tagged w/ 401K
What people want Cenk to discuss - consistently 'how banksters have destroyed democracies', 'Deregulation of banks', 'how it will [be] when people retire and receive Social Security', 'How Payroll Tax Cuts affect the SOCIAL SECURITY' ...
http://www.youtube.com/watch?v=iLmk4_5SYV4What people want Cenk to discuss - consistently 'how banksters have destroyed... more
"The police need to join us in the same way the Egyptian army joined the people in Freedom Square there in Cairo. This is my appeal to the New York Police Department -- to police departments all over the country: You are working class people. You're not paid enough. You have the most dangerous job in the country and these rich bastards on Wall Street, they have ruined your 401Ks, your pension funds, your future, your children's future. Money that should be going to having better law enforcement has gone to needless wars in other lands. So, my appeal to the police is, you are as and we are you. Join us. It's fun. We'll even let you beat on a bongo drum." -- Michael Moore on Lawrence O'Donnell's The very Last Word, Friday, October 14th, 2011
"I have to hand it to the Police... Whether they agree or disagree, at least they have been Civil to the Protestors that have not gotten out of Hand!!!""The police need to join us in the same way the Egyptian army joined the people... more
Massive wealth confiscation program would replace 401(k) system with Social Security-run ponzi scheme
The government is preparing to seize the private 401(k) pensions of millions of Americans while enforcing an additional 5 per cent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild.
Public pension plans have been so aggressively looted already by the government that cities and counties face a $574 billion funding gap, according to a CNBC report.
That black hole is set to be filled by a new proposal that will “fairly” distribute taxpayer-funded pensions to everyone, by confiscating the private wealth of millions of Americans. Its proponents express staggering arrogance in thinking that they can just steal money people have worked for decades to accrue as if it’s their own.
Not only would the government confiscate 401(k) pensions, it would also impose a mandatory 5 per cent payroll tax payable by everyone, according to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee.
“This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending,” writes Connie Hair.
The hearing was a platform for advocates of Guaranteed Retirement Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York. Back in November 2008, Ghilarducci testified to Congress that 401(k)s and IRAs should be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
“You don’t hold hearings on something you don’t intend to do,” points out the Market Ticker blog. “I hate it when I’m right. I hate it even more when tens of millions of Americans are going to get reamed to pay for the crimes of the handful on Wall Street, and their crony enablers in Washington DC.”
The GRAs would be enforced by means of a mandatory savings tax equating to 5 per cent of an individual’s annual paycheck deposited to the GRA. Social Security and Medicare taxes would still be payable, employers would no longer would be able to write off their contributions and capital gains would be taxable year-on-year. In addition, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts.
During a Seattle radio interview in October 2008, Ghilarducci explained the motive behind the plan, stating, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading – spreading the wealth” (emphasis mine).
However, as we painfully learned in the immediate aftermath of the original $700 million dollar bailout, which was originally sold on the basis that it would be used to pay off bad debt, governments that propose “spreading the wealth” under socialist-style financial reforms almost always collect the wealth under the pretext of being the saviors before greedily hoarding it all for themselves.
The GRA program is being pushed by the Economic Policy Institute, an organization housed on the third floor of the building occupied by the George Soros-funded Center for American Progress. The Center for American Progress is a think tank headed by Bill Clinton’s former chief of staff John D. Podesta, who was also head of Barack Obama’s presidential transition team after the 2008 election.
In preparing to seize private pensions, the United States is going the same way as Argentinean government, which in 2008 nationalized the country’s private pension plans, known as AFJPs, confiscating the wealth of millions.
“We have no doubt that here the right to private property is being violated. Not just for us but for society and the world, this is a clear confiscation,” said opposition Radical Party’s Ernesto Sanz at the time.
How will Americans react to having not only their wealth but their nest egg for future generations brazenly confiscated by the government in one fell swoop? If this doesn’t prompt widespread rioting and civil disobedience in America on behalf of the besieged middle class then nothing will.
Don’t be under any illusions, if you don’t have a private pension and think this won’t affect you – think again. Once the pretext has been created that the state can simply confiscate privately earned wealth, they can then come after anything, your gold, your home, your kids and eventually your very freedom. Once the vampire of big government gets a taste for blood, the teeth will only sink in further, and America’s resemblance to third world tyrannies will rapidly accelerate.
http://www.prisonplanet.com/government-prepares-to-seize-private-pensions.htmlMassive wealth confiscation program would replace 401(k) system with Social... more
NEW YORK (CNNMoney.com) -- Hardship withdrawals from 401(k) retirement saving plans rose to the highest level in 10 years during the second quarter, Fidelity Investments said on Friday, in the latest sign of a dismal economy.
Fidelity reported that, as of the second quarter, 2.2% of all 401(k) participants had made a hardship withdrawal at some point over the preceding 12 months. That's up from 2% in the prior year, and was the highest level in 10 years.
At the same time, the percentage of 401(k) participants that had an outstanding loan from their account rose to a record high of 22% in the second quarter. The average loan amount was $8,650 at the end of the quarter.
Boston-based Fidelity has $844 billion in retirement assets under management.
The top reasons people took loans and made withdrawals were to prevent foreclosure or eviction, pay for college, or purchase a home, according to the firm.
"The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement," said James MacDonald, president of workplace investing for Fidelity Investments.
He added that for some investors "taking a loan or a hardship withdrawal from their 401(k) may be their only option because it's their only form of savings. However, we want to make sure that before workers tap their retirement accounts prematurely, they are fully educated about both the penalty that may be incurred and the long-term implications for their retirement."
Fidelity said that withdrawals made by people younger than 59-and-a-half years old are taxed and are subject to a 10% penalty. The age of people making withdrawals ranged from 35 to 55.
David Wray, president of the Profit Sharing/401(k) Council of America, said that people making hardship withdrawals could pay a penalty of up to 40%, once state and federal taxes are added to the 10% penalty.
"People take a very significant hit when they take a hardship withdrawal," he said.
Why I took Social Security early
Wray said the increase in hardship withdrawals "is clearly directly tied to the economic situation and probably more specifically to the housing situation." But he also noted that nearly 98% of people with Fidelity 401(k) plans are not making withdrawals.
"It's important to keep in context that nearly all 401(k) participants are not taking hardship withdrawals," he said.
The penalties for hardship withdrawals are so high that participants should brace their finances ahead of tax time, said Beth McHugh, vice president of market insights for Fidelity.
"People should be prepared, because when it comes time to do their tax filing, that money is taxed as income," she said. "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."
Unlike withdrawals, loans are required to be paid back, with interest but without a penalty. Wray said the interest rate for most borrowers would be about 4.5%, to be paid back in five years.NEW YORK (CNNMoney.com) -- Hardship withdrawals from 401(k) retirement saving plans... more
Dollar cost averaging is an investing technique intended to reduce exposure to risk associated with making a single large purchase.
http://www.erollover.com/blog/dollar-cost-averagingDollar cost averaging is an investing technique intended to reduce exposure to risk... more
401k planning always involves the basic investment types regardless of your plan options. Stocks, Bonds, Cash, and Real Estate401k planning always involves the basic investment types regardless of your plan... more
Nabers Group http://www.Nabers.com
Looking to fund a new franchise or personal business venture with your retirement funds?
Authors Jeff Nabers and Phoebe Chongchua (Five Steps to Freedom: How to Cut Your Dependence on Institutions and Escape Financial Slavery) suggest that using an investment structure known as Rollovers As Business Startups (ROBS) to fund a business startup or franchise is a prohibited transaction.
Jeff Nabers is CEO of Nabers Group, an unconventional planning company in Denver, Colorado. His research and personal dealings with the Department of Labor compel him to recommend against the ROBS strategy.
Nabers Group can be reached at (877) 903-2220.Nabers Group http://www.Nabers.com Looking to fund a new franchise or personal... more
Much Needed Tax Relief For 2009, But You Must Open A Solo 401k By Dec 31st. Nabers http://www.Nabers.com says setting up and contributing to your Solo 401k before the end of 2009 will allow married couples to deduct up to $109,000 from their 2009 income taxes. Watch this video to learn more or you can pick up the phone right now and call Nabers Group directly at 877-903-2220.Much Needed Tax Relief For 2009, But You Must Open A Solo 401k By Dec 31st. Nabers... more
Many are now transitioning some or all their IRA into a Gold IRA. Complete your own studies regarding Republic Monetary Exchange at http://www.RepublicMonetary.com or you can even call them at 877-354-4040 with your questions about how to make gold a part of your retirement account.
After you speak to them and have made your decision to invest in gold for your retirement, log on to http://www.SunwestTrust.com or call 505-237-2225 to create your own gold IRA and begin the processes of creating your kingdom for your retirement.Many are now transitioning some or all their IRA into a Gold IRA. Complete your own... more
The DB(k) Retirement plan is a combination between a traditional pension plan and a 401k retirement account. DB(k) plans are a new employer sponsored
http://www.erollover.com/blog/db-k-employer-retirement-plan-401k/The DB(k) Retirement plan is a combination between a traditional pension plan and a... more
It's hard to think of our retirement in concrete terms. We may dream about the day we can leave our respective cubicles and offices for the last time, cast off the lines to our 44-foot schooner and set off to sail around the world. But rarely do we think about how we are realistically going to finance those so-called golden years. How many of us are saving enough? How many of us actually know what that means?
According to YPNation contributor Alex Hertel-Fernandez, too many of us are not and do not... (http://bit.ly/4akOMq) It's time we took control of our financial security for the future--no one else will. But Alex has a proposal for how the government can step up its role in ensuring we are prepared.
"As young workers, we will be left to manage our own retirement savings. Yet, it is overwhelmingly clear we lack the tools and skills necessary to safely invest our money for the future. Recent research has shown that less than one-third of young workers (the lowest of any other age cohort, and lower than previous generations) recognize and understand key financial concepts, such as interest rates, inflation and risk diversification.
Financial literacy is especially low for young women, minorities and those with little educational attainment. If the government expects us to accept the full responsibility for our financial security, it must also democratize access to financial education and literacy."It's hard to think of our retirement in concrete terms. We may dream about the... more
The company matches employee 401k contributions to the plan with a contribution of company stock. As with a standard 401k plan, employees 401k stock
http://www.erollover.com/education/retirement/401k-planning/company-stock-401k-plan/The company matches employee 401k contributions to the plan with a contribution of... more
Many people falsely believe that Social Security will run out before they reach retirement.
You've probably spent a lot of time sweating over your 401(k) and IRA. But have you given much thought to the way Social Security will fit into your retirement plans?
You should. In fact, Social Security provides 50% of the income for more than half of married retired couples and about 20% for high earners. Moreover, it's the only source of income you're likely to have that's guaranteed to last for life and keep pace with inflation.Many people falsely believe that Social Security will run out before they reach... more
NEW YORK (CNNMoney.com) -- U.S. stocks were poised to tumble at Tuesday's open as investors worried about the results of the government's stress tests of banks and the number of swine flu cases continued to rise.
At 7:10 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq-100 futures were sharply lower.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Banks: Early results of the U.S. government's bank stress tests suggest that Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500) may have to boost their capital, the Wall Street Journal reported.
Results of the stress tests are due to be released next week.
Bank of America shares fell 11% in premarket trading, while Citi dropped 7%.
Swine flu: Concerns about the economic fallout of the swine flu outbreak also are likely to keep weighing on investors.
The World Health Organization moved a step closer to declaring a pandemic. Economists say the outbreak could derail a global economic recovery if it isn't contained.
"The flu is going to continue to be a market story," said Art Hogan, chief market strategist at Jefferies & Co. "In 2003, SARS cost us tremendous amounts in terms of market capitalization because of the travel restrictions. We haven't heard about any of those yet, but investors worry that we might."NEW YORK (CNNMoney.com) -- U.S. stocks were poised to tumble at Tuesday's open as... more
Did you lose a job, get a pay cut, and/or lose your shorts in the stock market? Help is on the way! Find out how to get your free action plan from Suze Orman.Did you lose a job, get a pay cut, and/or lose your shorts in the stock market? Help... more
Plies' shirtless chest, Tony Robbins' well-coiffed goatee, and Oprah's expanding waistline, all in this roundup of the week’s magazines.
We've Got You Covered is a recurring segment on Current TV's weekly television show, infoMania. In each episode of We've Got You Covered, Conor Knighton catches you up on everything you need to know about what's in this week's magazines.
infoMania is a half-hour satirical news show that airs on Current TV. The show puts a comedic spin on the 24-hour chaos and information overload brought about by the constant bombardment of the media. Hosted by Conor Knighton and co-starring Brett Erlich, Sarah Haskins, Ben Hoffman, and Sergio Cilli, the show airs on Thursdays at 10 pm Eastern and Pacific Times and can be found online at current.com/infomania. And make sure to check out our facebook profile for special features at infomaniafacebook.com.Plies' shirtless chest, Tony Robbins' well-coiffed goatee, and Oprah's... more
Here's something that might provide a bit of solace amid the plunging values in your retirement accounts: Warren Buffett is losing lots of money, too. So are Kirk Kerkorian, Carl Icahn and Sumner Redstone.
They are still plenty rich, but their losses — some on paper and others actually realized — illustrate how few have been spared in today's punishing market when even big-name investors, corporate executives and hedge-fund titans are all watching their wealth evaporate.
The portfolio damage for some of these high-flyers has soared to billions of dollars in recent months. And they can't just blame the market's downdraft — some did themselves in with badly timed stock purchases or margin calls on shares bought with loans.
"It's always hard to beat the market no matter who you are," said Robert Hansen, senior associate dean at Dartmouth's Tuck School of Business. "But when the ocean waters get that rough, it is hard for any boat to avoid getting swamped."
It has been a painful year for anyone exposed to the stock market. The Standard & Poor's 500 stock index, considered a barometer for the broad market, has lost about 36 percent since January, with every single sector — including once thriving energy and utilities — seeing declines of about 20 percent or more.
Such losses in the last year have wiped out an estimated $2 trillion in equity value from 401(k) and individual retirement accounts, nearly half the holdings in those plans, according to new findings by the Center for Retirement Research at Boston College. Similar losses are seen in the portfolios of private and public pension plans, which have lost $1.9 trillion, the researchers found.Here's something that might provide a bit of solace amid the plunging values in... more
U.S. stocks fell for an eighth straight day in a whipsaw session that sent the Dow Jones Industrial Average to its biggest point swing ever.
The Standard & Poor's 500 Index capped its worst week since 1933, as concern that the financial crisis will send the global economy into a recession pushed Morgan Stanley, CBS Corp. and Exxon Mobil Corp. down more than 8 percent. The Dow recovered from a 697 point tumble and rose as much as 322 points in the last hour after an industry group said the bankruptcy auction of Lehman Brothers Holdings Inc.'s debt won't worsen credit losses.
The S&P 500's eight-day losing streak is its longest since 1996. This week's declines pushed both the S&P 500 and Dow down more than 40 percent from their peaks last October. The S&P 500 ended the week trading for 17 times reported earnings of its companies, the cheapest valuation in more than a year.
``The problem is the rules of valuation no longer exist,'' said Pierre-Yves Gauthier, founding partner of Alphavalue SAS in Paris. ``It's best to remain cautious. The economic slowdown is here. A recession could be heavy.''U.S. stocks fell for an eighth straight day in a whipsaw session that sent the Dow... more
A frightening study released today says that 1 out of 3 Americans born after 1990 will have no money in a 401K for retirement. A frightening study released today says that 1 out of 3 Americans born after 1990 will... more