The Feds Want Your Retirement Accounts

[jedi]

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.

"hard assets" as in percisious metals? stockpiles of food? daily items to trade with ???

 

[Liberty1911]

They are stealing it right now by printing endless money. We'll be lucky to be able to buy a box of Lucky Charms with our entire account by the time most of us retire.

I disagree. It depends on how your 401k is invested. Assuming they don't confiscate it, and it's primarily invested in stock, it will appreciate along with inflation.

 

[sam2007]

Options?


Confusing, most outlets suggest taking stock of your own financial future bysaving money now in tax deferred accounts. So, if this piece has any validitywhat are our options? Any financial advisors out there? Thanks

 

[EvilElmo]

I disagree. It depends on how your 401k is invested. Assuming they don't confiscate it, and it's primarily invested in stock, it will appreciate along with inflation.

That's the big question. I'm all in favor of keeping my money there earning interest, unless Big Brother's making plans to steal it from me. That's why reports like this one have made me consider that it's time to cash out. To get what I can while I can still get it.

 

[rockhopper46038]

I disagree. It depends on how your 401k is invested. Assuming they don't confiscate it, and it's primarily invested in stock, it will appreciate along with inflation.

The investment curve is thus far outstripping both real inflation and the Fed "rate of inflation". No illusions here that will last, but right now (aside from the prudent amounts of survival and trade goods that ought to be on hand) property and a diversified investment portfolio are still the place to be. Having those investments not all in the US is a reasonable thing to think about.

 

[zippy23]

The stock market isnt real anyways, and the ONLY reason its at where it is today is because the federal gov't has pumped hundreds of billions of dollars into it, propping it up making it look as though the economy is recovering, when the reality is that volume in the market is at its lowest, fewer people are actually investing their money than ever before. Here's the scary part, what if you just save your money in your matress? in the future that money will be worth nothing so there's no point, ok so invest in gold right? gold doesnt buy food if you cant get that gold, so actually having physical gold or silver on hand would be good bout how will you store it? In a safety deposit box(i know people doing this)? Even then if the gov't takes over banks they have control of it unless you get it out and put it at your home, and if its a SHTF scenerio, your home is most likely not the place you wanna be(if you live in a big city of course). And since you are forced to pay property tax on land, the ultimate end game would be the gov't taking your house even if its paid off. who knows when this will happen but its all steadily heading this way and seems like its getting closer. ideal situation would be living in montana on a thousand acre ranch with livestock and gardens, maybe i'll save up and move!

 

[starbreather]

Cashed mine in last year, switched jobs and was offered a roll over, no thanks, paid the penalty and paid of some debt.

 

[starbreather]

take me with

The stock market isnt real anyways, and the ONLY reason its at where it is today is because the federal gov't has pumped hundreds of billions of dollars into it, propping it up making it look as though the economy is recovering, when the reality is that volume in the market is at its lowest, fewer people are actually investing their money than ever before. Here's the scary part, what if you just save your money in your matress? in the future that money will be worth nothing so there's no point, ok so invest in gold right? gold doesnt buy food if you cant get that gold, so actually having physical gold or silver on hand would be good bout how will you store it? In a safety deposit box(i know people doing this)? Even then if the gov't takes over banks they have control of it unless you get it out and put it at your home, and if its a SHTF scenerio, your home is most likely not the place you wanna be(if you live in a big city of course). And since you are forced to pay property tax on land, the ultimate end game would be the gov't taking your house even if its paid off. who knows when this will happen but its all steadily heading this way and seems like its getting closer. ideal situation would be living in montana on a thousand acre ranch with livestock and gardens, maybe i'll save up and move!

I have a strong back and can pretend to be weak minded.

 

[rambone]

It’s Coming: The Government Wants to “Help Manage” Retirement Accounts | A Lightning War for Liberty

Retirement Savings Accounts Draw U.S. Consumer Bureau Attention - Bloomberg

 

[Hohn]

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

Not at all. Most of Europe beat us to the punch a long time ago.

 

[Indy317]

I believe it is coming at some point. There are only two ways to run the country in terms of finances: Either we keep the status quo, which is what the powers that be want, or the leaders admit that fiat currency and the concept of the federal reserve have to be changed to something else. There is no way they will get rid of the federal reserve, so that means we are keeping the status quo...to an extent. I predict more waves of municipal bankruptcies, which should have a negative impact on the bond market, which is already suffering from low interest rates. We have already seen the courts side with the government when it comes to screwing bond holders in the private sector. It used to be bond holders were paid first, before stock holders. The Chrysler ruling now throws all that to the wind. If you are an investor, the old rules may no longer apply to you.

Since we are staying status quo, but want to make little changes here and there, the beast will need money at some point. Thus they will likely target savers, especially those with tax-beneficial retirement accounts. Even if one is not rich, but just a saver, they will targeted. I don't think many people will really have all that much in these accounts, and the attack will start off small. For folks with less than say $10,000, you will pay a redemption tax of some sort. The tax will increase the more one has in such accounts. The taxes will be small at first, but will increase over the years. I'm not sure that I agree we will see full confiscation, but it wouldn't surprise me either.

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?

We closed out the wife's Roth IRA this past year. It was only a couple of thousand dollars. She had to only pay taxes and a penalty on around $300 in gains, so we didn't take that big of hit. We also scaled back her 401(k) contributions from 7% to 1%. We are in the saving stage of buying a home, and because of stuff like this, I've went from wanting to spend no more than $160K to OK with spending $200K, maybe even more. At that level, we can pretty much get whatever we want, where we want. I figured why worry about saving $40K in retirement accounts over a decade if they could end up just taking them, or changing the tax code and take the money that way. Better to just invest that in property, hard assets.

No more retirement accounts for us, just save up cash in a savings account, invest in hard assets in about a decade or so (likely just some wooded land somewhere away from the city). Hard assets are the way to go.

 

[spirit390]

You will find most of the unions are in favor of this because their pension plans are going broke. Our pension plan had to do away with disability pension in 2011 and according to the latest news if the economy keeps going like it is our regular pension will be broke sooner than thought. But our international idiots/representitives begged us to vote for obamabinbiden. Makes you kind of wish the Mayans were rite.

 

[Shibby575]

I like this borrow against it idea. **** them if they take it, it's already spent. You have the assets, and can default on the note, or whatever else is going on at the time. Personally, I'm thinking heavily that this is the way to go. Borrow against heavily. If nothing happens you pay yourself back, if something does happen you stop paying it back, and deal with whatever is going on. They cant get blood from a turnip, and I'd have to believe that there would be so much upheaval, that it wouldn't matter. And you don't have to pay the stiff early withdrawal penalties. I believe that when you borrow against it, it is unsecured, so who cares if you pay off your house, or property. they can't come take it. You used your money for collateral, so you just don't get back what they are taking anyway.

I think i'll blow mine on hookers and beer. Come take some of that back O****tard.

 

[jedi]

Well I'm screwed cause it does not look like I can "cash out" my retirement plan even if I wanted to.

BTW google Universal Savings Account to see what the direction is they want to take.
One of the ideas is.

All 401Ks + SSA go bye-bye and are replace with U.S.A accounts.

 

[SecondhandSnake]

They are stealing it right now by printing endless money. We'll be lucky to be able to buy a box of Lucky Charms with our entire account by the time most of us retire.

It really is interesting that people aren't more aware of currency devaluation.

It's really a silent tax. Instead of directly reaching into your pocket and taking $3 of your $10, they print money until the $10 you have now is only worth $7.

The inflation on things has really gotten outrageous due to this as well. Shame they won't do anything about that, just keep cranking out more money.

 

[1775usmarine]

They want to try to cut into our railroad retirement. Been throwing the idea around for years too bad if they did because it would be flat out stealing.

 

[EvilElmo]

They want to try to cut into our railroad retirement. Been throwing the idea around for years too bad if they did because it would be flat out stealing.

Indeed it would, but somehow I don't think that fact is going to stop them.

 

[1775usmarine]

Maybe a threat of nationwide strike which would cripple the economy for years to come would make them think twice.

 

[ryanmercer]

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?

I'd suggest just taking a loan from them for the time being. It's what I did in October and put the money into liquid savings then dropped my per-check contributions as low as I could.

 

[RockofStrength]

Maybe a threat of nationwide strike which would cripple the economy for years to come would make them think twice.

Until they decide it's a national security matter and y'all are conscripted and/or fired.