Does the government want your retirement account?

[Sapper740]

The more articles I read like this Articles: The Feds Want Your Retirement Accounts the more concerned I get about the Feds actually making good on confiscating our 401K's and IRA's. I have friends who actually paid a huge penalty to withdraw their retirement from their accounts and convert them to precious metal bullion, they were so concerned about this threat. My wife and I have been discussing doing the same to at least a portion of our retirement. According to this article Americans have almost 20 Trillion in savings which considering how Obamao and his cronies despise wealth and success would love to confiscate. Just think of the largesse Obooba and the Democrats could share with illegals, Muslim countries, countries with AIDS and Ebola, Syrian rebels....the list is endless.

Has anyone else considered or done much the same to protect their savings? Anyone consider this a viable threat?

 

[Vaquero]

Sounds like a good way to get shot.

 

[Mexican_Hippie]

I think it's inevitable. They will have to do some grand plan involving controlling it somehow or they won't save Social Security. The alternative is they they cut deeply - ain't gone happen. It may take a couple decades before it's bad enough though.

I have exactly 0 dollars going into IRAs and 401ks for this very reason - I like to maintain control of the money I worked hard for. Any matching isn't worth it to me.

 

[Mexican_Hippie]

I don't keep large quantities of precious metals though. Just enough for emergencies. I think private investment accounts are sufficient.

 

[Sapper740]

My concern is that anything that isn't under my armed and constant control is susceptible. Getting an I.O.U. in the mail with Obama's smiling face on it doesn't work for me.

 

[Chupacabra Hunter]

Damn it, I've been babying my 401k to maximize growth potential... I would like to retire in 10 yrs or so... you know what they say, don't put all your eggs in one basket.. I guess that is why ammo/guns more precious than any precious metals, imho.

 

[Texas42]

I really doubt. Its not a left vs right thing. 401k's and Roth IRA's are really one of the main mechanisms that people build "little" people build real wealth.

It would really start a rebellion.

 

[Mexican_Hippie]

I really doubt. Its not a left vs right thing. 401k's and Roth IRA's are really one of the main mechanisms that people build "little" people build real wealth.

It would really start a rebellion.

They won't take it. They'll "merge" it with Social Security and "borrow" against it to fund SS. They will further restrict it with even more massive withdrawal penalties or outright outlaw early withdrawal.

Or...they will lock down what can be owned inside of them forcing you into TBills to prop up the dollar when it implodes.

Or... they'll use it as a means test to even qualify. All you Rich, Greedy Capitalist pigs don't need to be taking the governments money intended for the poor!

ETA: the TBills thing will help when even the FED won't purchase them to fund the gov anymore.

 

[Mexican_Hippie]

Any way you look at it they're taking your wealth and they controlling you more.

You can take that trend to the bank!

 

[Ole Cowboy]

The more articles I read like this Articles: The Feds Want Your Retirement Accounts the more concerned I get about the Feds actually making good on confiscating our 401K's and IRA's. I have friends who actually paid a huge penalty to withdraw their retirement from their accounts and convert them to precious metal bullion, they were so concerned about this threat. My wife and I have been discussing doing the same to at least a portion of our retirement. According to this article Americans have almost 20 Trillion in savings which considering how Obamao and his cronies despise wealth and success would love to confiscate. Just think of the largesse Obooba and the Democrats could share with illegals, Muslim countries, countries with AIDS and Ebola, Syrian rebels....the list is endless.

Has anyone else considered or done much the same to protect their savings? Anyone consider this a viable threat?

That is tin foil hat talk....BUT and having said that:

There is no need to confiscate. You see the govt MAKES the rules on buying, selling, cashing in, tax implications etc. They do not have to TAKE your money if they control it. They makes the regs to where they control completely and can get access to it for borrowing purposes or anything else. But they will never just take it.

 

[Chirpy]

With the inflation of fiat money, they are taking it, while we watch...

 

[Moonpie]

Of course they want it.
It's really the only true wealth left.
The bastards are practically rubbing their greedy hands together trying to figure out how to raid 401(k)'s without causing a civil war.
If I hear "It's not FAIR you have $400K in your 401", (after sacrificing and saving for 20yrs) I'm going to scream.
We're going to take it and share it with those who didn't save a dime. Screw that!

 

[Chupacabra Hunter]

Of course they want it.
It's really the only true wealth left.
The bastards are practically rubbing their greedy hands together trying to figure out how to raid 401(k)'s without causing a civil war.
If I hear "It's not FAIR you have $400K in your 401", (after sacrificing and saving for 20yrs) I'm going to scream.
We're going to take it and share it with those who didn't save a dime. Screw that!

+1...yup, screw that...

 

[Younggun]

I don't pay anything in to mine, and I would bail on SS if I could do so without the gov locking down every account I have.

That's the worst investment EVER. No offense to those who's retirements my payments are funding. You most likely paid in too. But I'll be lucky if I see 50 cents on the dollar for what I pay in, I feel it's more likely I'll se nothing after another 30 years of paying in.

Some are worried about 401Ks when our money is already being stolen in this half assed Ponzie scheme.

 

[Mike1234567]

The FED already has complete control of your IRA. Don't believe me? If you take a loan against your IRA look to see who writes the check... it's the Federal Reserve. When you retire... who writes the check to you? It's the F-ing FED.

 

[Sapper740]

That is tin foil hat talk....BUT and having said that:

There is no need to confiscate. You see the govt MAKES the rules on buying, selling, cashing in, tax implications etc. They do not have to TAKE your money if they control it. They makes the regs to where they control completely and can get access to it for borrowing purposes or anything else. But they will never just take it.

Tin foil hat talk or no, Ole Cowboy, the Libs are discussing various ways to change our current system of saving for retirement because it “exacerbates income and wealth inequalities” in their opinions. One of the new changes they're proposing is a Death Tax of between 50 and 100%!
Read more here:

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

 

[robertc1024]

Of course they want it.
It's really the only true wealth left.
The bastards are practically rubbing their greedy hands together trying to figure out how to raid 401(k)'s without causing a civil war.
If I hear "It's not FAIR you have $400K in your 401", (after sacrificing and saving for 20yrs) I'm going to scream.
We're going to take it and share it with those who didn't save a dime. Screw that!

I've been putting $$ in my 401k for 25+ years. I'll do more than scream. 25 years ago I knew Social Security was going down the tubes. I couldn't find a better investment option than a 401k where the company has to put in at least 3% of my earnings and most years match at least that 1:1. The money I put in there is MINE (and the wife's of course.) I suspect that if the gubberment tries to start taking private funds, all hell will break loose.

Excuse me for a bit while I stack more ammo I just got from Academy.

 

[Younggun]

Problem is, they never go all in.

They take a little, and people grumble, then they get used to it.

So they take a little more, and people grumble, then get used to it.

Wash, rinse, repeat. Until all this terrible wage inequality is gone.

Hell, right now part of the money I pay in for SS is going to people who are is their early 20's with a "disability". And to help out, I'm paying 50% more SS than I used to in order to prop it up a little longer.

They have got "taking without a fight" down to an art.

 

[Mexican_Hippie]

This isn't tin foil hat. These are real discussions that are happening.

I would use only a private investment account that you can transfer and liquidate.

They never pass new rules without telegraphing them. They're not going to throw them up overnight. The problem is that inside a 401k you can't just initiate a wire transfer and pull your funds out. It takes time and paperwork. And inside the investment vehicle you can only pick from options the provider offers you.

 

[Acera]

I am worried about a depositor 'Haircut'. The logic is that when you put money in a bank account, you are in fact lending that bank your money. Last year in Cyprus, depositors got clipped to help save the banks from going under. That means that some money in their accounts will be forcefully taken. There is plenty of precedent for this. Would be easy enough to start to pick on the rich to get the minions on board with the idea, then spread it to the middle class, and then everyone. How would you feel if the govt. just took 10% or more off the top of your bank balance? What would you do? Can't blame the bankers, can you?