401K Into Retirement USA?
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401K Into Retirement USA?

  1. #1
    RPB
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    Default 401K Into Retirement USA?

    President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.
    Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).
    Can we really trust the SSA with more of our money?

    The Social Security Administration (SSA) consists of two different funds. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 12 years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016.
    Is Obama’s “Automatic IRA” the answer?

    To assist in the process, the Labor Department and the IRS published their report on The Government Accountability Office (GAO)-”Improve the rollover process for participants“. Beyond the new fiduciary duties, hidden in the language, it establishes a path for participants to rollover their private retirement accounts into Obama’s Automatic IRA.

    What do you think our “indebted” U.S. Government wants to place inside your new fund? Yes, U.S. Treasury Bonds.
    To assist in the process, the U.S. Treasury Department will rollout a program called ” Treasury Direct” that will allow citizens “to purchase, manage, and redeem.. savings bonds” electronically, as well as offering an “option” to purchase such bonds “automatically” through payroll savings .

    This coincides with a program being pushed by the Service Employees International Union (SEIU) called “Retirement USA” which would create a government-forced retirement program with assets being directed into special Treasury Retirement Bonds, or R-Bonds. “Retirement USA” is promoting the idea that all workers have a “right” to a government retirement account, in addition to Social Security.

    full link: Goldworth Financial


    Retirement USA : Who We Are | Retirement USA

    What is Retirement USA?

    • Retirement USA is a national initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees.
    • Retirement USA is convened by five organizations – the AFL-CIO, the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare, the Pension Rights Center, and the Service Employees International Union – that recognize that retirement income security is a major issue of concern for current and future retirees.
    51% of Democrats dont know the earth revolves around the sun and 49% think that Astrology is scientific. (National Science Foundation and National Opinion Research Center (NORC) at the University of Chicago 2014).


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  3. #2
    Floatin dirty Lavey29's Avatar
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    If they are already deducting SS automatically then the government IRA should be voluntary. You can already supplement your SS deduction with a voluntary IRA deduction also so this proposal to compel workers to contribute to both is wrong in my opinion. Now if they make the government IRA optional to supplement SS well that would be ok I guess if you trust the government with your money. SS will not run dry, they will use our tax dollars to ensure of that and that everyone still gets their check....Where have I heard this argument before
    Last edited by Lavey29; 08-11-2013 at 04:05 PM.

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    Senior Member AzMandella's Avatar
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    Quote Originally Posted by Lavey29 View Post
    If they are already deducting SS automatically then the government IRA should be voluntary. You can already supplement your SS deduction with a voluntary IRA deduction also so this proposal to compel workers to contribute to both is wrong in my opinion. Now if they make the government IRA optional to supplement SS well that would be ok I guess if you trust the government with your money. SS will not run dry, they will use our tax dollars to ensure of that and that everyone still gets their check....Where have I heard this argument before
    This has nothing to do with helping people prepare for retirement. It is just another way for the Gov to get it's hands on more of our money so they can irresponsibly spend it on thier liberal whackjob agendas. How in the world anyone would think they would manage it properly after seeing how they manage SS is a joke. Only in a liberal mind could this make sense.
    If you voted for Obama to prove you were not racist, then you better find someone else to vote for to prove your not stupid.

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    Quote Originally Posted by AzMandella View Post
    This has nothing to do with helping people prepare for retirement. It is just another way for the Gov to get it's hands on more of our money so they can irresponsibly spend it on thier liberal whackjob agendas. How in the world anyone would think they would manage it properly after seeing how they manage SS is a joke. Only in a liberal mind could this make sense.

    I agree but lets look at the other side. If people do not save properly for their retirement years then they go on various forms of government assistance such as MediCal. Now if the government compels them to save more but mandatory deductions to increase their retirement savings will this prevent them from needing government assistance later in life?

    I still do not think it should be mandatory nor should the government be in control of the money.

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    RPB
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    Quote Originally Posted by Lavey29 View Post
    I agree but lets look at the other side. If people do not save properly for their retirement years then they go on various forms of government assistance such as MediCal. Now if the government compels them to save more but mandatory deductions to increase their retirement savings will this prevent them from needing government assistance later in life?

    I still do not think it should be mandatory nor should the government be in control of the money.
    The only way people go on various forms of GA is that it is offered.....before GA programs, THE NEW DEAL, and WAR ON POVERTY how ever did people get along in life??????----> Family....does the current trend and structure of our socialist government promote family???? NO. You describe a positive (positive is not a good thing here) feed back loop predicated on the "COMPELING" nature of politicians to direct you into modes of involuntary behavior that is otherwise not in anyone's best interest other than those seeking re-election on the grounds of misplaced statistical feelings and emotions.

    Why do you always think that government is the solution, critique fraudulent behavior, yet never realize that the biggest frauds and perpetrators of financial ponzi schemes are the politicians, gov workers, and unions.

    "Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA)."
    Last edited by RPB; 08-12-2013 at 01:42 PM.
    51% of Democrats dont know the earth revolves around the sun and 49% think that Astrology is scientific. (National Science Foundation and National Opinion Research Center (NORC) at the University of Chicago 2014).


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    Marine Organism Forkin' Crazy's Avatar
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    Bottom line as my small mind perceives it, just like SS, the fox is guarding the hen house.
    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

    - - Robert A. Heinlein

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    Guess where that money will be diverted.

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    Floatin dirty Lavey29's Avatar
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    Quote Originally Posted by RPB View Post
    The only way people go on various forms of GA is that it is offered.....before GA programs, THE NEW DEAL, and WAR ON POVERTY how ever did people get along in life??????----> Family....does the current trend and structure of our socialist government promote family???? NO. You describe a positive (positive is not a good thing here) feed back loop predicated on the "COMPELING" nature of politicians to direct you into modes of involuntary behavior that is otherwise not in anyone's best interest other than those seeking re-election on the grounds of misplaced statistical feelings and emotions.

    Why do you always think that government is the solution, critique fraudulent behavior, yet never realize that the biggest frauds and perpetrators of financial ponzi schemes are the politicians, gov workers, and unions.

    "Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA)."

    In the history of my posting in this forum no where will you see that I am a proponent of big government nor do I trust the government with my money. I have indicated in your thread that the is a bad idea proposed by O and his clown posse yet I offered a view from the other side of the spectrum to further debate. We have far to many people that become wards of the state and/or federal government when they did not plan accordingly during their working years to save enough for retirement. The younger class of current workers does not save anything according to statistical info that is out there so is it inevitable that they will also become totally dependent on the government in a few decades when they retire and have no savings in place? Perhaps making that additional IRA deduction automatic would not be bad idea if the government had no control over the money. It was yours to control but you could not access it until you retired like most IRA's are set up.

    I still am totally against the government ordering this and then having all control over the money.

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    gn7
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    You can label ANY money the government has of yours any way you like. But in the end, its ALL spelled the same way TAX!!

    Bet your ASS even IF the government did invest it, watch over it, they will distribute it to you at THEIR rate, AND ANY money that may remain when you die will be THEIRS!!!!
    401 and IRA's are inheritable, bet your ass a government controlled 401 WILL NOT BE!!



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    Senior Member Jake's Avatar
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    Quote Originally Posted by Lavey29 View Post
    I agree but lets look at the other side. If people do not save properly for their retirement years then they go on various forms of government assistance such as MediCal. Now if the government compels them to save more but mandatory deductions to increase their retirement savings will this prevent them from needing government assistance later in life?

    I still do not think it should be mandatory nor should the government be in control of the money.

    We as a society have no obligation to pay for the dopes who don't save money for retirement, after the many see the few starve who didn't save, that will be the end of it. I am tired of all the sad stories relating to my contribution to their welfare. LET THEM STARVE!

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    gn7
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    Quote Originally Posted by Jake View Post
    We as a society have no obligation to pay for the dopes who don't save money for retirement, after the many see the few starve who didn't save, that will be the end of it. I am tired of all the sad stories relating to my contribution to their welfare. LET THEM STARVE!
    If you BAIL OUT those that blow every dime they earn, you are setting a precedence for all others that come along. BAILING OUT bad management seems to be the governments new role. After all, its just entries somebody makes on a keyboard that WE pay interest on.



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    Quote Originally Posted by Jake View Post
    We as a society have no obligation to pay for the dopes who don't save money for retirement, after the many see the few starve who didn't save, that will be the end of it. I am tired of all the sad stories relating to my contribution to their welfare. LET THEM STARVE!

    So you think the government should force them to save more by mandating the 401K contribution in addition to the SS contribution? So at the end, they have more money saved for retirement and are less likely to go on government assistance during their senior years? While in concept, making people save more for their retirement sounds ok, I just don't like the thought of the government having control of the money therefore I am against the plan in its present format.

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    Quote Originally Posted by Lavey29 View Post
    So you think the government should force them to save more by mandating the 401K contribution in addition to the SS contribution? So at the end, they have more money saved for retirement and are less likely to go on government assistance during their senior years? While in concept, making people save more for their retirement sounds ok, I just don't like the thought of the government having control of the money therefore I am against the plan in its present format.

    AHHH, that's not what I said, now is it? It is not the job of the government to guarantee peoples welfare. Let people plan for themselves or let them starve.

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    Floatin dirty Lavey29's Avatar
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    Quote Originally Posted by Jake View Post
    AHHH, that's not what I said, now is it? It is not the job of the government to guarantee peoples welfare. Let people plan for themselves or let them starve.

    Well, you said "we as a society have no obligation to pay for dopes who do not save for retirement"... I can certainly agree with this but these dopes wil end up on the government cheese for the rest of their lives when they stop or are unable to work any longer. How can this be prevented? Obvioulsy if they saved and planned accordingly it could be but we are talking about "dopes" here right? So if the government forces these dopes to save rather then spend money on a Lexus or a 500K mortgage that they can't afford is that a bad thing? Forcing them to save "their own money for retirement" rather then getting government cheese when they retire sounds ok in theory but the part of the government controlling that money kills that plan in my opinion.
    Last edited by Lavey29; 08-13-2013 at 09:07 AM.

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