Heard someone say politicians would like to tap the 3 trillion +/- that we have in them for a federal pension type deal .
Is this just old news or has there been new talk on this ?
Is this just old news or has there been new talk on this ?
Whats going on with401k
- Thread starter roadtrasheer
- Start date
Liberals have always wanted the money and promise a worse rate of return. That's why there's no money in our SS fund, politicians took it and gave it to bad govt policies like transgender studies
S.S is the poster child for why government should not touch much of nothing.
Politicians wont miss a chance at spending our money.
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I haven't seen anything like this. It doesn't even make logistical sense, tbh. I'm guessing you heard it from someone that thinks Dems = socialism and death, Reps = freedom and life
yet people continue to insist they should be in control of all the most important things
You seem unbiased.
Perhaps if you dont know anything about it you should consider shutting the **** up?
Why are you surprised? Dumb *** Coop didn't even know that Biden ran for President in 1988 and had to drop out for exaggerating his accomplishments.
Tbh I did hear it from a extreme tin foil hat kinda guy . I can see a government, right or left who likes to spend other people's money would love to tap into this nice little pile of bread crumbs (compared to government debt) & then try & divide it equally, redistribute the wealth. So I did a little research & guess what , every year since 'o9 a bill has been brought up mostly by Democrats but the last time it was a Republican.
Wish I could copy & paste but I cant on my phone ....ignorance I'm sure ...
Logical sense & modern day Democrat dont normally go hand in hand , they make excuses & tend to fix things with band aids
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Give me the name of the bill and I'll look it up. So a bill that's been brought forward for a dozen or so years and has never gained traction? If true, it sounds like it's the work of a nut in Congress and nothing gaining steam.
You're right that both parties want to spend your money, but politicians also want re-elected. I don't think they have a chance of that if the rob people's retirement accounts. This reads to me as a silly scare tactic someone put out there and not a serious policy proposal.
Ah it's a partisan thing. Got ya. Keep banging the drum on this, you can probably get people to believe it. Hell look how many think Hugo Chavez rigged the election. Good luck!
It's always a partisan thing. Liberal dems HAVE made statements that they would like to access that money, guarantee a rate of return, then distribute the money to pet projects. There's no bill.
No bill....so they are just going to wave a magic wand? Abbra lib dabra!! lmao.
There's plenty of **** to complain and worry about from the Dems. No need to make **** up.
Funny how bifftard's FB rants are all popping up here all of a sudden. Triggered.
I think they are Gab or Parler rants now. I remember the good ol days when they were just chain emails!!
Ahhh....but of course, whacko sites. Regardless, snowflakes have gone all-out triggered. Biff is gone and they're just a bunch of ranting trollbots now. This board is almost unreadable.
Yet you and pedo coop are the ones always bringing Trumps name up. How triggered are you?
First they’ll create the need with things like government run health care and the green new deal.
Then they’ll take your savings via a huge inheritance tax. This way you won’t feel the pain because you’ll be dead.
Remember, the Democrats don’t believe you actually own your property and savings. They believe it’s all the property of the state.
Then they’ll take your savings via a huge inheritance tax. This way you won’t feel the pain because you’ll be dead.
Remember, the Democrats don’t believe you actually own your property and savings. They believe it’s all the property of the state.
Your 401ks and IRAs are already taxed after you die. It's not an inheritance tax, but income tax to the recipients (individual or estate). Recipients used to be able to spread their taxes over the rest of their lifetimes, but the Trump tax cuts trimmed that to 10 years.
Roth 401ks and IRAs are different, obviously.
We’re literally proving the same level of criticism of what you all elected as what you did while Trump was in-office. If it’s unreadable, that says more of your choice in candidate and elected representatives than it does the criticisms we’re giving.
Considering within his first week of office, he’s killed jobs, he’s directed ICE to stop enforcing immigration, he’s stood up a committee for reshaping the court, and has acknowledged he can’t do anything different than Trump with regard to Rona, you probably just don’t like us being right.
Did you expect us to just come together when Trump lost? Doesn’t have anything to do with the sads. Trump lost, Biden one. He’s in the breach. I didn’t vote for him so I’ll be critical of his policies that I disagree with. It’s funny watching literally none of you all support them, though. Says a lot about your rationale for voting.
I don’t see the government sticking it’s hand in your savings and confiscating it. But I could easily see exorbitant taxation on withdrawals from IRAs and 401ks.
I think there is already some significant taxation on 401ks and IRAs if you’re pulling them early. I went through a pretty extensive overhaul of my portfolio about 2 years ago to plan for lessening tax exposure in retirement. I was sitting on getting raped in retirement through my previous strategy and now I’ve cut that down to almost no taxation for how I have it structured.
What? I think you need better financial advisors? For serious.
If you pull money from retirement accounts early, you pay a penalty (10%). It is not taxed any differently.
I thought tax rates on retirement withdrawals was the same as regular income tax rates.
No, I’m happy with who I have. Pulling early hasn’t ever been a consideration, I just assumed you take a tax hit, I likely had it confused with the penalty. My bad.
Someone correct me if I'm wrong but here is my understanding. If you have pre-tax retirement money then you're going to have to pay tax on it eventually. But if you wait until you stop working and your income drops to 0, then the first X dollars you draw out of retirement will have no or low taxes. It's only when you get into the higher incomes that start paying higher rates.
I just looked up the rates and for a married couple it's 10% from 0 to 20 K and 12 % from 20 K to 80 K. So if you add in standard deductions and those are 20 K for two people (I'm guessing on that) then you can take out 100 K and pay only 2 K (10% on 0 to 20 K) plus 7.2 K (12% on 20 to 80 K), which is a total of 9.2 K. And that's on 100 K. That's a lot of money to take out while paying such low tax.
Or at least that's how it seems to me. If I have a mistake in there, someone enlighten me.