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Thread: Warning - Obama Confiscates IRA's/401k's; New Senate Bill Nationalizes IRA's

  1. #1

    Default Warning - Obama Confiscates IRA's/401k's; New Senate Bill Nationalizes IRA's

    http://www.goldworth.com/newsmax.php





    The Government Plot to Nationalize IRA’s & 401k’s continues!

    ================================================== ======================

    You have been warned, over & over again!



    The Signs & Timeline:

    September 2009, Goldworth Financial uncovered the early blueprint of our Government`s Plot to Nationalize Private Retirement Accounts. The 401(k)/IRA de-privatization is the brain child of Teresa Ghilarducci, who through funding from the White House and the Highly Influential Ford & Rockefeller Foundations, engineered a new "Regulatory & Tax Incentive". We reported, the purpose is to herd and ultimately force Americans to convert their Retirement Accounts into Government Managed accounts.

    January 2010, we reported on the upcoming meeting between the Labor Department and the Treasury Department, who met to discuss: “ways to promote the conversion of 401k savings and IRA accounts into annuities or other steady payment streams.”

    Where do you think the Treasury Department wants to put your money?

    Remember, mid/late-2009 is when China notably reduced their purchases of U.S. Treasury Bonds.

    On February 12, 2010- CNBC’s Rick Santelli voiced his concern over the “Almost” Failed 30 year Treasury Bond auction. He said, “Something massive is going on here, and it is being covered up. We are very likely on the next stage of the crisis: The U.S Bond Market Collapse!”

    Who or What kept the auction from Failure?

    Only 10 minutes before the end of the T-Bond auction, a “Mystery” Direct-Buyer purchased the unsold Bonds. The Fed’s later disclosed, they stepped in and bought 25% of the Bonds auctioned off by the Treasury department.

    Now they`re "stepping-in" at Every auction and buying Over 61%!

    The Treasury Department needs “Fresh” -New Buyers; New Money... Your Retirement Account?

    The last week of February 2010, we reported on the government documents that further confirmed, the Plot to Nationalize Private Retirement Accounts: “In chapter 3 of the annual report on the middle class, released in February by Vice President Biden and the white house task force on the middle class, the Obama Administration`s call for enhancing the “retirement options”. The plan as sketched in the 43-page document, called for the creation of something called “Guaranteed Retirement Accounts (GRA`s)”.

    A few weeks later…
    The March 9 edition of Business Week reported: “New Federal Regulation designed to promote the conversion of 401K savings and Individual Retirement Accounts into annuities or other steady payment streams, would help drive cash into government controlled entities such as American International Group (AIG)."

    January 2011, Goldworth Financial reported and Warned that: “Government employee pension plans are at the Highest Risk”. These accounts would be the first to succumb to a government “grab”.

    A few weeks later, on May 15th, The Washington Post reported: “Treasury to tap pensions to help fund government”.

    We later Warned, it wouldn’t be the last time and YES, with new legislation, they did it again!

    On January 17, 2012- Reuters reported: “The Treasury dips further into pension to avoid debt limit”. (emphasis added)

    It`s True, Big Government is getting BIGGER and our Constitutional Rights are Diminishing. The Supreme Court`s ruling on ObamaCare, has opened the Legal Door for much more!

    The Latest Move Towards Nationalized Retirement Accounts:

    The Latest move can be found in the Obama Administration`s, 256 page- FY 2013 Budget Proposal. The revival of his 2008 presidential run, the “Automatic IRA” which has now “Evolved” into two proposals:

    Secure Choice Pension & Government Retirement Accounts (GRA’s), both of which automatically- “Mandate” 5% - 6% contributions into Government Run Pension funds.

    One feature of "GRA`s" is once a participant dies, the uncollected equity belongs to the government. It’s no wonder the Retirement age for GRA’s will be 67, and one proposal calls for 69 years of age. They’re “off the hook” as soon as you`re dead.

    Another change to the retirement account laws, the Tax Benefit. The current Tax Deduction will be replaced with a "Credit", which is only redeemable after retirement. To be Eligible for the Tax Credit, you will be given the “Option” to place Your Equity into Annuities composed of U.S Treasury Bonds, that will payout an estimated 3% annually.

    Yes, you`ll be Investing/Buying what China No longer wants, U.S. Debt (Treasury-Bonds).

    Will This Socialistic Plot end, when Obama`s Term ends?

    No matter who wins, our government is Neck-Deep in Debt. When faced with the Reality of a Complete government Collapse… a Politician will do, what a Politician, needs to do! The $4.6 Trillion in IRA’s and the $4.3 Trillion in 401(k)s … are all too tempting!



    The Train is already in Motion!

    On May 18, 2011, senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced S1020: “Saving Enhancement by Alleviating Leakage in 401k saving Accounts”, AKA: Seal 401k savings accounts.

    First comes Restriction, then Outright Control! This bill will Restrict you from accessing Your money; you wouldn`t even be able to borrow from it.

    On February 23, 2012 California congress Kevin De Leon introduced SB1234, it`s known as: "Golden State Retirement Trust". This Bill is based on GRA`s

    On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same Institution where Teresa Ghularducci originated the GRA concept. Of course, this Connecticut Bill is also based on GRA`s.

    Other states such as, Massachusetts, Florida and Ohio have made or are actively conducting moves such as GRA’s.

    As Reported in [Vol. 7.1] of the South CAROLINA JOURNAL OF INTERNATIONAL LAW AND BUSINESS:

    The Social Security Administration would administer the GRAs in addition to existing Social Security benefits. Without a tax incentive, 401(k) plans would likely cease to exist, making Social Security and GRAs the principal retirement investment vehicles for many Americans. However, Congressional borrowing from the Social Security Trust Fund for non-Social Security spending`s has resulted in a Treasury debt to the Trust Fund in excess of $2.6 billion. Implementation of GRAs would provide the federal government with an entirely new source of capital to raid to meet current spending needs. In essence, taxpayers would be nudged out of Section 401(k) plans and into a government held and government-managed retirement system that the Treasury could borrow against. These measures comprise a network of capital controls that use regulation, incentives, taxes, and the threat of civil and/or criminal penalties to incentivize taxpayers into directing their investments where the U.S. government has more disclosure, control, and access to the capital.



    Can an Entire Country be "Persuaded" to Give-up Their Money?

    Countries such as Belgium, Poland, Hungary, France, Argentina, Bolivia and Ireland have already Seized Private Retirement Accounts. They convinced their citizens through newly formed legislation and of course ..... Tax implications.

    Did the Supreme Court`s Ruling, open Pandora`s Box?

    FoxNews commentator, Judge Napolitano said: "The supreme court ruling on ObamaCare, gives the federal government `power on a platter` to tax everything under the sun."

    continues at link

    -t
    Public education is not education ... it is schooling.
    Our military is not defense ... it is warmongering and empire building.
    Government police do not protect ... they control.
    Regulations do not regulate ... they protect the status quo.
    Government banks do not distribute money based on effort ... it is gifted to close friends ... and some of it trickles down.

    The result is war, poverty, fear, chaos, and hopelessness for most people with abundance for a few elite.
    -Travlyr



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  3. #2

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    This is one thing I can say will never ever ever ever with 100% certainty happen. (unless you consider the value of currency going to zero)

    This is plain as day propaganda. Democrats have money too.

  4. #3

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    Quote Originally Posted by jbauer View Post
    This is one thing I can say will never ever ever ever with 100% certainty happen. (unless you consider the value of currency going to zero)

    This is plain as day propaganda. Democrats have money too.
    Agreed. What are they going to do, take over my account, liquidate my positions and put in treasuries? That would cause financial armageddon around the world.

  5. #4

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    I wouldn't be so sure, guys. They are pretty good at putting lipstick on a pig and selling it to the dumbed down masses.

    In fact, I will bet this will happen. It is a huge pot of money that I'm sure many in our government are salivating over. I would plan to be well out of these things long before ObamaCare goes into effect. Because we all know that is not funded and they will be looking for money.
    Last edited by LibertyEagle; 07-07-2012 at 06:30 PM.

  6. #5

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    Good. I'm not a defeatist. Bring it. I, honestly, don't believe that you should let an animal suffer. Shoot it in the head and be done with it. The measures in the liberty movement come too late.
    I just do not think that anyone that is planning on an eventual 20-100 year takeover and reversal has any true grasp of the situation. There are almost 300 million dipshits out there that will vacillate and prolong the affliction until systemic collapse.
    I'm not saying don't do what you can. Do ALL you can. Even changing ONE persons heart and mind at this point will be beneficial.
    Something, something, something...Whatever my rage for the day.

  7. #6
    Member Luciconsort's Avatar
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    what's f'd up is I can't access the money in my Company mandated 401k unless I quit my job. I called and tried to close the acct last month and buy PM's. no dice.... lame
    Lībertās Aut Mors

    Whenever, therefore, a lie has built unto itself a throne, let it be assailed without pity and without regret, for under the domination of a falsehood, no one can prosper.

  8. #7

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    I believe they already "borrowed" fed guv pensions and locally, the state gvmt here "borrowed" half of the teachers pensions and all of a fund set up and voluntarily donated to to "save the bay" (environmental cleanup).

    It's started.

    -t
    Public education is not education ... it is schooling.
    Our military is not defense ... it is warmongering and empire building.
    Government police do not protect ... they control.
    Regulations do not regulate ... they protect the status quo.
    Government banks do not distribute money based on effort ... it is gifted to close friends ... and some of it trickles down.

    The result is war, poverty, fear, chaos, and hopelessness for most people with abundance for a few elite.
    -Travlyr

  9. #8

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    Quote Originally Posted by cubical View Post
    Agreed. What are they going to do, take over my account, liquidate my positions and put in treasuries? That would cause financial armageddon around the world.
    If you have a 401k through your employer, you're already limited as to where you can invest the money. This would limit those investment choices to those to the government bailed out.
    .
    "Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won."
    - Ayn Rand, The Fountainhead
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  10. #9

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    Quote Originally Posted by Luciconsort View Post
    what's f'd up is I can't access the money in my Company mandated 401k unless I quit my job. I called and tried to close the acct last month and buy PM's. no dice.... lame
    Yes, you can. Whomever told you that is wrong.
    .
    "Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won."
    - Ayn Rand, The Fountainhead
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  11. #10
    Supporting Member cjm's Avatar
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    Quote Originally Posted by cubical View Post
    Agreed. What are they going to do, take over my account, liquidate my positions and put in treasuries? That would cause financial armageddon around the world.
    That's why these things are done slowly (if they are done at all). OP was too long for me to read but I've seen this stuff before. If it happens, they'll make a law that retirement accounts that exceed $1million have to keep 2% of their holdings in treasuries. Most people won't care and let it slide. Hey, it's soaking the rich, right? The next year they bump it to 3% for anything over $1million and include accounts that exceed $800k at 1-2%. Most people won't care and let it slide. Rinse, repeat, frog, boil, etc.
    Last edited by cjm; 07-08-2012 at 01:22 PM.



  12. #11

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    The 401k is one of the last accounts an individual can hold where gov't (mostly) can't touch it. But what's the option? Take it out and get hit with major penalties (minimum of 10% tax, in addition to penalties, etc)?
    Well, I got Rand started on his campaign (just search around here to see). I advised Thomas Massie before he ran for Congress. I am currently advising 2 liberty campaigns for the state legislature. I ran the war-room and won Minnesota for Ron Paul a few weeks back. There are other things I'm probably forgetting.
    Yet I can't afford $200 to go to a seminar--Matt Collins

  13. #12
    Member Zippyjuan's Avatar
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    Quote Originally Posted by Luciconsort View Post
    what's f'd up is I can't access the money in my Company mandated 401k unless I quit my job. I called and tried to close the acct last month and buy PM's. no dice.... lame
    Your particular plan may have rules for while you are still employed with the company but in general you should be able to- but you will pay a hefty penalty.
    http://www.401kcalculator.org/how-do...-401k-account/
    Closing a 401k account and withdrawing the cash

    When you closeout your 401k plan you will generally pay penalties and taxes on the cash you withdraw.

    However, for 401k plans the IRS will allow a penalty-free withdrawal if you fall into one or more of the following categories:
    •Withdrawals paid to the IRS to pay a levy on the 401k plan itself
    •Withdrawals made because you have been permanently disabled
    •Withdrawals made to your estate after your death
    •Withdrawals where your medical expenses exceed 7.5 per cent of your adjusted gross income

    Other withdrawals will generally be subject to taxes and penalties if you are under the age of 59 ½.

    Firstly, you will pay a 10% withdrawal penalty for closing out your 401k plan early (in this case ‘early’ means before the age of 59 ½).

    When you withdraw funds from your 401k plan you will also often find that the withdrawal is taxable.

    David Wray, president of the Profit Sharing/401(k) Council of America, has warned that people making withdrawals from a 401k plan could pay a penalty of up to 40 per cent, once state and federal taxes are added to the 10 per cent penalty.

    He said: “People take a very significant hit when they take a hardship withdrawal.”

    Beth McHugh, vice president of market insights for Fidelity agrees. She told CNN: “People should be prepared, because when it comes time to do their tax filing, that money is taxed as income. They need to make sure they keep some of that money aside so they can use it to pay their taxes instead of spending it.”
    Let's do some quick numbers. Say you had $10,000 in the 401k and wanted to take it out and buy metals. You will be hit with the 10% penalty plus have to pay taxes on the amount taken out. Let's do worst case and say taxes plus penalty come to 40% as mentioned in this article. That means out of the $10,000 you would only have $6,000 left. Ignoring costs of buying the PMs, the price of metals would have to go up by about 70%- a pretty significant increase- simply to break even and get back to where you were in the original account. And if the assets in the account increased in value during the same time as gold or silver going up by 70%, you would need an even bigger return. Odds are you will be better off not closing the 401k (gold for example peaked back in October and has not shown signs of strong gains in value since then). If your employer offers any matching funds for your contributions, that is an even greater reason to keep the 401k- that match is a guaranteed return.

    I would keep the 401k and if it is matched, put in as much as they will match. If there is no match, leave the money alread in the account there and use any new investments to buy PMs.

    More info- this indicates that you may need to have been with your company for a certain amount of time before you are elgible to take any withdrawls from your 401k:
    http://ask.metafilter.com/93648/Why-...1k-Any-way-out

    You can't take a withdrawal now because your plan rules won't allow it. This is common in 401(k) plans. The philosophy behind the rule is that tax-deferred savings are to fund your retirement, not to meet your short-term income needs.

    The IRS rules do permit 401 (K) plans to allow participants to take in-service withdrawals (meaning withdrawals while you're still working with the company) after two years of service. So you can write a letter to the Plan Sponsor (get this address from your HR department) and ask them to change the rule. In all likelihood, you'll get a big fat "no" in response. Many retirement plans look disfavorably on this type of request.
    posted by bananafish at 7:15 PM on June 9, 2008



    My plan allows for hardship withdrawals but doesn't advertise it. Call your HR dept to find out if you can take out a hardship withdrawal (and get all the details on what happens after you take such an action).
    posted by amcorona at 7:47 PM on June 9, 2008



    In general, I'd recommend against taking money out of your 401(k) for anything less than an actual emergency. Without specifics (it's anonymous, why can't you give an order of magnitude on n?) it's hard to say if you're in the small boat of people for whom this isn't a bad idea. Unless there's something major you're not disclosing, it's extremely unlikely you qualify for a hardship withdrawal.

    For starters, you're looking at a 10% penalty up front in addition to the taxes you'd have to pay, so if you can find a loan from any other source that you can pay back in a year with less than 10% interest, you should go with that route instead. You might be able to get a secured loan against your car or other large asset, get an unsecured loan from a bank that really likes you, or try a peer-to-peer lending site like Prosper.

    The best route is to probably just to contribute whatever you can to get the matching funds, and put the rest towards your credit card debt (assuming this actually pays them off in a reasonable time frame). Taking money out of the 401(k) at a significant penalty just to put it back in again rarely makes sense.
    posted by 0xFCAF at 7:56 PM on June 9, 2008
    Last edited by Zippyjuan; 07-08-2012 at 02:39 PM.
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  14. #13

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    Quote Originally Posted by Luciconsort View Post
    what's f'd up is I can't access the money in my Company mandated 401k unless I quit my job. I called and tried to close the acct last month and buy PM's. no dice.... lame
    It's always been that way to my knowledge, but it was worth it to me because of the company matching.

  15. #14

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    Quote Originally Posted by LibertyEagle View Post
    It's always been that way to my knowledge, but it was worth it to me because of the company matching.
    ya my better half's 401 is the same way . we do not pay into it so it is no big deal , there is like 8k in there that the company paid in but we cant touch it . they have the same matching so i have been tempted but i dont trust it after what happened in 08 .






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