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Discussion Starter #1
A co-worker heard that the government plans on taking our retirement account and redistribute the wealth? Can they do that?
The asshats who gave us Social Security now want to get into the piles of money private citizens have saved so they can pour it down some government rat hole or lard it into some pork barrel project. Or just, you know, "spread the wealth" a little.

http://www.qando.net/details.aspx?entry=9549

Your 401K is now in jeopardy

http://www.workforce.com/section/00/article/25/83/58.php

House Democrats Contemplate Abolishing 401(k) Tax Breaks
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.

Democrats to kill 401(k)s for … privatized Social Security?

Do they plan on taking our retirement?

http://hotair.com/archives/2008/10/23/democrats-to-kill-401ks-for-privatized-social-security/?print=1
 

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I think this is the testimony in Congress you're talking about:
http://www.house.gov/ed_workforce/testimony/2008-10-07-TeresaGhilarducci.pdf

I've read through her testimony. I think the funniest part of this is that she wants the government to take 5% of your gross salary on top of the social insecurity tax and give that to the SSA. This is just more government intervention where it doesn't belong.
 

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My 401K as lost over 20% of it's value in the last 2 months. At that rate, there won't be anything left for them to take by January!
 

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our retirement account already took a 39% gross nose dive, while the powers that be are dumping more of our earnings into the morons that caused the loss to begin with......so for every dollar I saved in my 401k I now have sixtyone cents...........

If they walked into my house and did this I believe I would have the right to shoot them for larceny under current law.

Let the revolution return
 

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Doomsayer
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Can they do that?

Sure they can, they are from the government, and one man with a machine gun can control 100 people...until...

ALL 'paper assets' will be worthless eventually. Wish I knew the exact date.

Quite contributing to my 401K years ago, cashed it out 3 years ago, sold the last of my stock holdings 3 years ago also.
 

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Back in May we took money out of our reteirment accounts to buy a cabin in the woods...boy am I glad we did! Since then the accounts have lost as much as we took out!! At least that much has been invested in something that, while maybe loosing some value, will still be there in 5 or 10 years. I can't say the same for other investments.
 

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Yes they can. Eventually if you have any retirement they will have it. Are you ready for war now?
 

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Bail me out
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didn't Argentina just confiscate everyones retirement account? they wont get much 401 from me
 

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For some reason I'm both surprised and not that this is being discussed - given the track record of our government why should I believe anything they say. I'm seriously rethinking the whole 401K thing @ this time. Where would you put the $'s you were saving?? Gold? Guns? Cash?
 

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There is no "tax break" with a 401k,only a tax deferred advantage.Who knows the tax rate when you need to pull it.
If they are talking about 401s,then they are thinking of grabbing ROTH IRAs also. These peaches are too tempting to not grab.What they grab from you,they will use to solidify their own failing accounts.Cash out ...its only yours if its in your hands.
 

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Discussion Starter #14
Well, this is what I think needs to happen. They need to have the same retirement that we have. Then, they might be a better stewart with our tax dollars.
 

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Savage intellectual
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I'm so glad I cashed out my 401 in 2005. You couldn't pay me to invest in the stock market now.
 

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Well, this just about does it for me. Since I'm over the magic 59 1/2 I'm going to pull out my 401k. I know I loose the pre-tax status but I'm just loosing it at the other end anyway. They're certainly taking away any incentive to work. Oh well Brother Barack wants to spread the wealth & that's just another way to do it.
 

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I don't know about the rest of u folks, but I can't pull out my 401 or 457 money unless I quit or retire. Retirement is still 3 years off. So essentially my money is stuck. I did however see the writing on the wall some time ago and transferred all the money into a 4% fixed. Have not lost a dime this year. I stopped contributing a few months ago and putting the extra $$ in...you know.
 

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The market has a long way to fall. If you can't leave a moderate amount of money and still handle the coming hyperinflation get it out now. If you're about to retire now it doesn't look good for you.
But if the market stays and works the same as it always has and doesn't get re-organized the market might correct in about 5-6 years.
Paper investments are a great risk now.
 

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HOPE4BEST&PREP4WORST
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Read the full report on the link Posted by WVsurvivalist

I'll tell you what after reading the full report posted by WV about 401k's i'm glad that the government is looking into improving the system. Wall street firms have a way of making a lot of money thru 401k's they know when the money goes in and when the stocks invested in 401k's will rise so they sell as the stock rises because of our investment dollars going in but a large part goes into their, wall street firms and investment banks pockets. After realizing this after reading that report I think that they should prosecute those firms and banks for insider trading, but as bad as the market is now I really don't see that doing any good it would only make things worse. The report also mentions that they are trying to find a way to help retirees that lost a significant amount of their retirement savings. The report says nothing about just taking your retirement money it only mentions the inherent problems with 401k's and options they are considering to improve and/or overhaul the retirement system. To make a long story short its not the government that is a threat to your retirement account its the wall street firms, and investment banks. I'm starting to realize what a big steaming pile of sh!t wall street, the money changer magicians are, they shouldn't have parachutes period : They should have a mill stone cast around their neck and thrown into the sea. IMHO.
 
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