Will Uncle Sam Takeover Your IRA?

[anywoundedduck]

And so it begins.

http://www.businessinsider.com/will-...part-ii-2012-4

[birddog]

Yes.

Next question?

[REO 54]

Yes.

Next question?

Agreed.I am my own 401K. I hold it I own it.Period.

[TimoneX]

One way or another DC will steal your nest egg if they have access to it and it seems inflating the money supply isn't accomplishing the task rapidly enough for some. No thank you, I'll keep my nest egg within range of my precious metals...brass & lead.

[Irons]

Yep, your Roth, your 401k, 403b and your little dog too.

[bemac]

Yep, your Roth, your 401k, 403b and your little dog too.

[REO 54]

Isn't that the Bernanke's mom?

[TimoneX]

Thought it was naner piglosi. Egads...someone give that girl a drink of water she looks positively shriveled.

[bemac]

Thought it was naner piglosi. Egads...someone give that girl a drink of water she looks positively shriveled.

Yup, that's Pelosi.

[birddog]

That is an awesome pic!!

[newmisty]

[TimoneX]

That is an awesome pic!!

Found it whoreifying.

[newmisty]

She must use a lot of foundation to cover-up that green complexion when in public.

[Tecumseh]

I still think these articles are much to do about nothing and pretty speculative. Consider a few things:

1. Our government runs on debt more so than tax revenue.
2. Traditional IRAs and 401ks are tax deferred. I believe these plans still make up the vast majority of retirment savings.
3. Why would our Government do anything to upset the apple cart with Wall Street? 401ks are probably the biggest revenue stream for Wall Street - do you honestly think Wall Street would allow that to dry up without putting up a fight?

If your company has a generous match I still think it is worth participating. You can own real assets in self directed IRA's.

[REO 54]

I still think these articles are much to do about nothing and pretty speculative. Consider a few things:

1. Our government runs on debt more so than tax revenue.
2. Traditional IRAs and 401ks are tax deferred. I believe these plans still make up the vast majority of retirment savings.
3. Why would our Government do anything to upset the apple cart with Wall Street? 401ks are probably the biggest revenue stream for Wall Street - do you honestly think Wall Street would allow that to dry up without putting up a fight?

If your company has a generous match I still think it is worth participating. You can own real assets in self directed IRA's.

Valid points Tec. But wait there's more....I have become quite cynical in regards of what our Gov may or may not do.Trust them to do the right
thing,or that makes sense....I'm not so sure.

My main driver to have control/possesion of my own savings; the lack interest earned,the contiuing debasement of the USD,inflation and I have
control/access to my own wealth. My plan is currently dollar cost average PM's. Thats it. I may be wrong.....but it feels right.

It feels real right when I fondel them!

[Tecumseh]

Right - I understand all that and feel the same way - just don't think it is likely for government to seize IRA or 401ks. Very possible they will make an incentive to invest in Treasuries but don't think they will force people to or confiscate accounts.

I agree 100% with all the custody issues and with securities being registered in street name - very risky so yes could see the possibility of those type of accounts vaporizing one day but not for the reasons stated - more because the whole house of cards collapses but if you have IRA assets that are tangible I think you are likely to be OK.

I guess who really knows?

[TimoneX]

Washington will not simply pass a law that says "all your base is mine", it will happen by degree of course, just as the article appropriately points out. Instead of the relatively simple system we have now where IRA contributions are not taxed as income up to an income threshold, all contributions will be taxed and a credit given. The credit can then be manipulated at some later date, inflation can be ramped up even faster, laws can be changed again, a plethora of things can happen between then and now to swindle people out of their property. The only reason to make this system more complicated as proposed is to make it more confusing and to create a smokescreen for more taxation(theft).

I agree btw, the retirement system is a sacred cow on wall street and the politicians in their pockets will not be allowed to screw with that system unless it's absolutely necessary to save the failing dollar charade. When DC gets really serious about restructuring IRAs to screw people over you have to know things are really boiling over.

[REO 54]

"The only reason to make this system more complicated as proposed is to make it more confusing and to create a smokescreen for more taxation(theft)." TimoneX

Good statement. Just like the Internal Rectal Service's complicated tax codes.We can be in violation and not even know it.It's part of thier design.

[Irons]

Washington will not simply pass a law that says "all your base is mine",

Awesome! I can tell you have been around a while.

[TimoneX]

Awesome! I can tell you have been around a while.

Long enough to fear that gang of politicians with pens a whole lot more than that gang of thugs with knives.

[ttazzman]

I think with all this class warfare going on that we are headed for a net worth based tax code .......since retirement accounts would figure into net worth much higher tax rates could be applied to funds being withdrawn from these accounts....so why take them when they can tax you out of them

if this happens how they account for people such as ourselves with PMs that are "off the books" net worth wise will certainly be intresting

[REO 54]

I think with all this class warfare going on that we are headed for a net worth based tax code .......since retirement accounts would figure into net worth much higher tax rates could be applied to funds being withdrawn from these accounts....so why take them when they can tax you out of them

if this happens how they account for people such as ourselves with PMs that are "off the books" net worth wise will certainly be intresting

Agreed. Thats why I got mine of the books now.Paid my tax hit and done with it.My retirement event horizon is about 2030,just about the time when S.S. will go bankrupt.....maybe even sooner who knows?

[anywoundedduck]

I still think these articles are much to do about nothing and pretty speculative. Consider a few things:

1. Our government runs on debt more so than tax revenue.
2. Traditional IRAs and 401ks are tax deferred. I believe these plans still make up the vast majority of retirment savings.
3. Why would our Government do anything to upset the apple cart with Wall Street? 401ks are probably the biggest revenue stream for Wall Street - do you honestly think Wall Street would allow that to dry up without putting up a fight?

If your company has a generous match I still think it is worth participating. You can own real assets in self directed IRA's.

While I agree that individual Wall Streeters are working hard to drain our hard earned savings into their own pockets, the Feds want it just as much. Guess what? The Feds win, apple cart loses.

[Irons]

I think with all this class warfare going on that we are headed for a net worth based tax code .......since retirement accounts would figure into net worth much higher tax rates could be applied to funds being withdrawn from these accounts.... so why take them when they can tax you out of them

if this happens how they account for people such as ourselves with PMs that are "off the books" net worth wise will certainly be intresting

DING DING DING!!!! Tell him what he won Johnny!!


One of my Dads favorite sayings in 2001 was:

"Irons, General Motors is the eighth largest economy in the world. GM stock and pensions are the most secure asset there is. Buying gold is a silly waste of time and money"

I don't bring up stuff like that now.

One way or another those big, big untaxed targets will get pocketed by TPTB.

[bemac]

Washington will not simply pass a law that says "all your base is mine",

http://knowyourmeme.com/memes/all-yo...e-belong-to-us

[birddog]

http://knowyourmeme.com/memes/all-yo...e-belong-to-us

Man.. I can't believe that that has been out 10-11 years now.

[bemac]

Man.. I can't believe that that has been out 10-11 years now.

We gettin' old.

[birddog]

We gettin' old.

Yes........................

[mcmurph]

I think with all this class warfare going on that we are headed for a net worth based tax code .......since retirement accounts would figure into net worth much higher tax rates could be applied to funds being withdrawn from these accounts....so why take them when they can tax you out of them

if this happens how they account for people such as ourselves with PMs that are "off the books" net worth wise will certainly be intresting

To expound on this, I believe it will eventually come down to a means-tested Social Security pay out as the funds are depleted. Of course, we all know the modern role of government is to punish those responsible for themselves and reward those who are not responsible for themselves. Anyone with a big IRA will be told they don't need their full SS pay check since they have a big nest egg saved. The poor schmuck who didn't save and has a small or non-existant IRA will receive his full pay out. Another reason to consider saving 'off the books'.

[Hystckndle]

If they do take them over,
what will the HFT machines trade ?

Who will suffer the continuing haircut of the existing nominal value and skim the yearly contiibutions ?

[Treasure Searcher]

That whitch also looks like Hilliary Clinton, too.

[bemac]

That whitch also looks like Hilliary Clinton, too.

[917601]

I still think these articles are much to do about nothing and pretty speculative. Consider a few things:

1. Our government runs on debt more so than tax revenue.
2. Traditional IRAs and 401ks are tax deferred. I believe these plans still make up the vast majority of retirment savings.
3. Why would our Government do anything to upset the apple cart with Wall Street? 401ks are probably the biggest revenue stream for Wall Street - do you honestly think Wall Street would allow that to dry up without putting up a fight?

If your company has a generous match I still think it is worth participating. You can own real assets in self directed IRA's.

Ask an Argentinian if this much to do about nothing.The parallels to the Argentinian collapse are so similar to the US current crisis you would do well to study their meltdown,step by step-.gov HAS.