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Posted on 6/21/18 at 10:13 pm to deeprig9
[/img] We are 21T in debt and only about 46% of the population pays tax now. So one could assume that the gov't may not "take away your retirement account" but quite certainly could simply change the tax brackets to allow them to receive substantial tax gains by having the populace defer at low tax rates then take the money out at rates at least to average or possibly higher.
By doing so they also effectively phase you out of SS benefits as well because every dollar that you take from your Qualified accounts plus other forms of income are used to determine the then tax rate you will be in and that lets them tax your SS benefits.
"If you and your spouse file a joint return with a combined income below $32,000, your benefits are out of reach. For income between $32,000 and $44,000, up to 50 percent of benefits may be taxable, and up to 85 percent if combined income is more than $44,000. For more information, go to Social Security's website" - source is AARP for this
Posted on 6/21/18 at 11:02 pm to PortHudsonPlaya
No not really
I’ve git a decent amount of cash saved up. It’s a struggle not to buy blow
I’ve git a decent amount of cash saved up. It’s a struggle not to buy blow
Posted on 6/22/18 at 7:03 am to PortHudsonPlaya
quote:
Honest question. Let’s say this country gets in a bad enough place to where the majority of people simply can’t take care of themselves. Obviously this breeds other problems and multiplies as generations increase. At the end of the day, politicians all agree that government take over is necessary and everyone is whiped clean, funds are combined into one pot, and government control is the only way to start the recovery.
As a fairly young lad who has saved his entire life, and has hundreds of thousands in multiple pots, I get really paranoid over this the more I observe today’s society.
It has happened recently overseas; Cyprus was the holding Nation for many former Soviet and Mediterranean states. Panama is also a place many uber wealthy are stashing money as revealed in the Panama Papers. Historically in the USA it has happened before. Back when we were under the Gold Standard and Congress/POTUS seized all the gold.
quote:
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States". The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93–373[1] which went into effect December 31, 1974.
Cyber currencies are not the answer though as a means of securing wealth. Those have been demonstrated to be put into place by Intelligence Agencies by the various governments of the world.
So you have a valid concern actually.
Posted on 6/22/18 at 7:10 am to TigerstuckinMS
quote:
Say you pay 10% in taxes today. Let's say you earn $1000, pay your 10% in taxes up front, and invest the remaining $900 in a ROTH that doubles in value. You then have $1800 free and clear of taxes upon withdrawal.
On the other hand, let's say you take the same $1000 earnings and invest it in a traditional IRA before you are taxed on the income. You have the full $1000 to invest and it, too, doubles in value. It's worth $2000 when you're ready to withdraw. Uncle Sam steps in though, and shaves his 10% off the top at withdrawal. You walk away with... $1800.
You forget the part where many/most people’s tax brackets drop when they retire
Posted on 6/22/18 at 7:26 am to crazycubes
quote:
This is why crypto currency is popular
It has literally nothing to do with that.
There is no difference between having a bitcoin and having a euro than what this thread is concerned.
Posted on 6/22/18 at 7:28 am to LSUBoo
quote:
No, but I have some minor concern that extreme inflation will render it mostly worthless.
That’s the point of home loan rates going up.
Posted on 6/22/18 at 7:30 am to PortHudsonPlaya
Not really. It’s possible but unlikey. If it happens now, I still have 40 years to make it up. If it happens in 40 years then frick me.
Posted on 6/22/18 at 8:08 am to DeafJam73
As others have pointed out, there are few/no places to put money that would insulate you from this level of theft. Your dollars would be essentially worthless anyway.
It's one of the reasons I always get a laugh out of people who keep cash at home because they thought Obama was going to take it from them in the banks. A US dollar would be worthless when the government is taking it from citizens in the bank.
It's one of the reasons I always get a laugh out of people who keep cash at home because they thought Obama was going to take it from them in the banks. A US dollar would be worthless when the government is taking it from citizens in the bank.
Posted on 6/22/18 at 8:11 am to slackster
quote:not that many people did this in real life.
It's one of the reasons I always get a laugh out of people who keep cash at home because they thought Obama was going to take it from them in the banks. A US dollar would be worthless when the government is taking it from citizens in the bank
Posted on 6/22/18 at 8:18 am to castorinho
quote:
not that many people did this in real life.
Yeah only a few crazies, but I probably got one every month or so in my old position.
Posted on 6/22/18 at 8:31 am to slackster
quote:
Never understood people investing in the own company stock in their retirement plans. Such an unnecessary risk.
Why
Posted on 6/22/18 at 8:35 am to TheDeathValley
quote:
Why
If your company does well, you'll profit as an employee in pay and benefits. If they do poorly, you'll be shown the door. Why have your retirement account balance linked to that same cycle? Anymore than 5% or so in your own company stock is irresponsible/unnecessary. If you have an ESOP or something that can't be liquidated, it's a different story, but owning it in a 401k is a poor choice long term. It's the epitome of having your eggs in one basket.
Posted on 6/22/18 at 8:37 am to slackster
Yeah I sell company stock the minute they vest.
Posted on 6/22/18 at 8:44 am to castorinho
quote:
Yeah I sell company stock the minute they vest.
If you can buy it at a discount or something, that's one thing, but holding it long term is just a poor risk decision. It's worked out for plenty of people, but most would have been just fine with an index fund instead.
Enron employees had over half of their $2.1B 401k plan in Enron stock.
Posted on 6/22/18 at 8:47 am to LSUTigerFan247
Pretty sure this is illegal
Posted on 6/22/18 at 8:51 am to slackster
I work with a couple of them
Posted on 6/22/18 at 9:13 am to castorinho
quote:
Yeah I sell company stock the minute they vest.
Not always the best strategy. My Dad is a good example of the opposite. Always took advantage of the matching to the max, kept it through multiple changes of majority ownership changes. When it finally went from public to private he was 2nd only to the Pres/CEO in profits from the stock buyback.
Posted on 6/22/18 at 9:30 am to LSU alum wannabe
quote:
Except for pensions. Pensions will be a thing of the past. Of course this will be business by business. But if you believe your company wouldn’t screw you over your pension in a bind? Crazy.
This. I’ve watched our pension dwindle from $118 a month for every year of service to $112 and now around $90.
You will be paid at the old rates for any years of service vested during that time but it is disheartening to see the payments go down as cost of living rises. We do put $2.50 an hour for every hour worked into a defined contribution plan but at this point it would suit me if they capped my pension at my current years of service and started putting my pension contributions (about $6.00 an hour) into my annuity as well.
Posted on 6/22/18 at 9:34 am to idlewatcher
quote:
We the people wouldn't put up with that. That would require an insurrection by the people and it wouldn't be pretty.
Sure, sure. I'm glad you believe that you and a collective of other Patriots would "rise up and not take it", but the sad truth of the matter is that you wouldn't do frick all. You'd bend over, shrug your shoulders, and not do a fricking thing.
Ask how many Cypriots insurrected when there was a seizure on citizens' savings in 2012. Ask the Spanish and Portuguese how they handled the government overreach when this happened in Spain and Portugal.
What are you actively doing now to prevent this from happening? Truth is, you're probably not doing anything other than saying, "when they come form muh money, they gonna have to take it from muh hands." When the reality is, the writing is already on the wall. Our economic stability is in the hands of short-sighted bankers and politicians who are incapable of looking beyond their next pay check, the length of their tenure, or the next elections.
This post was edited on 6/22/18 at 9:43 am
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