Note: I could have posted this in the “not for everyone” thread but everyone(members and non members) needs to be aware of some have in mind for your retirement funds.
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
It might be for folks who have NO idea how to invest on their own, or do not know there is an option available to have a personal financial investment adviser to handle their investments.
But I certainly think if the SS Administration has anything to do with ones personal investments it would be like sailing without a boat.
Personally I believe if anyone can grab what they have left in a company IRA and hire their own financial adviser they may have a chance to make money.
Just another example of folks in congress thinking that they have all the answers and that we, the people, are too stupid to think for ourselves and make our own determinations.
Some plans allow the recipient of the money to take it and roll it over into their own 401 account, like I did about 18 years ago.
Now my money makes money, it did 18 years ago also with many Fidelity Funds, but since I have control rather than the actuary of the plan it makes more money than when one of the hundreds of Fidelity Funds made good money (using Fidelity as an example).
Now even if the market is terrible now, I can still day trade with various stocks and do fairly well.
Lets just use T (AT&T) as one example, I have made a few thousand simply day trading that stock the last few weeks…and a few others also.
**OPERATION EXPOSE: OBAMA AIMS TO KILL 401(k) TAX BREAKS **(Trafalgar)
In a possible preview of economic policy under an Obama Administration, powerful House Democrats are looking at eliminating most of the $80 billion in annual tax breaks for 401(k) investors. Workforce Management reports that Rep. Jim McDermott, D-Washington, Chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, and House Education and Labor Committee Chairman George Miller, D-California, are studying how to alter the nation’s $3 trillion 401(k) system, to eliminate investor tax breaks and force workers’ money into obligatory retirement accounts.
They’ve been talking about moving private 401K and IRA accounts into the SS system. They’d guarantee us a 3% return over the life of the fund. They believe that will re-fund the current ongoing colapse of the SS system in about 20 years. Of course we all know the government won’t keep their hands off the new money and will immediately begin to expand additional entitlement programs.
They are going to grab your money, regardless of where it’s at. They are passing a bill that will force Swiss Banks to report all accounts and money in them for taxation purposes. It will not be safe stuffed in your mattress either, before long, they will do away with all paper money and checks, it will be the age of plastic. They will know every dime you spend, where, when and for what. No one will be able to buy or sell, outside of the system. Everyone wants Change and a New World Order. Well you’re going to get it, hope you like it! Someone once said, When you hear them promise, “Peace and Prosperity” flee to the mountains, don’t look back, don’t go to your homes and gather your things, just flee, and pray that it is not in the winter! Change is coming! Global Warming is coming! Enjoy
Cute joe, but it really doesn’t have a thing to do with him being elected, he is not in charge, he may be a player, but he is not in charge. What I wrote above, has been in play for a while now. Think about it.
Maybe they could just put a number on your hand or your forehead - instead of using plastic, which someone can steal. Sounds like a good idea to me!! Actually your social security number is already figuratuively stamped on your forehead. How many people do you know without one?
