Behold! The pretext for seizing retirement accounts emerges

[SSG Snuggle Bunny]

Trillions of tax-free dollars sitting in retirement accounts.

You didn't think the government was just going to sit there and stare at all that money without thinking of some way of stealing some/all of it, did you?

All they needed was an excuse and what better excuse than one that makes you a racist if you say "no."

eridani (49,697 posts)

White workers have nearly five times as much wealth in retirement accounts as black workers
   
 http://www.epi.org/publication/white-workers-have-nearly-five-times-as-much-wealth-in-retirement-accounts-as-black-workers/

Since the rise of 401(k)s in the early 1980s, the retirement gap between black and white workers has widened. Before 401(k)s took off, black and white workers had similar rates of participation in retirement plans. In 1983, 53 percent of white workers and 52 percent of black workers age 32-61 (the age range during which most workers would be expected to save for retirement before becoming eligible for reduced Social Security benefits) participated in an employer-based plan.

http://www.democraticunderground.com/10027632350

[franksolich]

Erich Bloodaxe BSN (14,037 posts)    Tue Feb 23, 2016, 07:48 AM

1. I'd be interested to see the spread in those retirement accounts within the white population.
 
I suspect there's a lot of white people with $0 in such. I know I never had a 401k, and had to drain both my IRA's down to zero thanks to losing my job in the early days of Obama's term of office.

Well, it's been a long while since the early days of the Big Zero's term in office.

Surely the primitive's not going to dare admit that he's spent nearly eight years mired down in unemployment, or underemployment, during the presidential administration of the most brilliant guy God ever invented.

[Carl]

Response to eridani (Original post)

Tue Feb 23, 2016, 08:40 AM

alarimer (13,845 posts)
20. Because companies got rid of pensions.

401ks are a shit sandwich, full of fees that go to brokers.

They only benefit those that can afford to contribute. Many cannot.

It is all part of the race to the bottom for workers. Corporations screw everyone, all the time, whenever they can get away with it, with the complicity of both political parties. Black workers have it worse because they started from a worse position.

**** capitalism.

The bottom line as always,just give me free shit.

[Mr Mannn]

If govt takes over retirement accounts, the old folks are gonna kill a lot of politicians.
That pesky 2nd amendment needs to go first.

[SVPete]

This topic is an ideological minefield for DU-folk. 401Ks are supposed to be rip-offs, yet somehow whites have accumulated far more money in them than blacks.

401Ks are the EEEEeeeeee-vile substitute for old-style pension plans, but those old-style pension plans have driven companies' operations out of the US, bankrupted companies, and are precipitating crises various levels of government.

Should entertaining, watching DU-folk trying to negotiate their way through this minefield!

[docstew]

This topic is an ideological minefield for DU-folk. 401Ks are supposed to be rip-offs, yet somehow whites have accumulated far more money in them than blacks.

401Ks are the EEEEeeeeee-vile substitute for old-style pension plans, but those old-style pension plans have driven companies' operations out of the US, bankrupted companies, and are precipitating crises various levels of government.

Should entertaining, watching DU-folk trying to negotiate their way through this minefield!

If old style pension plans are so great, why is the DoD phasing them out and going to a 401K type system?

[txradioguy]

If old style pension plans are so great, why is the DoD phasing them out and going to a 401K type system?

Easier to sieze my TSP account than my direct deposit of my retirement check.

[98ZJUSMC]

If govt takes over retirement accounts, the old folks are gonna kill a lot of politicians.

That just may be the nudge to push people out of their comfort.  "Oh, gee, look:  No more comfort.  I guess the nutjobs were right."
 

That pesky 2nd amendment needs to go first.

That would do it.

Quote from: SVPete on Today at 11:20:36 AM
This topic is an ideological minefield for DU-folk. 401Ks are supposed to be rip-offs, yet somehow whites have accumulated far more money in them than blacks.

I would love to see how 12% of the population could possibly accrue as much as 63%.

alarimer (13,845 posts)
20. Because companies got rid of pensions.

401ks are a shit sandwich, full of fees that go to brokers.

They only benefit those that can afford to contribute. Many cannot.

It is all part of the race to the bottom for workers. Corporations screw everyone, all the time, whenever they can get away with it, with the complicity of both political parties. Black workers have it worse because they started from a worse position.

**** capitalism.

You're special.

[DLR Pyro]

eridani (49,697 posts)

White workers have nearly five times as much wealth in retirement accounts as black workers

My take away from that line is that white workers are nearly 5 times more responsible about planning for their retirement than black workers.

racist?  Maybe
Do I care?  not at all

[Karin]

Erich Bloodaxe BSN (14,037 posts)    Tue Feb 23, 2016, 07:48 AM

1. 
I suspect there's a lot of white people with $0 in such. I know I never had a 401k, and had to drain both my IRA's down to zero thanks to losing my job in the early days of Obama's term of office.

What an idiot.  Scrub floors before you drain your IRA's.  You just handed 40% to the govt; right down the toilet. 

[Carl]

What an idiot.  Scrub floors before you drain your IRA's.  You just handed 40% to the govt; right down the toilet.

That is why we call them DUmmies.

[freedumb2003b]

There is no other way to put this:

Pensions were almost always forced participation.  Blacks and whites participated equally because it was taken out of their check before the employees had a say.

401Ks are almost always opt-in.  Frankly, I did not opt in when I was younger -- if I could go back in a time machine I would slap myself silly!!  If I would have participated in my 503(b)/401(k) when I was young I would be retired TODAY!

Many blacks have the same perceptive as young people when it comes to money: in my hand is the bast place for money to be.  Now they are old and face working until old age (or just living off the dole which is what will probably the result).

[landofconfusion80]

Looks like Roth IRAs escape the ire of envious primitives.  I started dropping 90 bucks into one in my late 20s and it has ballooned to a pleasant 40 some k. I'm only 35, so I don't have too much to worry about when I retire. The primitives would really freak about what else we're doing.... I live amongst them, I'm cramming tons of cash into a regular account to be a 1%er.  Trim all the stupid expenses down and you can make serious wealth.

[I_B_Perky]

For a lot of young black men, they already have a retirement plan.   Paid housing, paid medical, paid food, paid heat and cooling, paid gym membership, paid clothing. Not a need goes unfulfilled. 

Life sentence in the gray bar hotel.