Nice 401K...I'll Take It

[Guest SUNTZU]

Investors.com - Class Warfare's Next Target: 401(k) Savings

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.

They will tell you that you are "investing" your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.

More at link.

[trblmkr13]

I have already accepted that they will not have social security when I retire but leave my 401k alone

[Mike.357]

it is good to be poor, I have next to nothing for them to take.

This story posted by SUNTZU is gonna happen.

[oldogy]

To paraphrase one of the comments on the article: Time for pitchforks in Washington.

oldogy

[Wingshooter]

I used to max out my 401k up to my employer's maximum match. About two years ago a light went off, and I decided that I don't like the government controlling more of my money. I still have a 401k plan through my employer, but I don't trust it to be there when I retire. Now, I prefer to bring a greater portion of my hard earned money home and limit my exposure to government regulations and plan administrators. I can usually find a better ROI myself.

[CrazyRay]

I used to max out my 401k up to my employer's maximum match. About two years ago a light went off, and I decided that I don't like the government controlling more of my money. I still have a 401k plan through my employer, but I don't trust it to be there when I retire. Now, I prefer to bring a greater portion of my hard earned money home and limit my exposure to government regulations and plan administrators. I can usually find a better ROI myself.

I'd generally agree, but I'd like to know what investments you found elsewhere that immediately doubled your money (employer match) right from the start

[Smith]

This has been in the works for a while. They are just trying to find the right angle where people won't understand what is really happening till after the fact.

[-boatman-]

That is MY money that I saved. I think people of this country is finally waking up and if they try this they may have more trouble than they want. Do most people who have employer 401K's participate? I think they do where my wife and myself work. I don't think people will stand by quietly if the government tries to take what they have saved.

[Hgunner]

I'd generally agree, but I'd like to know what investments you found elsewhere that immediately doubled your money (employer match) right from the start

Most employers only match a portion of the first 2 or 3% you contribute.

I'd like to know of a employer who matches 100% of everything you put in. I've done the math between losses of 2000-2001 and 2007-2009.

Would have done better buring it in the back yard....

Fact is the ponzi scheme called Social Secuity is now negative, the

gov is now having to borrow to cover the shortfall. There is a lot of

money in 401K's and IRA's and since they were regulated and

the gov granted tax advantages, they will find a way to get that

money. However the Wall Street Banksters that have control over

the investment of those funds and make much more money off of it

then we will ever see are going to want something for giving up

that gravy train.

[Tempest455]

I feared this and took some of my 401K and bought land.

[Guest m&pc9]

Most employers only match a portion of the first 2 or 3% you contribute.

I'd like to know of a employer who matches 100% of everything you put in.

My past employer matched 100%, Up to 3% of my pay.

[oldogy]

I feared this and took some of my 401K and bought land.

olodgy

[BrasilNuts]

I don't have a 401K, I've been investing in metals.

Maybe one day I'll have the chance to give it to them.

[Smith]

That is MY money that I saved. I think people of this country is finally waking up and if they try this they may have more trouble than they want. Do most people who have employer 401K's participate? I think they do where my wife and myself work. I don't think people will stand by quietly if the government tries to take what they have saved.

People will continue to stand by just like they have already. Is your 401k any different than your income? Isn't it the same thing?

[ftncityfatboy]

"Its my money and I want it NOW!!!!" --- J.K. Harris

[Smith]

"Its my money and I want it NOW!!!!" --- J.K. Harris

I LOATHE that commercial. Something about it just rubs me the wrong way.

[CrazyRay]

Most employers only match a portion of the first 2 or 3% you contribute.

As an employer, I'm pretty attuned to how 401k matches are structured

I'd like to know of a employer who matches 100% of everything you put in. I've done the math between losses of 2000-2001 and 2007-2009.

Would have done better buring it in the back yard....

Even at a 100% match of 3% of your income, that is an immediate 100% return on your money from day one. That means you could effectively lose half of your investment the next month, and you are still not out a single penny.

Like I said - I'd like to know where else you can get an immediate 100% return on your money, because I'd like to start investing there along with you

[molonlabetn]

This is exactly why I do not participate in company 401k or Pension... I manage my own investments, and the liquid goes offshore.

They can go pound sand.

[Hgunner]

This is exactly why I do not participate in company 401k or Pension... I manage my own investments, and the liquid goes offshore.

They can go pound sand.

Agreed I take care of my investments now too. And if I want to use

some of that it doesn't cost me 1/3 in taxes and penalties to use it

because I'm not 59 1/2.

[Guest SUNTZU]

I don't have a 401K, I've been investing in metals.

Maybe one day I'll have the chance to give it to them.

[sigmtnman]

As an employer, I'm pretty attuned to how 401k matches are structured

Even at a 100% match of 3% of your income, that is an immediate 100% return on your money from day one. That means you could effectively lose half of your investment the next month, and you are still not out a single penny.

Like I said - I'd like to know where else you can get an immediate 100% return on your money, because I'd like to start investing there along with you

The only thing better than pitching $100 bucks in the toilet is someone giving me another $100 to pitch in with it. Wall Street is a pump and dump scam which is in the process of taking the rest of the folks, gambling money, err I mean investments.

[CrazyRay]

The only thing better than pitching $100 bucks in the toilet is someone giving me another $100 to pitch in with it. Wall Street is a pump and dump scam which is in the process of taking the rest of the folks, gambling money, err I mean investments.

Wow... you sound bitter.

I've been investing in the market for about 20 years now (all of my adult working life and then some), and I can say without a doubt I have made money on my investments over that time.

[Tempest455]

The only thing better than pitching $100 bucks in the toilet is someone giving me another $100 to pitch in with it. Wall Street is a pump and dump scam which is in the process of taking the rest of the folks, gambling money, err I mean investments.

Exact analogy I told my wife last year:

I was investing 15% of my income to the company 401K. My company did a 50% match. The market had turned (well my investments) and I was losing every month. We have the ability to go on-line and change invesment % as we wish.

I changed it to 0% for a period of time and she got made and said, "but they match 50%".

My reply was, "so if I throw a $20 bill in the garbage and they throw in a $10, you are OK with that?"

The balance went into savings instead. Also invested in land, brass and lead!

When I see a lomg term upward trend, I will invest again, unless of course we have a SHTF situation. I lost bad after 911 and don't want to be in that situation again.

[Guest manofsteel]

i lost over 85k after 911 i stoped putting in also. stoped looking at it. dont know where it is at now. i only invest in the things i can hold in my hand.

[Guest 6.8 AR]

Well, as far as Social Security goes, I doubt it will be available when I retire. But if you live for Social Security, you aren't living. I guess I'll be broke with the rest of you.

Anybody spare a beer?