Obama Begins Push for New National Retirement System

[Dori]

Obama Begins Push for New National Retirement System

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
 
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

http://nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89:obama-begins-push-for-new-national-retirement-system&catid=34:social-security&Itemid=62

[Freeper]

They have had their eyes on 401ks for years now. It's another redistribution scheme.

If I had any great amount of money in one I would be so tempted to cash it in, and put the cash in my mattress where 0bama can't get his slimy hands on it.

[NHSparky]

Over 50 percent of Americans have investments in the market either directly in stocks or through mutual funds, etc.

If Americans pulled that money out, that would be upwards of $3-4 TRILLION pulled out of the market.  Take that kind of money out and you're not looking at just a nasty recession, you're looking at a full-blown panic that would make the 1933 run on the banks look like child's play.

I'd ask if he were that stupid, but I already know the answer.

[rich_t]

Of course he is that stupid.

I will pull out every dime in my retirement accounts if this begins to gain any traction.

I'd rather pay the 20% tax penalty than lose all of it to a socialist agenda.

[Dori]

Over 50 percent of Americans have investments in the market either directly in stocks or through mutual funds, etc.

If Americans pulled that money out, that would be upwards of $3-4 TRILLION pulled out of the market.  Take that kind of money out and you're not looking at just a nasty recession, you're looking at a full-blown panic that would make the 1933 run on the banks look like child's play.

I'd ask if he were that stupid, but I already know the answer.

Actually, it would be a good weapon......if necessary 

[Alpha Mare]

That's a reprint of a 2010 article. So far, I haven't found anything new on this.

[Dori]

That's a reprint of a 2010 article. So far, I haven't found anything new on this.

Missed that, but found this.  One of the people involved in that older article is involved in this;

Retirement Security for All: A Forum on State Action

On September 14, 2012, the Pension Rights Center, the Schwartz Center for Economic Policy Analysis (SCEPA), and DÄ“mos hosted a forum at the New School for Social Research in New York City on expanding private-sector retirement plan coverage at the state level. The forum brought together state officials with experts from Capitol Hill and a variety of organizations to discuss proposals for state-administered retirement plans for private-sector workers and to share strategies for moving these proposals forward. 

http://www.pensionrights.org/what-we-do/events/retirement-security-all-forum-state-action

I swear there are more liberal think tanks than heads on a hydra.

[vesta111]

Missed that, but found this.  One of the people involved in that older article is involved in this;

Retirement Security for All: A Forum on State Action

I swear there are more liberal think tanks than heads on a hydra.

Most of us have little idea of exactly what a 401K does anyway.  My company did a % match to what we put in, from time to time I would "borrow" half of it and repay it bits and pieces through the year.  The company match covered what ever interest I had to pay to borrow my own money so when the stock market went way up I actually made money on the deal.  When I was retired I was still too young for #SS so I took it all out with some big penalty. 

Good decision as the next quarter the market tanked and Hubby lost over $8,000. from his 401K. We banked my money and it helped to carry us over for 2 years after my retirement age for #SS.   Good thing I waited to file for #SS as I now get back payments for 6 months before I filed and full retirement benefits each month.

However I still feel guilty that I am getting money just for getting old.   Something unnatural about all this for me, I get no joy in this as I did when I was handed a pay check for my labor, no sense of accomplishment, no pride in receiving this money.  Yes I know I earned this money BUT being as I NOW am not working for it I cannot wrap my head around it. 

Up side is I now know hubby will not murder me or leave me as being a drag on his finances, after a few years I am now going to be able to pull my load on expenses.  AND, I can now go out and buy him a Christmas gift he does not have to pay for himself.

[marv]

I've been retired (from the Dept. of Defense) for twenty years now. When we bought our current house seven years ago (for cash), I was able to take a line of credit, mostly for medical emergencies. I did it because of our ages since we're both in our seventies.

My Federal pension, as well as both of our SS pensions are at jeopardy now. But that's life when we are surrounded by stupid people who only think of what they can put in their pockets today - with no thought for tomorrow.

We stll have our line of credit.

[NHSparky]

Most of us have little idea of exactly what a 401K does anyway. 

Only the idiots among us don't know and follow what's in our 401(k)'s, dearest.

I know how much is in each fund, the load on each fund, how much goes into every fund each payday, the YTD/5-year returns on each fund, Morningstar ratings, and the interest on my cash balance account.

So really, don't pretend you speak for most people, or even many people.  Please, just no.

[zeitgeist]

Only the idiots among us don't know and follow what's in our 401(k)'s, dearest.

I know how much is in each fund, the load on each fund, how much goes into every fund each payday, the YTD/5-year returns on each fund, Morningstar ratings, and the interest on my cash balance account.

So really, don't pretend you speak for most people, or even many people.  Please, just no.

I don't mean to bum you out or blow sunshine up your skirt, but in my experience you are the exception not the rule.  Without going into great detail I will just say I worked with lots of people who had no idea what they had and I was just helping them set up and navigate the online front end access.  Amazing the number of clueless people out there.  And when the market crash happened and statements came out? The line of people who want to know how to get back into their account was around the block. Ah when did you last access your account? Never. Direct withdrawal.   

The number of people who did not understand that if they were in stock and the market went down that they could loss not only the profit but also the investment was amazing.  I kid you not they thought that because it was a TSP (401k for govt employees) it could not lose the initial investment.

[Dori]

Is there anything out there that you can safely invest in anymore?  I think about commodities, but they are all sky high right now.

[zeitgeist]

Is there anything out there that you can safely invest in anymore?  I think about commodities, but they are all sky high right now.

There are several people here who like copper and lead. 

But I don't think those are what you meant.  I would point out that commodities can be very volitile.  You can lose or make a lot of money very quickly. 

[MrsSmith]

Is there anything out there that you can safely invest in anymore?  I think about commodities, but they are all sky high right now.

After watching everything for the last 10 or 12 years, when I received a small inheritance from an aunt, I decided to invest in land.  We paid off the house in town and now rent it, and bought a small "hobby farm" with about 10 acres.  It's not enough to do much...but with a herd of goats, a big garden, some chickens and maybe some rabbits, and trees to cut if needed for heat, we can be far more independent in a crash.  The changing value of the land won't matter as much as the uses for it.  I can't see that we'll ever be able to "retire," but I do think we can manage not to starve.   

[Evil_Conservative]

They have had their eyes on 401ks for years now. It's another redistribution scheme.

If I had any great amount of money in one I would be so tempted to cash it in, and put the cash in my mattress where 0bama can't get his slimy hands on it.

That's what I keep telling my husband to do, but he said he would be taxed/penalized at like 60% or something... so it's safer in the 401k.  Insane.

[Chris_]

I remember Clinton floated that idea during his administration.  I heard the same thing from King Barack the First (PBUH) a few years ago.