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Author: 0x6a74 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 75335  
Subject: Re: Future of retirement Date: 9/20/2011 2:30 AM
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You could, I suppose, put some sort of wealth limit on it, but I'm not sure that would work either. A person with a $1M retirement fund looking at a conservative 4% safe rate of withdrawal is worth about $40K a year, not exactly in the upper income brackets, and I doubt the government is going to get away with calling people making $40K a year wealthy.

Still, not many people retire with even that much socked away. The savings generated by eliminating them from the rolls would be pretty minimal.

More likely, you'll see either tax increases or a generalized cut in benefits.


true....

looking at net-assets, would be something of a nightmare for the IRS .. do you count houses? do you want IRS in the business of appraising houses? Does primary residence count differently from vacation home?

how hard would it be to hide assets from IRS?

but ..something they could easily do .. lower the RMD for IRA age down from 70 to whenever you start taking SS ..

and since the uber-wealthy probably have relatively little in their IRA, it would mostly hit the old middle class ..perfect for both parties

( JFG, i looked to see what an RMD would have done to my taxes last year -- and extra $450 .. not that onerous for me, and multiplied times all the under 70 retirees ..could be significant money
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