Do You Have A 401k Or Other Retirement Plan?

Little Stevie is a stupid liberal. I don't want anything to do with your sacred government Little Stevie. I have worked hard all my life and were is my social security you idiot. Your sacred government has us almost twenty trillion in debt. I am tired of fake money. If it was not for the private sector I would have nothing. Keep voting for big government Little Stevie, your daddy needs your vote.

. . . where it has remained veritably stagnant when indexed against inflation. Originally Posted by I B Hankering

Well then IB, take your own advice and invest in something beating inflation!

He did. After the game was over!

A real nail biter for BT and his crystal ball!!!!! Originally Posted by LexusLover

I suppose I must have missed LL(DINO's) prediction on the final score. In fact, I don't even recall him predicting who the winner would be.

Both are fairly typical of Monday Morning Quarterbacks! But MMQ's do love to bitch and moan about what everyone else is either doing or not doing!

Private monies are private monies but state pensions are bullshit and should be ended, if not paid back. And labor unions should be sent back to the 1880s and destroyed. Obama sucks because he has to deal with the mess labor unions and overpaid government employees created. That started well before 2008. Originally Posted by JohnnyCap

I've been retired from the State Of Louisiana for 5 years after 25+ years of service. Your implying I should have my pension ended and pay it back. You obviously know nothing about State Retirement Systems. I'll give you a basic idea how mine worked. Every month 200 was deducted from my salary and deposited into the States Ret Fund and it drew Int. After 25 years my investment was substantial enough for me to draw on a monthly benefit. I don't understand why would that be bullshit. Most people can't stay in a job for 25-30 years to Retire, and God knows Soc Sec is no pension, which of course I didn't participate in. Shouldn't long term employees be rewarded for their years of service and reap the fruits of their labor through pensions. Especially since it was my money that I invested into the ret system.

"FINANCIAL REPRESSION" Pension Funds Assess Investments In Government Debt
&
Study Shows $1.2 Trillion Gap For Public Pensions

Your implying I should have my pension ended and pay it back. You obviously know nothing about State Retirement Systems. Originally Posted by acp5762

Didn't see anyone implying that your pension should end and you should pay it back. The thread topic is about the potential passage of laws and/or regulations that force private citizens who have created 401K accounts to convert those accounts INTO annuity contracts that remain under government regulation and can be taken over by the government because they are "government guaranteed" ... through regulations.

Look what has been happening with government guaranteed loans .. either home mortgages or business loans ... when the companies holding them go broke the taxpayers have to step in and cover the losses .. which means the government takes over the pensions/annuities .... whiping out savings and 401K's.

I suppose I must have missed LL(DINO's) prediction on the final score. In fact, I don't even recall him predicting who the winner would be. Originally Posted by bigtex

You are correct. When you sober up you might remember that I was asking you what the final score would ... all morning (before the game started) ... since you are "all knowing" and knew all along that there were no WMD's hidden in Iraq prior to the 2003 "re-invasion" of Iraq. But in your typical "all knowing" posture you avoided the question and then posted the actual score after the game was over as though you had predicted that score from the beginning.

More proof that you are a blow hard. Now go back in your box and calm down.

Didn't see anyone implying that your pension should end and you should pay it back. The thread topic is about the potential passage of laws and/or regulations that force private citizens who have created 401K accounts to convert those accounts INTO annuity contracts that remain under government regulation and can be taken over by the government because they are "government guaranteed" ... through regulations.

Look what has been happening with government guaranteed loans .. either home mortgages or business loans ... when the companies holding them go broke the taxpayers have to step in and cover the losses .. which means the government takes over the pensions/annuities .... whiping out savings and 401K's. Originally Posted by LexusLover

Steve Doocy and Newt Gingrich falsely claimed that the Obama administration is considering "a scheme" to "abolish 401(k)s" and "migrate Americans to a government-run program so the politicians would then have your money." In fact, the administration has not proposed moving retirement savings to a government-run system -- it is considering ways to promote annuities sold on the private market as a voluntary alternative to lump-sum cash payments in retirement.

..it is considering ways to promote annuities sold on the private market as a voluntary alternative to lump-sum cash payments in retirement. Originally Posted by CJ7

... like its "promotion" of acquisition of private market health insurance by those without healt insurance as an "alternative" to government provided health care plans.

Govenments do not "promote" by taxing the shit out of plans not consistent with an "alternative" .. that is compulsion .. not promotion.

I'm not answering what "Steve Doocy and Newt Gingrich" claimed .. I became aware of the consequences of the proposals by the current administration from two different directions and two different perspectives .. one tax, the other investment and both highly qualified and well respected in their respective industries.

Why does the government have to "promote" the acquistion of annuities? And why would government have ANY interest in "persuading" resourceful people who have managed to sock away 100's of thousands of dollars in 401K accounts with immediate cash draw down capacity to take out their CASH and hand it over to a company to HOLD FOREVER without any draw down capability so the company somewhere down the line can dole it out to the retiree for the remainder of the retiree's life expectancy ... how ever long that may be or not be?

I thought this administration was opposed to BIG BUSINESS FINANCIAL ENTITIES?

The U.S. government continually demonstrates its inability to run a one car funeral without cost overruns ... the list is endless ... and I am goinna hand over 100's of thousands of dollars to a "government approved" annuity company .... to take care of so they can dole it out to me in later life ... (see Social Security!).

then posted the actual score after the game was over as though you had predicted that score from the beginning.

. Originally Posted by LexusLover

To be exact, I posted the score with two minutes to go in regulation, but I did predict the winner before the game started. If so, provide the link!

To be exact, I posted the score with two minutes to go in regulation, but I did predict the winner before the game started. If so, provide the link! Originally Posted by bigtex

... predicted"??? ...ha, ha.

I had asked FOR THE FINAL SCORE BEFORE the game began. No answer from you. You want that link?

Changing the facts are you?

Same crap in 2003.

Now, did you vote for Kennedy-Johnson and Johnson-Humphrey? Or are you gonna wait until there are two minutes left in regulation to answer that one?

and at the end of the day the OP was horseshit ..

spin away LL, you got nothing but ...

I will agree that a law of this nature is unlikely to ever pass unless Obama can get a super majority again so I am not to worried about it. However, his policies will lead to high inflation at some point. At that time anyone with a fixed income, like most of those annuities pay, is going to get hosed. The inflation will steal their buying power and deprive them of a reasonable lifestyle. That is what people need to get excited about. Printing billions of dollars and running massive deficits will do more harm than anything else.

Before all the Obama disciples get righteous the republicans have very little to brag about either. Both parties have been negligent.

I will agree that a law of this nature is unlikely to ever pass unless Obama can get a super majority again so I am not to worried about it Originally Posted by Laz

"Regulations" ... what he has not been able to accomplish by legislation he is doing through regulations issued by the respective agencies overseeing the activity ...

e.g. the EPA, IRS, Treasury.

For instance in the "Obamacare" the devil is in the regulations by the Secretary of Human Services and the IRS. On top of that there are provisions in the legislation that prohibit judicial review of the issuance and implentation of the regulations.

The EPA has been issuing directives that will kill existing businesses.

Didn't see anyone implying that your pension should end and you should pay it back. The thread topic is about the potential passage of laws and/or regulations that force private citizens who have created 401K accounts to convert those accounts INTO annuity contracts that remain under government regulation and can be taken over by the government because they are "government guaranteed" ... through regulations.

Look what has been happening with government guaranteed loans .. either home mortgages or business loans ... when the companies holding them go broke the taxpayers have to step in and cover the losses .. which means the government takes over the pensions/annuities .... whiping out savings and 401K's. Originally Posted by LexusLover

Thats what Johnnycap's post sounded like to me. He stated "State Pensions are BS and should end if not paid back" I guess he meant before a person actually retires and begins to draw on it.