Feds eye retirement fund tax to cut 16 trillion plus deficit

[Copper Catcher]

http://www.nypost.com/p/news/business/p ... IJj2IVgHuK

[sparechange]

It seems like a lot of us figured it would be a matter of time(short at best) before Uncle Sugar came after retirement funds to fund the insatiable appetite in Washington to keep spending on any and everything. Must reevaluate my stake in PMs and the little retirement that is being eaten away by inflation anyway.

[Copper Catcher]

The following is an article from 2010....Regardless, still interesting to read what other countries have done in similar situations. It is always helpful to keep your eyes open to what is happening around you.

American Retirement Funds at Serious Risk of Being Seized
http://www.marketoracle.co.uk/Article24828.html

[slickeast]

I have already reduced my contribution amount. I may need to drop it to the lowest amount that includes company match. The government is a bunch of crooks. I am sure Obama is for it. He thinks taking from the rich and giving to the poor is the right thing to do. The right thing to do is get off your lazy butt and earn it.

With this nonsense, the more you work and save doesn't matter. The government its going to find a way to steal your money.

[Thogey]

My wife and I took 75% of our IRA/401K off the books since 2007. We stopped contributing then. I do a 529 for my kid and an HSA, that's it. We said "screw it" paid the taxes and took it off grid.....and I still don't know what happened to it! Oh well.

I'm on a crusade to pay my house off now, almost there. Slowly going underground with the finances.

[Thogey]

Of course the government will just TAX the Sh!t out of everyone who is LUCKY enough to have free and clear home.

[Engineer]

My wife and I took 75% of our IRA/401K off the books since 2007. We stopped contributing then. I do a 529 for my kid and an HSA, that's it. We said "screw it" paid the taxes and took it off grid.....and I still don't know what happened to it! Oh well.

I'm on a crusade to pay my house off now, almost there. Slowly going underground with the finances.

+1

[fb101]

Now here's a way to get a shadow market for treasuries without resorting to printing. They can force a -2 to -5% yield at least on all retirement savings by forcing bond buys.

But as another thought, What happens to uncle dow jones when the feds pull 4T out of stocks and put them into bonds?
I'm guessing those pols that do this can save money on the reelection campaign and just not run.
What would be really bad for pols is that many of the sheep will find out that they (by proxy in retirement funds) are the ones
who actually own those corporations they keep demonizing and they'll find out when their retirement gets cancelled.

[Mossy]

I'm waiting for them to start going after different types of trust funds.

[Tourney64]

I made the change to my retirement program to the minimum for company match and started paying more down on my mortgage. Roth investments might be exempt from all the confiscation.

[fb101]

Roth investments might be exempt from all the confiscation.

Now that there's funny.

[agmoose]

I dropped my TSP contribution down to the match % a couple years back and started putting the money I would've invested in stocks into other resources, PMs, Lead, guns and paying down bills. If I could close my TSP and pay the fine I would...but the rules won't let me unless I quit. Last year, my wife quit paying into her 401k, and we use that $ to pay down bills and once those are gone, we'll just stack cash or something similar. I truly believe the gov't will go after 401Ks at some point, whether "for the good of everyone" or just a method of controlling what you invest in, etc., who knows. I'm looking out for me and mine......

[reddirtcoins]

I've been trying to find the bill tracker info on this. I had it awhile back.. Maybe I'll find it one day again..

I also dropped my TSP.. I only buy/sort PM/lead/guns/food storage/etc. Funny I have a few in the office now that sort and buy.. I love smart people!!