401k and congress - Anyone else scared?

[chestnut]

How long will it be before they go after IRA's? Hell, why stop there, they may think my house is too good for me and take it from me to give to someone more needy.

Maybe my car too.

And if they can't get enough from people making over their magic number of $250,000.00, they just pass a law to lower it. Who's to stop them.


See once they have a super majority all bets are on. You libs and dems better wake up. You may think you are safe now, but this will come back and bit you in your ass.

It may just take a bit longer to get to you, but it will..

 

[Pandora]

I'm not going to suggest any action right now but I can tell you what to look for....

Before the Democrats go through with seizing everyone's 401k's they will pass legislation that vastly increases the penalty for early withdraw... to prevent people from pulling out their 401k's so the government can't get their greedy mits on your money. Thats what you should watch for.... As soon as that Bill hits the floor of Congress, I'd be calling my broker to cash out.

I may not be a financial guru but I know how Democrats operate. They will cut off the exits before they set the building on fire. That's how they roll.

Great thought there. I will watch for it. I hope every single person who votes for him gets their 401k snagged and I hope every single person who had the brains not to vote for him gets their money out before the hit

thats the change they need!

 

[BigRob]

Great thought there. I will watch for it. I hope every single person who votes for him gets their 401k snagged and I hope every single person who had the brains not to vote for him gets their money out before the hit

thats the change they need!

If you are going to follow this strategy wait until it passes the House and then get a feel for it in the Senate. There are a lot of rich Democrats, as well as a large group of very conservative democrats in Congress, who I would wager do not support a plan such as this, especially with forced participation.

 

[Pandora]

If you are going to follow this strategy wait until it passes the House and then get a feel for it in the Senate. There are a lot of rich Democrats, as well as a large group of very conservative democrats in Congress, who I would wager do not support a plan such as this, especially with forced participation.

I would rather flush my money down the toilet then let that ..... person get his grabbing fingers on it

 

[BigRob]

I would rather flush my money down the toilet then let that ..... person get his grabbing fingers on it

Well you are going to feel dumb when the bill comes up, you cash out, and then the bill fails.

Don't jump the gun or overreact.

 

[Pandora]

Well you are going to feel dumb when the bill comes up, you cash out, and then the bill fails.

Don't jump the gun or overreact.

well its a while down the road

the moron has to win first
and then the mini morons have to take the majority big enough to get anything through
and then the bill has to be talked about


hey question
if i retire early can they still take your money?

 

[BigRob]

hey question
if i retire early can they still take your money?

Take your money from what?

 

[foggedinn]

Yea, I think y'all should take the 20% tax penalty for early withdrawal and take all your money out of your 401k's. Buy gold and long term treasuries.

That way, your taxes will go to a republican administration that has proven to be so economically adept. Don't dare let them dirty dems get their hands on your money. They'll just use it to kill babies and promote homosexuality.

Y'all need to stop listening to talk radio and start reading your bibles.

 

[Pandora]

Take your money from what?

well honestly I never asked so I don’t know once I retire, where my PERS money goes or my 401k. I know right now they are being invested, but I never asked once I retire does the money stay in the investments or does it go to a bank where a certain amount is sent to me monthly.

If peoples 401k’s became controlled by the government, does that mean non retiree’s accounts or even accounts of retired persons?

 

[Pandora]

Yea, I think y'all should take the 20% tax penalty for early withdrawal and take all your money out of your 401k's. Buy gold and long term treasuries.

That way, your taxes will go to a republican administration that has proven to be so economically adept. Don't dare let them dirty dems get their hands on your money. They'll just use it to kill babies and promote homosexuality.

Y'all need to stop listening to talk radio and start reading your bibles.

you would rather let the government control your retirement ?

 

[chestnut]

Yea, I think y'all should take the 20% tax penalty for early withdrawal and take all your money out of your 401k's. Buy gold and long term treasuries.

That way, your taxes will go to a republican administration that has proven to be so economically adept. Don't dare let them dirty dems get their hands on your money. They'll just use it to kill babies and promote homosexuality.

Y'all need to stop listening to talk radio and start reading your bibles.

There goes the bashing again. Can't get an answer without some snide remark or some defensive statement.

Why do you feel it is only on talk radio. Do you think we are incapable of finding out information on our own. There are plenty of places online to find out about this sneaky little meeting. Hell it was aired on C-SPAN.

Of course they are doing it now, while peoples focus is on the election and the financial issues.

Quit being crass. It is an awful trait.

 

[BigRob]

well honestly I never asked so I don’t know once I retire, where my PERS money goes or my 401k. I know right now they are being invested, but I never asked once I retire does the money stay in the investments or does it go to a bank where a certain amount is sent to me monthly.

Well you own the investments. You can cash them out or structure them as you please. You should probably ask how it is currently structured if you do not know.

If peoples 401k’s became controlled by the government, does that mean non retiree’s accounts or even accounts of retired persons?

Well, it would all depends on any proposal and the language included that would make that a reality.

 

[Pandora]

Well you own the investments. You can cash them out or structure them as you please. You should probably ask how it is currently structured if you do not know.



Well, it would all depends on any proposal and the language included that would make that a reality.

well i know this i have very bad timing

in 1999 i got my PERS statement that said i hardly made anything and all my friends made a ton and I asked how and they said go 75 percent variable and only 25 percent fixed. I at that time was 100 percent fixed. so I changed it to 75 percent variable and the market has not done so well since

My 401k I picked semi risky stuff, gosh in 2003 or something like that. I have been meaning to change back the PERS to all fixed and the 401k to less risky but I dread to call the woman because last time i did she talked me into a tsa or some other thing that i dont understand

I dont understand this kind of savings, and I dont understand war so I try to avoid those topics except for now. this topic has me a bit worried

 

[chestnut]

This should explain what the dems are suggesting.

http://www.norcalblogs.com/post_scripts/2008/10/congress_eyeing_your_401k.html

 

[BigRob]

well i know this i have very bad timing

in 1999 i got my PERS statement that said i hardly made anything and all my friends made a ton and I asked how and they said go 75 percent variable and only 25 percent fixed. I at that time was 100 percent fixed. so I changed it to 75 percent variable and the market has not done so well since

My 401k I picked semi risky stuff, gosh in 2003 or something like that. I have been meaning to change back the PERS to all fixed and the 401k to less risky but I dread to call the woman because last time i did she talked me into a tsa or some other thing that i dont understand

I dont understand this kind of savings, and I dont understand war so I try to avoid those topics except for now. this topic has me a bit worried

Well, it would be worth researching.

As for how you structure it, that is entirely up to you, you have to find what your risk tolerance is. I personally would not dump it all in high risk investments, but it is your choice. I would also not bail out the market right now, unless you are just in desperate need of the money. It will come back.

I don't know if it is a good idea to stay 100% fixed, but as I said, you have to decide your own risk tolerance etc...

Whatever you do, do not simply bail out of the market right now simply because it is down, unless you really are in dire need of the money. You shouldn't put anything in the market you are not willing to lose.

It is also a good idea to keep a % in cash for times like this so you can buy in groups on the way down and average down on your losses. Just a thought.