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-   -   Obama Obama budget caps individual retirement accounts at $3 million (http://www.chiefsplanet.com/BB/showthread.php?t=272044)

Taco John 04-12-2013 04:31 PM

Obama budget caps individual retirement accounts at $3 million
 
Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.

http://www.businessweek.com/news/201...ney-sized-iras

Taco John 04-12-2013 04:32 PM

Personally, I want a helicopter hot tub as part of my retirement, and I think I'm going to need more than $3 million to get it built and keep it operating.

BucEyedPea 04-12-2013 04:35 PM

If the Republicans allow him to get away with more ways to collect revenue without spending cuts, then they are traitors.

KC Dan 04-12-2013 04:35 PM

Unbelievable overreach, screw him

LiveSteam 04-12-2013 04:38 PM

FORWARD
YA! MULE,YAAAAAAAA!

Loneiguana 04-12-2013 04:56 PM

First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks

KC Dan 04-12-2013 04:59 PM

Quote:

Originally Posted by Loneiguana (Post 9581127)
First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks

nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

BucEyedPea 04-12-2013 05:16 PM

Quote:

Originally Posted by KC Dan (Post 9581139)
Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

That's what a commie fascist does to people. Obama's arrogance is astounding.

WhitiE 04-12-2013 05:40 PM

Fug it ima cash out my 401k

Iowanian 04-12-2013 05:43 PM

This puke is everything I feared he would be.

theelusiveeightrop 04-12-2013 05:51 PM

Great idea. Keep it up, Barry.

loochy 04-12-2013 05:54 PM

now THIS one makes me really mad

like my face is getting hot right now

WTF IT'S MY GOD DAMN MONEY

KC Dan 04-12-2013 05:57 PM

Quote:

Originally Posted by loochy (Post 9581301)
now THIS one makes me really mad

like my face is getting hot right now

WTF IT'S MY GOD DAMN MONEY

And, right there is what he truly does not believe. It is NOT your money to him. It is everyone's.

RNR 04-12-2013 06:12 PM

Quote:

Originally Posted by KC Dan (Post 9581311)
And, right there is what he truly does not believe. It is NOT your money to him. It is everyone's.

He is a shit stain and so is everyone that still blindly follows him~

cosmo20002 04-12-2013 06:14 PM

Quote:

Originally Posted by KC Dan (Post 9581139)
nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?

Why wouldn't you be able to save as much as you want?


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