Skull Pilot
Diamond Member
- Nov 17, 2007
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I predict government will nationalize our IRA and 401k retirement accounts because the country will be so friggin broke they will have no choice.They will confiscate all our retirement accounts and will pay us what they feel is enough for us to live on month by month.
And I'm sure the Democrat party will not have a problem with this.
As it is now your IRA, 401 etc belong to the fucking government already.
The government tells you when you can use the money, how much you have to take out every year and penalizes you if you don't listen
That is return for deferred taxes, and you can break the rules if you feel like, you just have to pay penalties (tax related) to do different than what you originally agreed to.
I dont see the government able to confiscate private retirement accounts, and if they ever get that power, we will have much bigger worries than our 401ks
It's not just taxes. You are required to withdraw a certain amount every year even if that amount is more than you need or else be penalized.
And the worst part is that all the return is taxed as ordinary income rather than at the lower capital gains rate.
So you see the fucking government has sold you a shitty plan. You'd be better off saving that money after taxes because not only would you have complete control but the return would be taxed at the lower capital gains rate.