Hope none of you have IRA's or 401K's... cause BHO wants to nationalize them...

[ga-hvac-tech]

This came across my Email box... would not surprise me a bit:

http://www.nationalseniorscouncil.or...rity&Itemid=62


Looks like 'fearless leader' want to reduce EVERYONE to his program of socialism.

You libs are not exempt either... whoops

[2sac]

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich

So they've redefined rich as "people with jobs"

All they'd have to do is increase the FICA tax to accomplish the same thing

[Gib's Son]

Nothing new here.

http://hvac-talk.com/vbb/showthread....11#post8910711

[54885488]

Looks to me like this story is coming from a all conservative retirement lobby group . This is probally as true as obama is going to take peoples guns . I may be wrong but i guess we will see !

[ga-hvac-tech]

So tell me... which would be more important:

Where a story came from... or whether the govt took your retirement?

Come one, fess up... would you give your retirement to the govt just because a conservative floated a story?

Sheesh... now I understand why the GOP lost the election...

[Gib's Son]

It will not be freely given, at least by anyone with brain......it will be confiscated and re-distruted. Perhaps some will go towards the National Dept, but my gut tells the the latter.

This idea has been floated several times under both the R's and D's in the W.H. as a way to free up money to pay down the dept, but my fear is that King Obama will follow through via back door methods. Similar to Social Security, it would supposedly to go into a lock box, we all know how that worked out. We can all just wait and see.

[acmanko]

Ummm, 401k's and IRA 's are partnerships with the US Government. They always have been. Their sole existance is to make citizens taxpayers for life. Yep , save this much every year so you have the income to support your lifestyle. Whatever SS income you get will be taxed as well as your minimum withdrawal.

It's better to save money in a CD or stocks and bonds and pay the taxes on the interest as you get it, that way wwhen you retire, you'll have all your savings tax free and what little you recieve in divedends or interest will most likely not make SS benefits taxable.

[DeltaT]

Ummm, 401k's and IRA 's are partnerships with the US Government. They always have been. Their sole existance is to make citizens taxpayers for life. Yep , save this much every year so you have the income to support your lifestyle. Whatever SS income you get will be taxed as well as your minimum withdrawal.

Not really. The US government has nothing to do with the ownership of any saving instrument unless they are directly issued by the US government and the government promises a return from the government's supply of taxpayers money.

The US government only states that you, as a tax payer, can invest using your free will in these type of instruments for your financial benefit in a deferred or tax exempt status. They don't control the money nor do they have it.

They only give options on which you can chose on when and how you pay taxes. You, as the owner of the money, can still use it, withdraw it and deposit more of it when and in the way you want.

But they can fine you for that, which you agree too, and that is all the input they can have. And even in certain situations - like the purchase of your first home - some of the investment instruments can still be used without any tax consequence for early withdrawal.

[forged alloy]

I think the idea is that by saving money pre-tax, you have the ability to invest it and grow it tax-free, until such time as you retire.

Then when you start to use it you will be paying taxes, but probably at a much lower tax rate than when you were employed originally.

What I fear is that traditional IRA's will be forced to convert to Roth IRA's, with taxes due on conversion.

[DeltaT]

Your biggest fear in the next four years is not that the saving instruments are changed for the worse but that obama will restructure the IRS tax code to a system based on wealth and not yearly income.

[energy star]

What will you say in four years when you ARE better off?

[DeltaT]

What will you say in four years when you ARE better off?

Good heavens! And you think we are better off right now!

[54885488]

Better off now compared to when ?