Do You Have A 401k Or Other Retirement Plan?

That would require him to actually reply to the topic at hand COG.

havent you guys figured out by now that everything COF finds, and posts that relates to government take over is bullshit?

http://mediamatters.org/research/201...-scheme/162794

havent you guys figured out by now that everything COF finds, and posts that relates to government take over is bullshit?

http://mediamatters.org/research/201...-scheme/162794 Originally Posted by CJ7

Are you actually familiar with the proposal or did you actually read the entire article?

What's the difference between a government regulation forcing you to convert your CASH asset to an ANNUITY and the government confiscating your CASH are replacing it with an ANNUITY? If it is difficult for you to grasp legally, let me help.

NONE!

It is based on the "theory" of liberal thinking that "regular people" don't know how to manage their money and it is "better" for "regular people" if the government FORCES them to have THEIR MONEY dribbled out over their life time as opposed to having THEIR CASH available for them to withdraw whenever they desire to do so for whatever reason THE OWNER wants.

Think the current social security system ...

If someone has a $100,000 401K and the government reg requires them to buy an annuity contract with it to guarantee $1,000 a month (to be taxed as real income) then that is 100 months of payments + additional months depending on the earning rate for the fund. So lets make it 120 months or 10 years. They begin at 67. After five yars the OWNER dies. What happens to the other $50,000 + earnings?

Passes to beneficiary/heirs.

What if the $100,000 is required to be used as an annuity. What happens?

#1: Upon the recipient's death, remains with the company holding the annuity contract as real income, and the government taxes the "earnings" to the company based on the company's tax rate established for gains from the investment by the company.

#2: During recipient's life, the recipient cannot withdraw or borrow against it, because the "annuity" is not an "asset" of the owner.

Discuss it with your life insurance agent (if you have a reliable company issuing it as opposed to "DreamLand Life") ... "whole life" vs. "term life" ... the former has "cash value" and the latter does not.

Would you take a $100,000 face value paid up whole life policy and convert it to a $100,000 face value "term life" policy?

On this topic, for those with 401K's or "cash" retirement accounts of any kind, the early withdrawal tax rate is poised to substantially increase prior to any penalty being imposed, and a withdrawal will be considered as actual, current income for the year of withdrawal (regardless of age) ... so the "deferred" tax benefits of pre-tax deposits will evaporate and be taxed at a higher rate than when it "could have been taxed" at the time of deposit.

Find a CPA (tax attorney) as opposed to some bookkeeping service or franchise tax business (with fresh trained data entry hires). And don't wait until next year (After December 31st) to do it.

Read those two concepts together ... IF YOU DON'T buy an annuity with the 401K and draw down on it ...they are gonna "stick it to you" with the increased taxes and penalties. The Nanny State punishment.

Let's assume, hypothetically, that you actually do have a retirement plan from your career at McDonalds. How will you feel when Obama takes it, to give to someone else?
What say you, BigTurd? Originally Posted by CuteOldGuy

StupidOldFart, let's settle the pesky details of my kind and extremely generous offer of a $5 benji wager first. Once we have the wager behind us we can move on to other questions.

StupidOldFart, let's settle the pesky details of my kind and extremely generous offer of a $5 benji wager first. Once we have the wager behind us we can move on to other questions. Originally Posted by bigtex

What are you all betting on:

1. If BT worked at McDonalds
2. If BT was a fry cook at McDonalds
3. If BT has a 401K from McDonalds
4. If BT has $5 "benjis" to wager?

BT, I do want to know what the score will be today in the Texan game because I do have "$5 benjis" to wager on the game and I want to win. Can you tell me now?

What are you all betting on: Originally Posted by LexusLover

LL(DINO), you always excelled at arrogance and condescension skills but your research and reading comprehension skills are seriously lacking.

How 'bout I do the research for you? Once again!



Taken from post #29 of this thread:

How about a friendly little wager on whether or not I have a retirement plan? Originally Posted by bigtex

Since you decided to stick your nose in, does that mean you are interested in a little of the action? I can earmark an extra $5 benji's for you!

HAHAHAHAH......

BigNothing gets slapped around by Chica Chaser....................

Stil waiting on an intelligent response BigNothing......

That would require him to actually reply to the topic at hand COG. Originally Posted by Chica Chaser

Stil waiting on an intelligent response. Originally Posted by Whirlaway

Hey Whirly, does the author of "Wisconsin is trending Romney" want his share of the wager action?

I've got an additional $5 benji's earmarked for you, as well!

It just dawned on me, this could possibly morph into an additional retirement plan for yours truly!

Are there any more takers?

Still waiting on an intelligent response BigNothing....

Hey Whirly, does the author of "Wisconsin is trending Romney" want in on the wager action.

I've got an additional $5 benji's earmarked for you, as well!

It just dawned on me, this could possibly morph into an additional retirement plan for yours truly! Originally Posted by bigtex

Still waiting on an intelligent response. Originally Posted by Whirlaway

It appears that Whirly has once again decided to take the "cut and run" approach!

Drats!!!!!

These Bloehards appear to be all talk and no action! Speaking of Bloehards, where in the hell is Joe? It's beginning to appear as though he took a page from LL(DINO)'s 2006/2008 political playbook and "cut and run" following the Republican's defeat at the polls.

If anyone sees Joe the Bloehard, be sure to tell him I have an additional $5 benji wager to offer him, as well. I wouldn't want ol' Joe to feel left out!

HAHAHAHA.....


BigNothing gets bitched slapped by a Cocker Spaniel.........!

That would require him to actually reply to the topic at hand COG. Originally Posted by Chica Chaser

BigKoTex still does not believe that there are communists in his party.

BigKoTex still does not believe that there are communists in his party. Originally Posted by The2Dogs

2Pups, I didn't realize you were in my "party." This is the first time you've told me.

Since you decided to stick your nose in, does that mean you are interested in a little of the action? I can earmark an extra $5 benji's for you! Originally Posted by bigtex

Actually, not. I am still trying to find out from you what the final score will be on the Texans game before kickoff .. since you are the "outcome determinator" on historical events ... I hate betting on sports unless I already know how its going to turn out?

Do you bet on the reruns of Cougar games? Just asking.

Oh, as for my relative "reading" and "comprehension" skills .. I graduated from the OP-Ed pages of the Chronicle long ago .(40 or so years).. when are you set to graduate?

Actually, not. I am still trying to find out from you what the final score will be on the Texans game Originally Posted by LexusLover

Sit tight, I will get back to you on the final score before the day is over!