Do you like your 401k?

[axxell33]

Then you better hide it from Obama!!!

http://thehill.com/blogs/congress-blog/economy-a-budget/95849-hands-off-our-retirement-savings-rep-michele-bachmann

Hands off our retirement savings! (Rep. Michele Bachmann)
By Rep. Michele Bachmann (R-Minn.) - 05/04/10 09:55 AM ET

There have been rumblings from the Obama Administration regarding efforts to create "Guaranteed Retirement Accounts" and impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers.

Human Events reports that Vice President Biden mentioned this idea in February as part of the White House's "Annual Report on the Middle Class." They also report that "in conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a 'Request for Information' regarding the 'annuitization' of 401(k) plans through 'Lifetime Income Options' in the form of a notice to the public of proposed issuance of rules and regulations."

I am a member of the House GOP Savings Recovery Solutions Group, and yesterday my colleagues and I sent a letter to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner urging the Obama Administration to keep its hands off of the retirement savings of Americans. We stressed that any proposals to dismantle or nationalize the private 401(k) system in favor of a government-run retirement security regime must be rejected.

You can read a copy of the letter here.

We can do better than a government power grab, and I have cosponsored the Savings Recovery Act that would help Americans rebuild their retirement, college, and personal savings.

[JimP]

This isn't much of a surprise. This administration and the liberals and far left in general have always been about creating a nation that is solely dependent on government. Higher and higher taxes and less and less freedoms. What could be more final than to take away your retirement so that your very existence is completely dependant on the benevolence of government. Just my humble opinion.

[Cookie]

I'm not so sure the government wants to actually collect the money but what they want to do is put a cap on how much money is dispersed to you per month or per year. You would no longer be able to take the whole lump sum of money out and would be limited to a percentage of the balance that would be broken down into equal payments. From what someone at work was telling me there is another catch involved with this that it wouldn't be transferable in the event you die before the money is depleted. This is the hopes part where alot of the money would never have to be paid out.

[Crocodile56]

My 401 crashed and burned.........thanks G.W.Bush!

[MOTOCROSSER]

What 401k!! Pooofff gone!!!!! My now 401k is my house!!!!

[Cookie]

I cleaned mine out and bought my Harley with it! Not that I had a whole bunch in it anyway. I only contributed because the company I worked for matched 100% up to 5% that I contributed plus an additional 5%, so it was worth it. I consider it my 26 year too early retirement present.

[vlade]

Well you heard the commie himself just a day or so ago say "at some point you got more money than ya need" (loosely) Just one on hunnerds of "redistributin" plans in the works I'm sure. His personal Idea of socialism I believe is, go ahead and let everybody think they own stuff and hold monies but THEY virtually control every friggen thing you do with it. Then too the massed retirement savings of the country would probably be in their hands to use and abuse and you would be holding an IOU worth virtually nothing like Social Security and Medicare do now.

[vlade]

I'm not so sure the government wants to actually collect the money but what they want to do is put a cap on how much money is dispersed to you per month or per year. You would no longer be able to take the whole lump sum of money out and would be limited to a percentage of the balance that would be broken down into equal payments. From what someone at work was telling me there is another catch involved with this that it wouldn't be transferable in the event you die before the money is depleted. This is the hopes part where alot of the money would never have to be paid out.

Dont for get DAN they virtually took over the student loan industry so yea I think they do want their hands on yur money

[Cookie]

Dont for get DAN they virtually took over the student loan industry so yea I think they do want their hands on yur money

Not saying at some point they don't but I think the first thing is they want to prevent you from taking it all at once. IMO this has nothing to do with making sure you have money for life but more so you can't take all of your money out like alot of people did when the econemy collapsed.

[B-Man]

Stash away some cash each payday if ya can!! I do!! And no one knows about it!! The less the guvment knows the better!!

[Cookie]

Stash away some cash each payday if ya can!! I do!! And no one knows about it!! The less the guvment knows the better!!

They do now! LOL!

[vlade]

Stash away some cash each payday if ya can!! I do!! And no one knows about it!! The less the guvment knows the better!!

Thats a point for you Doc, cause straight up if the GOV knows where your money is at it aint really yours.

[wndchsr]

They do now! LOL!

:laughout