[StarPD45]

While this will never affect me, (at least until they lower it to the $1,000 level, LOL), I find it interesting that Obama's budget bill "allegedly" sets a limit on pre-tax retirement accounts at $3 million, for all accounts combined.
It reminds me of the bill that was talked about a while back of confiscating all retirement accounts and turning them into annuities.
I woudn't put anything past these people. We do live in interesting times.

 

[Smitty901]

He will take all of them in time that is the plan . You did save that money .

 

[Rigged for Quiet]

Well thank God I'm in under that 3 mil level....

 

[Blademaker]

Screw "O"..........I retired when I was 51, wife is a teacher, I invested in rental properties and have good tenants.
Waaaaaay below the 3 mil

 

[Smitty901]

Well thank God I'm in under that 3 mil level....

Just phase one he will get to you. Just sit back a wait.
For a married couple that have saved an invested a life time 3 mil is not a hard number to have put away for retirement. just sounds like a lot.
But he knows that will stir up more class warfare for his cause.
Then they like to pretend IRA's are tax free they are NOT. You pay the tax as you draw you own money out they are never tax free. And if you pass any on to your children they take that also.
Your home when you end up on medicare time to wake up.
Obama plan, It not you business you did not build it, There not your children, it is not your savings it will never stop.
Now get on the peoples bus , ride over pick up your free phone and bus pass and be quiet.

 

[Montana Rancher]

Just phase one he will get to you. Just sit back a wait.
For a married couple that have saved an invested a life time 3 mil is not a hard number to have put away for retirement. just sounds like a lot.
But he knows that will stir up more class warfare for his cause.
Then they like to pretend IRA's are tax free they are NOT. You pay the tax as you draw you own money out they are never tax free. And if you pass any on to your children they take that also.
Your home when you end up on medicare time to wake up.
Obama plan, It not you business you did not build it, There not your children, it is not your savings it will never stop.
Now get on the peoples bus , ride over pick up your free phone and bus pass and be quiet.

Haha smitty you should not drink and post but your arguments are valid...

Retirement accounts will be seized in the near future, if you have funds in 401k or sep Ira get them and put buy preps.

Look at history people this is the normal progression, seizing bank accounts is new but should be figured into the process.

Any fiat money in the system is not yours

 

[Meangreen]

Haha smitty you should not drink and post but your arguments are valid...

Retirement accounts will be seized in the near future, if you have funds in 401k or sep Ira get them and put buy preps.

Look at history people this is the normal progression, seizing bank accounts is new but should be figured into the process.

Any fiat money in the system is not yours

I believe your both right because we are seeing it in what used to be some of the most secure retirements. I know my retirement was reduced and it's just the start. I work with people who put in 20 years with what used to be rock solid retirement packages like General Motors and were left with nothing but a tax break. Now their starting in federal service and are seeing the same warning signs.

 

[Inor]

Smitty, Montana, and Meangreen -

I think more and more people are coming to realize the same things you all understand. The folks that started the whole fiat money supply knew they could not completely divorce money from tangible value all at once, or even in one generation; that is why they call them "progressives". Obama knows he cannot seize all retirement accounts, all at once. So he will take them one company at a time (GM), or just over some arbitrary amount. When that is gone (June or so), he will move onto the next group of producers and loot them.

Your three posts kind strike at why I have been coming to this site in the first place. I am not a prepper because I am afraid of some catastrophe. - I have been through a few catastrophes, and though they are never pleasant; they do end. I am here because I am going to build my own personal "Galt's Gulch" and you guys are teaching me how.

 

[Verteidiger]

Very challenging to know what the right move is on existing retirement accounts.

I admit I bought into the concept of IRAs and 401(K)s completely. On paper it all made perfect sense.

Now I honestly fear the accounts will be raided by the government through taxing what was supposed to grow tax-free or tax-deferred over time, or Wall Street will crash again after the Fed manipulated liquidity bubble we are currently seeing bursts (which is coming next) and wiping me out.

Still contemplating pulling the money, taking the tax and penalty hit, and getting out while the getting is still possible.

The last time I felt this misled was when I found out that Santa Claus wasn't real. Never been the same since....

 

[Smitty901]

I don't drink at all.
I do see what is coming. The idea of taking what others have earned and saved and giving it to those that have not is not a new Idea to Obama.
It is his calling card. A major source of his support.
Go down his list.
I won't take your guns
I will only tax those over 250K
You can keep your doctor and health plan
I support the Constitution (just my version)
You can bet that the idea of the Government taking what you have saved is coming .
Watch how this Obama care plays out in the next couple years.
Obama is nothing new he is a Socialist academic, His view is a world where everyone is the same regardless of effort , except for his class that some how where born to care for the rest of us.
In his world everyone eats the same ,lives in the same size house rides the people bus .
IRA, 401's they begged us to save made laws that made it possible to do so now that you saved it they look at you silly fool that is not your money hand it over.
The thief will return after he still off the top he will come back for more.

 

[Ripon]

So the woman in Alameda County (Oakland, CA) who is the county administrator and will retire this year with $404,000 a year in lifetime return for her service to the community - is "O" going to take hers - clearly that is worth more than $3 million? I'll bet big bucks she's not going to lose a dime to bama.

While this will never affect me, (at least until they lower it to the $1,000 level, LOL), I find it interesting that Obama's budget bill "allegedly" sets a limit on pre-tax retirement accounts at $3 million, for all accounts combined.
It reminds me of the bill that was talked about a while back of confiscating all retirement accounts and turning them into annuities.
I woudn't put anything past these people. We do live in interesting times.

 

[Smitty901]

Some teachers many county workers retire with well over that amount here.
Anyone in the higher ranks at the UW system .

 

[Ripon]

Well the beauty (or crime if you will) of a defined benefit plan is there is no dollar value to it. It just pays you "x" dollars for "x" number of years. The county administrator in the county that represents that beacon of success, Oakland, CA, here defined benefit for her years of service is $404,000 a year plus free health insurance for life. I gotta believe that's worth $3,000,000 right?

 

[PalmettoTree]

I find most people that say retirement accounts will be confiscated do not have one of any value.

Fiat money is worth exactly what it buys or debt it satisfies.

PMs are commodities and should be treated as such. The fact that they have been used as money does not make them money now.

The major reason people lose investment money is they fail to sell when the company invested in fails to perform as a successful business.

The limiting of pre-tax retirement value will only serve to drive investments out of the country. I am currently looking to buy real estate in England.

I currently pull money out of IRAs and ROTHS such that I do not pay more than 15% each year.

I am currently invested in PMs also. I started collecting silver coins about 50 years ago. My goal is to have complete sets of all silver coins minted in this country. Although I do not worry about changing market cost or value. It's intended use is for stored value needed by future generations.

 

[roy]

So the Bible can mean anything you want it to.

 

[tango]

Back when Pelosi was Speaker, she said ' we will just take those IRA's, it's our money anyway'., it's coming--- someday--

 

[PalmettoTree]

So the Bible can mean anything you want it to.

?????

 

[poriggity]

I agree 100% with this. My wife sees it, as do my inlaws, but that's the extent of my family that "gets" it, and knows that's why I've started prepping. I'm not prepping for the doomsday apocolypse. I'm prepping for the day I have to live off the grid with NO ties to the govt.

I don't drink at all.
I do see what is coming. The idea of taking what others have earned and saved and giving it to those that have not is not a new Idea to Obama.
It is his calling card. A major source of his support.
Go down his list.
I won't take your guns
I will only tax those over 250K
You can keep your doctor and health plan
I support the Constitution (just my version)
You can bet that the idea of the Government taking what you have saved is coming .
Watch how this Obama care plays out in the next couple years.
Obama is nothing new he is a Socialist academic, His view is a world where everyone is the same regardless of effort , except for his class that some how where born to care for the rest of us.
In his world everyone eats the same ,lives in the same size house rides the people bus .
IRA, 401's they begged us to save made laws that made it possible to do so now that you saved it they look at you silly fool that is not your money hand it over.
The thief will return after he still off the top he will come back for more.

 

[Deebo]

Man, all of these posts are hitting home with me..I still haven't decide what the heck to do with my 401K. I guess along with "fixing my credit" this year, I need to add "making the decision about what the hell to do with my so-called-retirement plan"????

 

[Deebo]

So the Bible can mean anything you want it to.

UM a little off subject, but yes, It can mean anything you want it to.. I went on a reading spree when I was a teenager, reading books cover to cover, and the time that I read the BIBLE, every time I picked it up, the first page would have something relevant to that days problems...