The Feds Want Your Retirement Accounts

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  • GodFearinGunTotin

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    Mar 22, 2011
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    Mitchell
    Articles: The Feds Want Your Retirement Accounts

    This issue just keeps on hanging around. If not now, soon there will be way too many voters out there that will demand that the .gov go after your retirement/pension plans. The government must keep the sustanance flowing out of the teats to keep the masses complacent...you will do your patriotic duty, when the time comes, whether you want to or not.
     

    EvilElmo

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    Along the lines of this topic, has anyone here gone through with cashing out a retirement account to get what you can out of it before this comes along?
     

    EvilElmo

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    I have an old 401 from a previous job that's just sitting there. I've been considering cashing it out and paying the taxes/penalty just so I can get the bulk of it.
     

    Brian 45

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    They have the best of both worlds, get it early and you pay a penality plus taxes, if you wait they will get it before you for the good of the country. You have to love it!
     

    AtTheMurph

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    they can take it any number of ways. My personal feeling is that they will eventually increase taxes on retirement plan distributions to such a level as to make it all disappear before you receive it, and those taxes are paid as you take distributions.

    They may well nationalize all retirement pans - you know, for the greater good, because all the public pensions are broke an they need the money. It will be sold as the only fair thing to do for our "first responders, public servants, etc".

    An certainty is that none of that will even matter. Retirement plans are 99% paper assets anyways. The government will destroy any value in paper assets via debasement of the currency and will tax away what is left.
     

    AtTheMurph

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    They have the best of both worlds, get it early and you pay a penality plus taxes, if you wait they will get it before you for the good of the country. You have to love it!

    Exactly why I stopped putting money into any tax qualified plans. Why would anyone want to play a negative arbitrage game with taxes.

    I have never a met a person who will claim that tax rates are going to go down in the future. So why would anyone want to deduct income in a lower tax rate today only to pay a higher rate tomorrow? It's insanity.
     

    No2rdame

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    Odumbo clearly said he wanted a redistribution of wealth. He's happy as long as those of us who are responsible and have earned our money are forced to hand it over to those too lazy or useless to take personal responsibility and earn their own way in society.

    Only in America do we reward the stupid and lazy by forcing the responsible citizens to pay them.
     

    Liberty1911

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    Exactly why I stopped putting money into any tax qualified plans. Why would anyone want to play a negative arbitrage game with taxes.

    I have never a met a person who will claim that tax rates are going to go down in the future. So why would anyone want to deduct income in a lower tax rate today only to pay a higher rate tomorrow? It's insanity.


    It's not about the tax rates for most people, it's about getting an immediate 50-100% return on your money via company matching contributions.
     

    GodFearinGunTotin

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    Mitchell
    It's not about the tax rates for most people, it's about getting an immediate 50-100% return on your money via company matching contributions.

    Yep. And for many, there are no "pensions" anymore. If you want a retirement someday, these are quite often the only options anymore.
     

    rockhopper46038

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    I contribute fully to the plans that I am eligible for. Yes, I believe that .gov wants to confiscate the money. Yes, I'm sure there will be more than 51% of the population in favor of that at some point.

    Why do you think they are going after guns?
     

    Turf Doctor

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    I contribute fully to the plans that I am eligible for. Yes, I believe that .gov wants to confiscate the money. Yes, I'm sure there will be more than 51% of the population in favor of that at some point.

    Why do you think they are going after guns?

    What rockhopper said..

    Oh, I forgot, I lost my 401 in the boating accident. Maybe it was my gun I lost, oh well.. :dunno:
     

    Brown

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    May 27, 2009
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    Along the lines of this topic, has anyone here gone through with cashing out a retirement account to get what you can out of it before this comes along?
    yep. 2 years ago. paid penalties and Taxes and bought all hard assets. 401K and a Simple IRA cashed out both. Wife completely on board.
     

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