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Old 04-12-2013, 05:31 PM  
Taco John Taco John is offline
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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.

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Old 04-12-2013, 07:54 PM   #16
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This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.
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Old 04-12-2013, 08:03 PM   #17
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Originally Posted by Brock View Post
This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.
I'll never have 3M, but I still think it's bullshit. Just more government being pushed on us by politicians who don't want you in their tax bracket or country club.
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Old 04-12-2013, 08:04 PM   #18
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Originally Posted by KC Dan View Post
Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
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Old 04-12-2013, 08:08 PM   #19
cosmo20002 cosmo20002 is offline
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Originally Posted by rockymtnchief View Post
I'll never have 3M, but I still think it's bullshit. Just more government being pushed on us by politicians who don't want you in their tax bracket or country club.
The 401K or IRA is "more govt" in intself.
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Old 04-12-2013, 08:48 PM   #20
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From the OP:

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The administration’s statement didn’t explain in detail how the proposal would work.
Seriously, this administration is nothing but a bunch of retards that make the Hoover administration look like a Mensa meeting.
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Old 04-13-2013, 01:01 AM   #21
DementedLogic DementedLogic is offline
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Originally Posted by BigRedChief View Post
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.
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Old 04-13-2013, 01:06 AM   #22
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Originally Posted by DementedLogic View Post
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.
Think again. We only have our selves to blame.
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Old 04-13-2013, 07:57 AM   #23
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Originally Posted by DementedLogic View Post
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.
Please show me the part in the proposal where the government says you can't save as much as you want for retirement?
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Old 04-13-2013, 07:59 AM   #24
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Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.
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Old 04-13-2013, 08:41 AM   #25
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Originally Posted by BigRedChief View Post
Please show me the part in the proposal where the government says you can't save as much as you want for retirement?
wow just ****ing wow. I'll show you the part of the article that says how much is enough for an individuals retirement. This country is lost and way beyond repair.
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Old 04-13-2013, 08:56 AM   #26
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Current rules (http://www.irs.gov/Retirement-Plans/...ibution-Limits) are you can only invest 5k in an IRA per year before the money starts getting taxed. The amount goes up each year and yadda yadda yadda no one cares. There are a few ways to "hack" or "cheat" this, but you can do that research later.

This rule covers all IRA accounts, (http://cashmoneylife.com/how-many-re...-can-you-have/), as well as 401ks and basically any retirement account out there. You get your first 5.5k of your retirement investing tax-free, everything after that gets taxed. It's fine, it's GOOD, because honestly you shouldn't NEED that much incentive to plan for your retirement.

The proposal, if it follows these patterns, will say that once ALL your tax-free retirement investments hit 3 million, you have to start paying taxes on the rest. Your IRA can still be bigger, you can still invest more, you can have it in one fund or ten thousand, but once it hits 3 million that's where your "tax free whee!" ride ends.

About 0.03% of IRA accounts, and 0.0041% of 401(k) accounts, have balances exceeding $3 million

(http://money.cnn.com/2013/04/10/reti...ing/index.html)

Conservatives again are fighting a battle for the top one percent of the population on a topic that will never affect them.
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Old 04-13-2013, 09:01 AM   #27
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Originally Posted by KC Dan View Post
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?


Exactly.
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Old 04-13-2013, 09:09 AM   #28
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Originally Posted by Brock View Post
This isn't right. However, I have to chuckle at the outrage from people who will never have 3 million dollars to begin with.
Not if inflation keeps increasing. We're all gonna be millionaires.
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Old 04-13-2013, 09:09 AM   #29
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Please show me the part in the proposal where the government says you can't save as much as you want for retirement?
You don't understand incrementalism.
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Old 04-13-2013, 09:13 AM   #30
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Not if inflation keeps increasing. We're all gonna be millionaires.
We can wallpaper the house!
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