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Old 07-31-2010, 08:36 AM
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Default Obama is nationalizing (i.e. STEALING) your 401k and IRA's!



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This is the final attack on the middle-class and will deal the deathblow to this country. But, like everything else evil and dastardly, it will take years before most retire and then realize that they are doomed. It will go unnoticed untill it is decades too late to fix. Please, read this info carefully and please follow the links!!! Also, please post every link and bit of info you can find on this.

PLEASE SHARE THIS INFO WITH EVERYONE YOU KNOW!


Last night a survival friend of mine called me and told me about this. I was upset to say the least. Without giving any names, a very trustworthy and top selling annuity salesman received a email about it. he was being warned that his job may be on the line, as well as probably 500,000 others in this country if they do not push this new plan.

I've provided a few links that describe what's going on from a couple of different points. Here is the jist of it, some of which is NOT public knowledge yet and is NOT in those links. Obama plans to take everyone's 401k, and IRA's and put the money either into the national social security funds, or put it into a new fund that will pay 3%!! 3%!!!. I hear there may be a opt-out option but it will roll you over into this new plan, being called the "Obama 401k", unless you make a point to specify that you do not want it. It will be pushed hard, newcomers will be sold above others.

Don't let this post die! This is important, and we should be outraged! They are natonalizing our own personal savings and taking the money you have worked all your life for. They are going to TAKE your money AND put hundreds of thousands of 401k, IRA, and annuity financial planners and salesmen out of business.

Do you know what happens to social security money? It doesn't go into your account, it goes into the pool and pays everyone. If there is enough left over after govermnet spending, then you get your cut of it. No other plan is dipped into more than social security. The goverment takes money out of it to fund just about everything else. Paying the hard working people of this country their due rights is the least of their worries.

And do not forget, social security tells YOU when you can retire. a 401k does not. If they take your retirement savings, they have effectivly made you their working slave and can tell you how long you have to work for them before you ever get to see a penny of your money.

This is the worst scam ever, this even beats the fdic. Do not be a sheep! Wake up and take the wool off your eyes. Please share this info with all of your friends and everyone you know. Your future is at stake this time, do not forget this!


http://www.dailymarkets.com/economy/...ze-401k-plans/

http://www.thenewamerican.com/index....ement-accounts

http://moneymorning.com/2010/01/27/retirement-plans/
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Old 07-31-2010, 01:02 PM
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This sucks for people who haven't already pulled out of this corrupt system. Social security, and even 401k and IRA's are no good either because of how much the market gets manipulated, and now they get stolen.
I guess you don't have much choice if you don't have family businesses, but at least try to put money into metals instead of putting any money into these systems. Bank accounts, Pension funds, any money that can be accessed electronically isn't safe from these thieves. I only keep the bare minimum in a small local bank checking account to pay bills and make online purchases, other then that I don't let this system touch the rest of my money at all. Its not to late to save yourself, stop putting money into these funds and buy metals if you can.
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Old 07-31-2010, 02:18 PM
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Yes, if you aren't out already I hope this is more than a wake up call to get out of 401k's and IRA's. This is a total disaster to anyone who is trying to save for retirement.

I had an idea this was coming a while back, and I did a bit of research a few months ago and I think I found the best option if you still need or want some returns. I don't even play the market anymore, I don't put my money into anything unless it is 100% guaranteed returns. If you don't want to completly pull out and bury your money in the ground (i.e. you still want to get everything out of this system while you can) I'de have to really recommend annunities at this point.

Not only do you get guaranteed returns but you can also get a 10% match to whatever you put in (or at least the company I use does, I'll share the name of the comany and even the agent I use with anyone on this forum intertested if they pm me, I don't want to just put his name on the main forum without asking tho nor would I want to advertise a company here). I'm getting 10% guaranteed APR right now, and you can start one with as little as $5,000. I think they also have plans that let you pay monthly to build up your account, but I' didn't go that route so I can't say for sure. I can't think of anything else that can offer you that much security and that high of a APR at the same time.

As far as safety and this "obama 401k" is concerned, if you get signed up now before obama passes this law then you will be grandfathered in and you are safe for the rest of your life. Plus I also know that my family will have an income one day. The more we pull out of our 410k's the less incentive obama will have to pass this law.

But this is just one part of the plan. As far as this law goes I hope we all fight it tooth and nail and hope and pray it doesn't get passed! Please, spread this thread to everyone you know, we have to fight this. It's absolute slavery untill the age of 67 with no other safe options other than a pathetic 3% or bury it under your mattress and draw 0%!
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Old 07-31-2010, 03:57 PM
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Neil Boortz has been predicting this for some time, years in fact.
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Old 07-31-2010, 09:30 PM
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This was proposed before and was shot down in record time. Don't get me wrong - eventually I see them trying something like this but when they do it will be 1) proof positive that the S is HTF and 2) it will wake up the sheeple like nothing else would. It could (and likely would) turn violent real quick because the sheeple like to be dumb, fat and lazy. If you take away their means to be fat and lazy and then you will see just how mean and vicious they can be.

Keep your powder dry and your options open folks it is going to be one wild ride.
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Old 08-01-2010, 01:21 AM
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Got , no IRA woopy!!!
Old 08-01-2010, 11:42 AM
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Quote:
Originally Posted by Too much coffee View Post
This was proposed before and was shot down in record time. Don't get me wrong - eventually I see them trying something like this but when they do it will be 1) proof positive that the S is HTF and 2) it will wake up the sheeple like nothing else would. It could (and likely would) turn violent real quick because the sheeple like to be dumb, fat and lazy. If you take away their means to be fat and lazy and then you will see just how mean and vicious they can be.

Keep your powder dry and your options open folks it is going to be one wild ride.
I could see this being sold as a good thing to the people. You have to remember most people know nothing about finances and just turn their money over to advisors now. People dutifully pour money into their 401k now without much idea as to what they are exactly invested in or what the future of that stock looks like. With everyone losing their butts in their retirements now, it wouldn't take much prodding to convince people that 3% guaranteed is a good thing. Espeically since the best you could expect guaranteed now (outside of an annuity) is what, 1.5% in a CD?
Old 08-01-2010, 06:17 PM
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Not to be too cynical, but when the government created a tax-advantaged retirement account system, encouraged people to put their private money into it, and deprive the government of the tax revenue, why did people not smell the ulterior motive!?!?!?!?!?!? The federal government has not been in the business of expanding freedom and letting people keep their hard-earned money. Retirement accounts have been a sitting duck since day one.
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Old 08-02-2010, 07:13 AM
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Originally Posted by Harmless Drudge View Post
Not to be too cynical, but when the government created a tax-advantaged retirement account system, encouraged people to put their private money into it, and deprive the government of the tax revenue, why did people not smell the ulterior motive!?!?!?!?!?!? The federal government has not been in the business of expanding freedom and letting people keep their hard-earned money. Retirement accounts have been a sitting duck since day one.
Ty harmless for shaving a little bit more of the wool off my eyes.

I guess assuming they actually did a good thing for once is a stupid idea. Now our illegal alien of a president obama is here to fulfill the plan that was set in motion all those years ago.
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Old 08-02-2010, 07:47 AM
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This won't happen as described. What very well may happen is a tax on the balances in those accounts. That was actually talked about in the Clinton Admin days, but was quickly passed on as it would be political suicide.
Old 08-02-2010, 08:11 AM
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This won't happen as described. What very well may happen is a tax on the balances in those accounts. That was actually talked about in the Clinton Admin days, but was quickly passed on as it would be political suicide.
thats the beauty of obama, he's already commited political suiside.
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Old 08-02-2010, 08:17 AM
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thats the beauty of obama, he's already commited political suiside.
Reall? How so?
Old 08-02-2010, 05:26 PM
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Its all gone he is gonna have to bail it out.
Old 08-03-2010, 10:12 PM
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Ok, you have a couple things put together in the post that are seperate plans; one is a done deal, the other is not.

First, there is already a "new retirement" plan that has passed in the health care bill. Starting in 2011 money WILL be taken out of your check unless you opt out. That is a done deal. This money will be invested in gov IOUs like social security has been.

There are also people who are suggesting that authority be given for the federal government to take your regular retirement accounts and replace them with IOUs in the cases of a national crisis. This is just in the talking stages the last I heard. Some of the same people are suggesting that this be more "equitably distributed" too.
Old 08-03-2010, 10:42 PM
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How can you get out if your employer wont allow you to withdraw from your 401k until after you are no longer employed with them?
Old 08-03-2010, 10:51 PM
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You can:

1. opt out of the new govt plan
2. stop putting money in your employer plan


Getting past amounts out of the employer plan is another matter. It depends on the plan. IF you can get it out there will be stiff penalties for taking it out early. You usually have to have a serious financial hardship to get it out before retirement age and jump a lot of hoops.
Old 08-05-2010, 01:51 PM
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Overall this is a horrible idea. Why in the world would anyone do this? There is so many political, psychological, and economical problems with this that it's scarry.

They have already taken the first step and opened up an option that you must opt out of. It's not really like it's just another option, it's the default. If you do not opt out, they take it.

And they are talking about just taking it either way and not giving you any choice to opt out. If you have a 401k, ira, or whatever you will lose your money or have to pull out, which would also mean paying taxes on all that money. I bet you most will just let it roll over. For most a 401k is out of sight and out of mind.

I'm tellin ya, get out of it all, or put it in a fixed index annuity. Heck, when you transfer to a annuity with a 10% match you can actually make up some of what you have lost in the past few years. Just, for gods sake don't go to a bank and do it either or all they will do is take your money then open up a account with the same companies you could have in your first place and take your 10% match plus 10% apr, and then give you a $0 match and 2-3% apr.
Old 08-05-2010, 01:59 PM
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He [obama] would usher in a new revolution if he actually did this.....
Old 08-08-2010, 08:23 PM
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Quote:
Originally Posted by Neo31rex31 View Post
He [obama] would usher in a new revolution if he actually did this.....
But does it not feel like he is trying to goad the general populace of these United States into a revolution?
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Old 08-08-2010, 09:24 PM
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Originally Posted by tmootu View Post
How can you get out if your employer wont allow you to withdraw from your 401k until after you are no longer employed with them?
Before I start, I want to let you know that I am in the business of opening/administering 401ks for small businesses, and I'm not just some bum off the street. That being said.............

More and more 401k plans now have an option called an "in-service withdrawal" or an "in-service distribution". This basically allows someone who is still employed with the company to roll their money out of their existing 401k into an IRA. Every plan is going to have different rules about how much and how often, and some don't even offer that as an option or you have to be a certain age. It is definitely worth exploring. Dig up your last 401k statement, call the 800 number on it, and ask if your plan allows this as an option. (Don't as your HR department because generally they are dumb as **** when it comes to this). This is a fairly new concept that came about because people should have a choice on how their money is invested. Most employer plans offer few investments, many times from the same mutual fund company. (no company excels in everything, despite what they tell you). Definitely worth the phone call though.

The advantage to doing this is that once your money is in an IRA, you can cash it out (and get raped on taxes), invest in other things, or do pretty much whatever you damn well please with it.

Another option is the 401k loan. Again, your plan may or may not allow this. Loans are generally paid back over 1-5 years (or up to 15 if used to a home purchase). This will come directly out of your paycheck, and is usually not as much as you might think. You still end up paying yourself back, but at least you can have the money in your hands during the next few years when things might get shaky. One of the common misconceptions about 401k loans are about the interest that is charged. Basically, you are putting more money back into the account over time. You get the interest, not the company. The big upside to this is that a 401k loan is TAX FREE as long as you pay it back. If you leave the employer while you have an outstanding loan, you have the option to pay it back or just eat the taxes on whatever you still owe.



Hope This Helps,


Pro-Pain
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