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Author: arrete Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 756373  
Subject: National Retirement System? Date: 11/19/2012 3:55 PM
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Have I missed this some how?

>> A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
.....
Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. <<
http://www.nationalseniorscouncil.org/index.php?option=com_c...

arrete
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Author: lowstudent Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656004 of 756373
Subject: Re: National Retirement System? Date: 11/19/2012 4:00 PM
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Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. <<
http://www.nationalseniorscouncil.org/index.php?option=com_c......

arrete
__________________________

If I were in charge of the PBGC's responsibilities and in the midst of destroying the economy and bankrupt of any ideas that used the actual free market I would grab all of the money in 401k too

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Author: ResNullius Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656009 of 756373
Subject: Re: National Retirement System? Date: 11/19/2012 4:10 PM
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Yes, it's going to be called, "Social Security Plus."

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Author: Howie52 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656032 of 756373
Subject: Re: National Retirement System? Date: 11/19/2012 7:22 PM
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"Have I missed this some how?"

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Don't believe everything you read.

Howie52
The benefit of having incompetents in charge is that they
are not able to do what they intend.

Life's true horrors tend to be much more inadvertent.

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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656033 of 756373
Subject: Re: National Retirement System? Date: 11/19/2012 7:36 PM
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Yes, the socialists need your money

First, they'll eliminate deductions for your IRA and 401K plans.....

then they'll tax the company matches to your plans NOW..not in the future...

then, they'll cook up a new National Savings Supplemental Plan......and get employers to have to sign up for it or else.....your money will be deducted automatically like ss and Medicare is now. Another 8 percent or so should do it.


then, they'll spend the money while telling you it is going into a 'lockbox'......


And won't the weenies and queenies feel good, as they get their annual 'savings statement' showing that if they work to 70 or 75 (the new retirement age) they'll get to collect another $500 or $1000 a month in an 'annuity' from the government.


That, of course, after a six month campaign of the government telling folks how 'risky' the stock market is, hour after hour, day after day.....and every time the market goes down 10 bucks, they'll scream even louder......


There won't be private savings in ten years.

Just like Argentina where the gov't confiscated ALL the pension money in private company accounts. Every penny of it. And the union pension plans...sucked into the government. ANd the money spend, but, of course, there is an entry in 'book form' promising that some day, if the government doesn't go broke again, it will ,maybe, according to your NEED, let you have some of it back.


t.

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Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656047 of 756373
Subject: Re: National Retirement System? Date: 11/19/2012 10:00 PM
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Yes, the socialists need your money

First, they'll eliminate deductions for your IRA and 401K plans.....

then they'll tax the company matches to your plans NOW..not in the future...


Don't you mean "and in the future"?

Make all deposits be from after-tax income, dictate how the money must be invested to make sure that the government gets maximum use of it at minimum cost, and make all withdrawals fully taxable.

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Author: JLC Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 656313 of 756373
Subject: Re: National Retirement System? Date: 11/21/2012 10:19 AM
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Rumors/ideas like this make me want to buy gold coins and store them in a safe at home.

JLC

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