the impact vs. a .gov takeover of 401K's? Even the mention of doing so affects the market. The market hates uncertainty...and this is just more uncertainty. |
|
|
|
Posted: 9/29/2011 8:58:00 AM EDT
[#9]
Quoted:
I have been saying for decades that the 401k will go down in history as one of the biggest boondoggles our gov't ever foisted upon us. Get rid of guaranteed pensions for this garbage? Defined-benefit schemes are simply unsustainable. Defined contribution is the only way to go, unfortunately. And there's nothing wrong with that... if you start young, be responsible, save, etc. you'll do OK. Defined-benefit and government-run programs like Socialist inSecurity are just sops for the irresponsible who want a pass... they want to do whatever they want to do, but don't think it's fair that they should pay the consequences later. If we allow government to seize and "socialize" our 401(k) accounts, we'll deserve it. We have a lot of options available to us to stop that from happening. If we refuse to avail ourselves of those options, then we're acquiescing. Crying for more government to provide more social wealth-redistribution schemes is not the correct answer. |
|
|
|
Posted: 9/29/2011 9:02:59 AM EDT
[#10]
Quoted:
They should be getting rid of caps, not lowering them! Exactly. Every "retirement" plan since I've started working has been so severely capped that it makes the "plan" virtually useless as a retirement vehicle, discouraging participation, which is exactly opposite what the damn politicians say out the other side of their mouths. |
|
|
|
Posted: 9/29/2011 9:03:54 AM EDT
[#11]
Quoted:
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. Anyone want to speculate on the impact vs. a .gov takeover of 401K's? Yes. I would. I believe that this would be the straw, if you know what I mean. |
|
|
|
Posted: 9/29/2011 9:04:11 AM EDT
[#12]
Quoted:
They should adjust the tax rate for years of savings, if I lost my job and had to cash out my 401k I would be taxed like I earned that amount every year, not like I had been saving for over 20 years. Kind of pisses me off knowing that if I am laid off I get to choose getting raped on taxes or losing my home. You aren't "getting raped on taxes". Money you put into a 401(k) is tax deferred. That means you aren't taxed on it today, nor are you taxed on gains. A withdrawal is a taxable event. So, if you lose your job and cash out a $200K 401(k), that is no different than $200K in income. If it was taxed at a lower rate, everyone would put 100% of their checks into the retirement account and then take out what they needed. You do not need to cash out retirement accounts, and it's incredibly foolish and short-sighted to do so. You can take a loan against it. Or you can take out some money, just what you need. But most people use being laid off as an excuse to empty it, because they just cannot stand to see all that sweet, sweet cash sitting there and "doing nothing" for them. Everyone who cashes out their 401(k) is a liberal Democrat. Why do I say that? because they're still going to want to stop working some day... and then it "isn't fair" that they have nothing, and they "need" that government check, and "I believe in freedom, but I have to have this, so I'm going to vote to get mine. I don't really support all of the leftism that comes with that check, but I'll accept it so I can get the retirement I deserve." |
|
|
|
Posted: 9/29/2011 9:05:01 AM EDT
[#13]
Quoted:
The Brookings Institute is a Left Of Center Think Tank. It is all about finding tax revenue for the here and now, it will do nothing to cap costs or control spending. What they really want is to make every retired worker dependent upon the Federal Government. They want their Serfs back. Fine. Then open the Machine Gun registry and collect $200 a pop, all day long. |
|
|
|
Posted: 9/29/2011 9:05:13 AM EDT
[#14]
Quoted:
Quoted:
They should be getting rid of caps, not lowering them! Exactly. Every "retirement" plan since I've started working has been so severely capped that it makes the "plan" virtually useless as a retirement vehicle, discouraging participation, which is exactly opposite what the damn politicians say out the other side of their mouths. Yeah, there's no way my 401(k) and IRA are going to be able to provide what I really need in retirement. They're just another spoke in the wheel. |
|
|
|
Posted: 9/29/2011 9:08:00 AM EDT
[#15]
Quoted:
Defined-benefit schemes are simply unsustainable. Defined contribution is the only way to go, unfortunately. You can sustain a defined benefit scheme, assuming you are willing to fund it appropriately and use realistic assumptions. At which point it would be so ri-damned-diculously expensive that no one would actually want it. |
|
|
|
Posted: 9/29/2011 9:13:14 AM EDT
[#16]
Quoted:
Quoted:
They should be getting rid of caps, not lowering them! Exactly. Every "retirement" plan since I've started working has been so severely capped that it makes the "plan" virtually useless as a retirement vehicle, discouraging participation, which is exactly opposite what the damn politicians say out the other side of their mouths. Contributions limits have been flat for at least 2 or 3 years; I suspect the maximums will be upped next year after the Republicans take over...and then watch how the market responds. |
|
|
|
Posted: 9/29/2011 9:14:10 AM EDT
[#17]
Quoted:
Hate to break it to some but the Gov IS going to tax the shit out of your 401k's as sure as the sun comes up. +1 This. Furthermore, you pensions will be stolen. Welcome to America. 
|
|
|
|
Posted: 9/29/2011 9:14:18 AM EDT
[#18]
Excellent.
"I will protect your 401k's" is a pretty damn good campaign slogan. |
|
|
|
Posted: 9/29/2011 9:17:49 AM EDT
[#19]
Quoted:
Quoted:
In 2007, total private holdings in 401k plans was around $3 trillion. I'm sure that number has changed, but use it as a basis for a moment - what do you suppose would happen if $3 trillion was pulled from the market? The Dow would go drop like a fat kid chasing a donut down a hill, that's what. To be so concerned about a double-dip recession, they sure ignore the consequences of their own actions that impact the economy. That's the plan they have...cause a big meltdown then all citizens will be dependant on the .gov to survive. We are then serfs with no power except what the ivory tower politicians tell us we have and most of American won't mind, sadly. They are just too lazy to care. The Founders are most likely very, very unhappy with us right now. Out of chaos - order (concentrated government power) Only a fool would believe that government does not DESIRE chaos and crisis. |
|
|
|
Posted: 9/29/2011 9:19:08 AM EDT
[#20]
Quoted:
Quoted:
I cut my 401k contributions down to the minimum match after the 2008 elections. I am saving cash, and paying off my mortgage as early as possible. The new successful retirement plan will be to have cash in hand, no liabilities/fixed costs, and avoid deferred benefit plans/accounts that the gov can seize via taxation or inflation. Inflation will very quickly fix your little red wagon. Cash is great for the short term. In the long run, it's a guaranteed massacre. buy tangibles that hold value - precious metals, ammo, etc. Get creative. Alpha-strategy this biotch. |
|
|
|
Posted: 9/29/2011 9:22:40 AM EDT
[#21]
Quoted:
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. Anyone want to speculate on the impact vs. a .gov takeover of 401K's? After seeing how they "managed" social security, I would hate to see what they would do to 401Ks. I am 40 years olds and have been contributing to my 401K for almost 20 years with the understanding that SS might not be around for me. If they think I will roll-over on the 401K issue, they are worng. |
|
|
|
Posted: 9/29/2011 9:23:45 AM EDT
[#22]
Quoted:
Quoted:
Defined-benefit schemes are simply unsustainable. Defined contribution is the only way to go, unfortunately. You can sustain a defined benefit scheme, assuming you are willing to fund it appropriately and use realistic assumptions. At which point it would be so ri-damned-diculously expensive that no one would actually want it. But that's the problem... you have to put real money into it today, and it's too easy to "save" money by changing the calculations. Just a little, and just this year, of course. But next year, those "savings" are factored in, and other things have come up, and we don't need to pay out for another twenty years! Let's just massage the formula again. Just a little bit, and just until next year, when things will get better. It's happened in probably 19 out of 20 defined-benefit pensions. And what do you do when your DB fund is properly funded... but then some new medical breakthrough increases life expectancies by a few years? At a stroke, you're now badly underfunded. |
|
|
|
Posted: 9/29/2011 9:30:02 AM EDT
[#23]
Where should I put my money? I have 5% going into a Roth IRA and 10% into a 401k. Both are pretty "safe" funds. Should I get more aggressive? Change percentages? |
|
|
|
Posted: 9/29/2011 9:32:37 AM EDT
[#24]
Quoted:
Where should I put my money? I have 5% going into a Roth IRA and 10% into a 401k. Both are pretty "safe" funds. Should I get more aggressive? Change percentages? How old are you? |
|
|
|
Posted: 9/29/2011 9:33:25 AM EDT
[#25]
Quoted:
Quoted:
If they change the rules, people will act accordingly. Then, they will be surprised that people want to actually keep their own money. Wife and I stopped contributing to our 401k plans over a year ago because we were concerned that at some point the government would NOT be able to resist the vast amounts of cash people have socked away. Seriously - how are you preparing now? CMOS |
|
|
|
Posted: 9/29/2011 9:33:50 AM EDT
[#26]
I was able to retire at 61 due to the 401K. I had contributed as much as I could for over 20 years. I've rolled it all over to an IRA, put part in a self funded annuity paid off my house and manage the rest making withdrawals as needed.
Not only have 401K's helped individuals, the money saved and invested back into businesses has help the whole economy. |
|
|
|
Posted: 9/29/2011 9:34:51 AM EDT
[#27]
Quoted:
Quoted:
Quoted:
Quoted:
What are the penalties for yanking 401K's out of the market now? Depends on your age. 10% if you are younger than 59.5. Anyone want to speculate on the impact vs. a .gov takeover of 401K's? Bang, Bang? |
|
|
|
Posted: 9/29/2011 9:38:15 AM EDT
[#28]
Quoted:
But that's the problem... you have to put real money into it today, and it's too easy to "save" money by changing the calculations. Just a little, and just this year, of course. But next year, those "savings" are factored in, and other things have come up, and we don't need to pay out for another twenty years! Let's just massage the formula again. Just a little bit, and just until next year, when things will get better. It's happened in probably 19 out of 20 defined-benefit pensions. And what do you do when your DB fund is properly funded... but then some new medical breakthrough increases life expectancies by a few years? At a stroke, you're now badly underfunded. Yep. DB won't go away entirely but it is becoming a much more narrowly focused sort of plan. Generally I only see it for small to mid sized companies where it basically will only exist for the Principals and basically gets terminated once he takes his lump sum (which is what the plan was designed for in the first place). |
|
|
|
Posted: 9/29/2011 9:38:59 AM EDT
[#29]
This won't pass the House.
|
|
|
|
Posted: 9/29/2011 9:40:30 AM EDT
[#30]
Quoted:
Quoted:
Where should I put my money? I have 5% going into a Roth IRA and 10% into a 401k. Both are pretty "safe" funds. Should I get more aggressive? Change percentages? How old are you? 30. Been saving for about 5 years... |
|
|
|
Posted: 9/29/2011 9:41:59 AM EDT
[#31]
Quoted:
Quoted:
Quoted:
Where should I put my money? I have 5% going into a Roth IRA and 10% into a 401k. Both are pretty "safe" funds. Should I get more aggressive? Change percentages? How old are you? 30. Been saving for about 5 years... MAX out ROTH first, then fund 401K. You should be in very aggressive investments at your age. CMOS |
|
|
|
Posted: 9/29/2011 9:53:40 AM EDT
[#32]
It`s kind of a no-brainer for the Gov to take over IRA`s and 401K`s. It is probably the ONLY way they can get the revenue needed to somewhat balance the budget. Here`s the REALLY scary part,,,,Gov takes over your 401K and gives you an annuity,,,NOW who owns all the shares of the companies that YOU used to own?
|
|
|
|
Posted: 9/29/2011 9:55:28 AM EDT
[#33]
Save for retirement, don't invest. 401k is just another word for risking your money in the stock market for incompetently run corporations to loose or incompetently run governments to take.
|
|
|
|
Posted: 9/29/2011 10:18:27 AM EDT
[#34]
They are out of money and now they will come for what you have. I have been taking out my money for the last several years and I got out of IRA mutual funds in '07. There is plenty of good advice out there on what to do now. The dollar will collapse and if you are holding the bag of dollars when it does either in a 401K or any financial instrument you will be fucked. Got it?
|
|
|
|
Posted: 9/29/2011 10:21:28 AM EDT
[#35]
Why even bother arguing about taxes in this country anymore? The system is so broken and no longer does what it's supposedly required to do (generate revenue) it just needs to be scrapped and built anew.
|
|
|
|
Posted: 9/29/2011 11:28:39 AM EDT
[#36]
Quoted: You stopped contributing because of something that "may" happen in the future?Quoted: If they change the rules, people will act accordingly. Then, they will be surprised that people want to actually keep their own money. Wife and I stopped contributing to our 401k plans over a year ago because we were concerned that at some point the government would NOT be able to resist the vast amounts of cash people have socked away. |
|
|
|
Posted: 9/29/2011 12:33:50 PM EDT
[#37]
Quoted:
Quoted:
You stopped contributing because of something that "may" happen in the future?
Quoted:
If they change the rules, people will act accordingly. Then, they will be surprised that people want to actually keep their own money. Wife and I stopped contributing to our 401k plans over a year ago because we were concerned that at some point the government would NOT be able to resist the vast amounts of cash people have socked away. Yes, I buy health insurance, car insurance, dental insurance, life insurance, home owners insurance, an umbrella plan, ammo, guns, food, water, first aid kits,etc... all because something "may" happen in the future. All this extra cash that would have gone into our 401K is going to pay off our debit. Having less than three years to go on our mortgage is feeling pretty good right now. |
|
|
|
Posted: 9/29/2011 4:57:35 PM EDT
[#38]
so after most employers drop defined benefit retirement plans and contribute to 401k plans instead, the .govt is going to ban employers from contributing to 401k plans and make employee contributions all after tax contributions.
Fuck these people. If this happens, not only will few have any retirement plans, social security will be fucking broke and this alone will crash the stock markets because every month tons of money go into the markets through 401k contributions. It's getting to the point where many people are going to have nothing left to loose. Maybe that is what they want |
|
|
|
Posted: 9/29/2011 5:14:48 PM EDT
[#39]
Quoted: Yes, but I think they're banking on those people with nothing less to lose to willingly attach themselves to the teat.so after most employers drop defined benefit retirement plans and contribute to 401k plans instead, the .govt is going to ban employers from contributing to 401k plans and make employee contributions all after tax contributions. Fuck these people. If this happens, not only will few have any retirement plans, social security will be fucking broke and this alone will crash the stock markets because every month tons of money go into the markets through 401k contributions. It's getting to the point where many people are going to have nothing left to loose. Maybe that is what they want |
|
|
|
Posted: 9/29/2011 5:19:19 PM EDT
[#40]
Quoted:
Quoted:
Yes, but I think they're banking on those people with nothing less to lose to willingly attach themselves to the teat.
so after most employers drop defined benefit retirement plans and contribute to 401k plans instead, the .govt is going to ban employers from contributing to 401k plans and make employee contributions all after tax contributions. Fuck these people. If this happens, not only will few have any retirement plans, social security will be fucking broke and this alone will crash the stock markets because every month tons of money go into the markets through 401k contributions. It's getting to the point where many people are going to have nothing left to loose. Maybe that is what they want I think that would be a bad bet |
|
|
|
Posted: 9/29/2011 6:57:44 PM EDT
[#41]
Quoted: Quoted: If they change the rules, people will act accordingly. Then, they will be surprised that people want to actually keep their own money. Wife and I stopped contributing to our 401k plans over a year ago because we were concerned that at some point the government would NOT be able to resist the vast amounts of cash people have socked away. Basically, the government is going to spend all of the savings of everyone everywhere by the end of next year. After that, they will have to start killing people to take the asset wealth. Black hole economics. |
|
|
|
Posted: 9/29/2011 6:59:26 PM EDT
[#42]
Quoted: These cocksuckers force Social Security on us, mismanage it into the ground, and are now looking to kill off the alternatives to Social Security people like me have to rely on to save for old age. They of course never have to worry because their own government guaranteed pensions are the last thing in the world they'd ever mess with. Next step. They will implant this crystal in your hand and they kill you when you turn 30. |
|
|
|
Posted: 9/29/2011 7:00:59 PM EDT
[#43]
Plain and simple. That whole long thing really says: "we want the people to buy stuff, and pay taxes because we can't have them saving money or we won't have any power over them"
Anyone who thinks the D's are anything but socialist shitheads.......well.... |
|
|
|
Posted: 9/29/2011 7:01:25 PM EDT
[#44]
Quoted: Reminds me of the line always used in regards to the Bush tax cuts... Gale cited the Tax Policy Center's estimate that the immediate, direct revenue loss associated with contributions to IRAs and 401(k) plans will exceed $1 trillion over the next decade. HOW ARE WE GONNA PAY FOR THAT???  There you have it. They will spend a decades worth of savings in one year. They don't even mention all the revenue lost because no one has any money to invest to create revenue. |
|
|
|
Posted: 9/29/2011 7:04:25 PM EDT
[#45]
Quoted: In 2007, total private holdings in 401k plans was around $3 trillion. I'm sure that number has changed, but use it as a basis for a moment - what do you suppose would happen if $3 trillion was pulled from the market? The Dow would go drop like a fat kid chasing a donut down a hill, that's what. To be so concerned about a double-dip recession, they sure ignore the consequences of their own actions that impact the economy. The federal government would spend what millions of people have saved over several decades and spend it in less than 3 years. They will do so even when all that 401k money is providing the investment dollars which makes the economy run. They are killing the last bull in the herd because it weighs the most instead of breeding him for more calves. |
|
|
|
Posted: 9/29/2011 7:05:16 PM EDT
[#46]
Quoted: Quoted: 401(k) Tax Changes May Be On Fast TrackJoe Mont09/23/11 - 11:32 AM EDT WASHINGTON D.C. (TheStreet) –– In the coming weeks, Americans could face sweeping changes to the tax deferral status and funding strategies of their retirement plans.The Senate Finance Committee last week held a hearing (a webcast and testimony can be found here) to discuss proposals for strengthening the nation's retirement system as well as dealing with the reality that these plans are a ripe target for deficit reduction plans. ... "All of the reforms I read about lately seem directed toward reducing the amount of money that people may set aside in defined contribution plans and IRAs," U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, says in his remarks. "For example, the National Commission on Fiscal Responsibility recommended capping pretax contributions at $20,000. The Congressional Budget Office describes a proposal to reduce annual contributions to 401(k)-type plans by $7,650 for older workers, largely by repealing the ability of workers at age 50 to begin making catch-up contributions. IRA contributions also would be cut by $1,500 for older individuals." .... http://www.thestreet.com/story/11257753/1/401k-tax-changes-may-be-on-fast-track.html?puc=outbrain&cm_ven=outbrain&obref=obnetwork Link to testimony with details in article basically - cap contributions, make everything taxable, drop employer contributions, so employers could spend the money on employee health insurance (see testimony vanderhei, bottom page 9). government collects tax, gives "credit" back on employee contributions. by taxing 401k's, increase gov revenues, gets rid of tax shelter (for the rich). I thought the current cap was $16,500 How is capping it at $20,000 (highligted above) a reduction? Over 50 can add $5000.00 to the $16,500. Fuck these people. |
|
|
|
Posted: 9/29/2011 7:09:38 PM EDT
[#47]
Quoted: Amen.Quoted: I have been saying for decades that the 401k will go down in history as one of the biggest boondoggles our gov't ever foisted upon us. Get rid of guaranteed pensions for this garbage? And now they are on their way to take these too. Once again it is all about control. Keep the people under their thumb. Steal more money. More people having to rely on them. Instead of lowering spending they want to raise more revenue. Outrageous. And since the repulicraps and the demoncans are pretty much identical nothing will change. When/if we get a new gov't in Nov. they will not get rid of this, just like they did not get rid of obamacare. But mark my words they will campaign on it. Actually I have a lot more confidence in 401(k) then I do any other type of retirement program. Pensions are the most sketchy sort of retirement you can deal with. Generally the company takes the tax writeoff and then does everything they can to not put money in to fund them. There is a lot of territory in the law where clever actuaries can change the assumptions and oftentimes are forced to as the company doesnt want to actually deposit anything more then the bare bones minimum. With a 401(k) the money is there and its yours, but with a pension the moeny isnt yours until its paid to you and its not gaurunteed because the company didnt put the money in. Guaranteed pension? What a crock of nonexistent bull shit. |
|
|
|
Posted: 9/29/2011 7:11:22 PM EDT
[#48]
Quoted:
Hate to break it to some but the Gov IS going to tax the shit out of your 401k's as sure as the sun comes up. That is what I was thinking. I believe it is taxed on withdrawal as normal income at the appropriate levied income tax rate. For starters it is taxed 20% before you even see it, then your 1040 filing sorts out the net tax. It has been that way for years. |
|
|
|
Posted: 9/29/2011 7:11:38 PM EDT
[#49]
They are just trying to steal everyones retirement. IMO the people who are advocating that should have their assets seized and spend some time in prison.
|
|
|
|
Posted: 9/29/2011 7:11:54 PM EDT
[#50]
Quoted: Quoted: You stopped contributing because of something that "may" happen in the future?Quoted: If they change the rules, people will act accordingly. Then, they will be surprised that people want to actually keep their own money. Wife and I stopped contributing to our 401k plans over a year ago because we were concerned that at some point the government would NOT be able to resist the vast amounts of cash people have socked away. If by "may" you mean "will never". It's kind of silly to think they'll just take your money. Why not take your savings account and checking too? Shit, pull it all out!!! No, the worst that will happen is they'll end the program or make it useless so they can funnel all the annual money going into 401k elsewhere, like "Social Security 2: The Revenge of Idiocy." |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
