*This is a slight modification based on the objection of rbdwiggins below. I had originally titled it “The Looming Retirement Bomb” but he pointed out that was a somewhat myopic title since the problem I am pointing to is broader than retirement alone. Let’s consider a country where everybody decides to work for two years, put half their money in the bank and then vacation | Read More »
The Federal Government Is Moving To Seize All 401K Plans – Hearings Scheduled.
The United States Department Of Labor in ‘partnership’ with The United States Department Of The Treasury convene a two-day hearing on September 14th and 15th. Host: The Employee Benefits Security Administration (Dept. Of Labor). ============ The title: Lifetime Income Options For Retirement Plans. U.S. Department of Labor publishes agenda for September 14-15 joint hearing on lifetime income options for retirement plans. Washington — Today the | Read More »
401K Replaced by Democrat Government Run Accounts? GOP Plan Would Help Rebuild Americans’ Savings
Some in Washington are proposing to wipe out 401(k)s entirely, replacing them with government-run accounts that put bureaucrats – instead of families – in charge of Americans’ savings. House Republicans are committed to preserving 401(k)s – and just as importantly, preserving workers’ ability to make their own decisions about their retirement savings. The Savings Recovery Act reflects this important principle.
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Obama wants your 401(k)
There are intiatives floating around that will explore how the government can tinker with your 401(k), like a great white shark circling, bumping, testing ever so quietly. One initiative to suck more money from you is a requirement to convert some portion of your 401(k) to an annuity at some point (like annuities sold by AIG and to prop up the treasury market). There is “a tremendous amount of | Read More »
An Interesting Conversation With A Liberal
A couple of days ago (Thurs) I had a nice conversation with a family member. This is an unusual event as while we do converse, it’s mostly about family things and my son and you know, nothing of any importance. But he called me looking for a specific opinion on politics. He is a VERY smart man. He is a well known and powerful big | Read More »
Why Do Democrats Want Your 401k
House Democrats created a stir a few days ago when it came out that they are considering new taxes on 401k accounts, with the goal of eliminating them in favor of government-held retirement accounts. It’s no surprise that liberals in Congress want to take over control of a little more of your hard-earned wages, but it’s instructive to listen to why. This is what Chairman | Read More »
Just in case I am wrong…
I am of the firm belief that Sarah Palin will win this election and the next two after this one. Now with that said I must plan for the worst–an Obama win. With what I have been reading about the Dem’s plans for our 401Ks my wife and I have decided that we will be making a radical decision if Obama wins. Before he is | Read More »
Workforce.com: “House Democrats Contemplate Abolishing 401(k) Tax Breaks”
iding underneath the recent political radar is a proposal being looked at by House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington to remove tax breaks given to people who invest into their 401k. The plan is based on ideas from Teresa Ghilarducci, professor and analyst for the New York School for Social Research. The proposal centers around forcing people | Read More »
Now it’s my 401(k)
OK, I admit I’m a couple weeks behind on this issue but I just heard it on Rush today. So the latest way the Democrats have dreamed up to stick their hands into my pocket and take my money is through my 401(k). Apparently they’re looking to kill the 401(k) incentives and instead have you transfer your savings into government-created “guaranteed retirement accounts” for every | Read More »
You are one election away from having your 401(k) taxed.
Good. We’ll make this brief. The Democrats are proposing to end the tax breaks on 401(k) plans. That means no incentive for employer matching funds, which will promptly go away: you will instead be given up to $600 dollars a year by the government. Hope that you weren’t counting on your employer’s matching funds for your retirement! You will also be required to contribute 5% | Read More »
Democrats want to eliminate 401K plan tax break
Get your hand out of my wallet Why aren’t we hearing about this on the campaign trail from McCain and Palin? I think even this blatant money grab by the libs would resonate with those who would get a check from Dear Leader. This expansion of government is sheer madness!
Red Sox ALCS Game 5 and Economic Policy
They were holding their sign when the Red Sox were down 5-0. Boy, did they get a return on their investment in the bottom of the ninth. And speaking of last-minute comebacks…
Democrats to kill 401K tax break
You won’t believe what the Socialist Democrats want to do now More government intervention….when is it going to stop!!!! So the government is going to put $600 into this government run account and require you to put 5% of your salary into this account, run by the same people who have bankrupted Social Security. Unbelievable. I.Am.Beside.Myself. So now the government, if Dear Leader is elected, | Read More »