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|Subject: Re: Is your 401(k) Inadequate For Retirement||Date: 8/3/2008 4:56 PM|
|Author: ChurchyLaFemme||Number: 13788 of 20136|
This is exactly where ObamaNation is headed. He also wants to impose FICA on the $200K Joe Investor makes from the market. Just wait, my friends, FICA on top of cap gains is coming down the road in ObamaNation.
Source? If it's Drudge, Newsmax or Fox, forget it. I'd run outside to check for myself if they said the sky is blue.
Given that wealth has a high correlation to age, it would mean that those of us old farts who have significant assets in taxable accounts would be put in the position of partially funding our own SS instead of relying on our kids and grandkids to do it through payroll taxes. Damn! Here I thought my kids would start supporting me in a style to which I would rapidly become accustomed (the first SS direct deposit arrives October 6).
Shoot, and I thought I had it made when I retired with an immediate 7.65% tax cut, on top of which I quickly found that the financial services industry lied through their teeth. You don't need 60-80% of your pre-retirement income to live on if you're LBYM to start out with.
A lot of trial balloons are put out in an election year. Some pop and most usually deflate slowly and are forgotten.
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