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(Fox Business)   "Obama to limit size of retirement accounts" - This, people, is quality trolling   (video.foxbusiness.com) divider line 141
    More: Asinine, President Obama, pension plans  
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2851 clicks; posted to Politics » on 10 Apr 2013 at 11:50 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-10 10:56:53 AM  
I'm not watching that. Summary or transcript somewhere?
 
2013-04-10 11:00:41 AM  

DamnYankees: I'm not watching that. Summary or transcript somewhere?


i258.photobucket.com
 
2013-04-10 11:22:53 AM  

DamnYankees: I'm not watching that. Summary or transcript somewhere?


Obama has proposed limiting IRA accounts to $3M.
 
2013-04-10 11:25:59 AM  

minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.


oh noes!!!
 
2013-04-10 11:27:02 AM  

minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.


OBAMA'S STEALIN' GRANNY'S RETIREMENT MONEY!!
 
2013-04-10 11:33:09 AM  

minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.


Three MILLION? DAMN YOU FARTBONGO.

Seriously though, as I currently understand it, you can open up more than one IRA (you can only claim a $5,000 max contribution, however), so in the highly unlikely event your IRA hits $3M, just open another.

Or am I completely wrong here?
 
vpb [TotalFark]
2013-04-10 11:33:58 AM  

minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.


Yeah, that'll really hit the middle class alright.
 
2013-04-10 11:41:48 AM  

vpb: minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.

Yeah, that'll really hit the middle class alright.


SOSHALIZMMM!!!!! MUSLIN!!!111!!!!1eleventy!!!

Please, someone tell me how this is bad for 90% of this country.
 
2013-04-10 11:43:59 AM  
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean.
 
2013-04-10 11:45:29 AM  

impaler: How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean.


pixel.nymag.com

"What a silly question!"
 
2013-04-10 11:46:34 AM  

impaler: How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean.


IIRC, you can contribute assets as well as cash. So you can put in 5K worth of stock, and if the company explodes in value, it will become huge. This is, supposedly, what Romney did.
 
2013-04-10 11:54:06 AM  

DamnYankees: impaler: How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean.

IIRC, you can contribute assets as well as cash. So you can put in 5K worth of stock, and if the company explodes in value, it will become huge. This is, supposedly, what Romney did.


More important, you can put in stock that is not publicly traded at the time when you deposit it, so you can legally give it a value of $0.01. Then, when the company goes public your IRA explodes in value, tax free-ish
 
2013-04-10 11:54:22 AM  
They've already backslid in to their 1%er messaging.
 
2013-04-10 11:55:35 AM  
Fox Business News: Obama is going to limit retirement accounts.

Conservative Blog: Obama has big plans for your retirement money.

Mass FWD: from your uncle: OBAMA IS GONNA FUND JAY-Z CONCERTS WITH YOUR RETIREMENT MONEY
 
2013-04-10 11:55:54 AM  

tnpir: minoridiot: DamnYankees: I'm not watching that. Summary or transcript somewhere?

Obama has proposed limiting IRA accounts to $3M.

Three MILLION? DAMN YOU FARTBONGO.

Seriously though, as I currently understand it, you can open up more than one IRA (you can only claim a $5,000 max contribution, however), so in the highly unlikely event your IRA hits $3M, just open another.

Or am I completely wrong here?


He's talking about tax free benefits. If your total retirement savings exceeds 3 million (IRAs 401Ks, etc) you will be tax penalized.
 
2013-04-10 11:56:51 AM  
Damnit, that $3000 I have in my IRA is getting a Cyprus haircut.
 
2013-04-10 11:57:22 AM  

Lost Thought 00: More important, you can put in stock that is not publicly traded at the time when you deposit it, so you can legally give it a value of $0.01. Then, when the company goes public your IRA explodes in value, tax free-ish


I would presume that's not legal, since you'd need to put the stock in at FMV. You couldn't just declare the value to be whatever you wanted.
 
2013-04-10 11:58:38 AM  
3 mil does not sound too over the top for a cap now but in 20 years?  This had best be inflation adjusted.
 
2013-04-10 11:58:41 AM  

DamnYankees: You couldn't just declare the value to be whatever you wanted.


actually if you are rich you can do whatever the fark you want, hth
 
2013-04-10 11:59:17 AM  
3 million isn't all that much if you're investing in an IRA starting in your 20s, and with the rising cost of medical care you will need more than that to retire regardless
 
2013-04-10 11:59:46 AM  

WTF Indeed: Fox Business News: Obama is going to limit retirement accounts.

Conservative Blog: Obama has big plans for your retirement money.

Mass FWD: from your uncle: OBAMA IS GONNA FUND JAY-Z CONCERTS WITH YOUR RETIREMENT MONEY


At what time, and through what channels, will this story be misrepresented to claim that President Obama will be confiscating 401K and pension funds?
 
2013-04-10 12:00:44 PM  

WTF Indeed: Fox Business News: Obama is going to limit retirement accounts.

Conservative Blog: Obama has big plans for your retirement money.

Mass FWD: from your uncle: OBAMA IS GONNA FUND JAY-Z CONCERTS WITH YOUR RETIREMENT MONEY


...IN HAVANA!!!11,!
 
2013-04-10 12:03:39 PM  
After some research, it's IRA and 401K.

401K has a $17,500 limit, IRA has a $5000 limit.

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.

In any case, Fox makes it sound like Obama is going to confiscate any and all retirement savings, instead of just limiting what can be tax sheltered.
 
2013-04-10 12:04:31 PM  
Stop the class warfare.
 
2013-04-10 12:05:06 PM  

bhcompy: 3 million isn't all that much if you're investing in an IRA starting in your 20s, and with the rising cost of medical care you will need more than that to retire regardless


A few years ago I would have accused you of being hyperbolic, but then I discovered that my former step father burned through $12 million paying medical expenses for his former wife's medical expenses in the 5 years before she died.
 
2013-04-10 12:05:32 PM  

Saiga410: 3 mil does not sound too over the top for a cap now but in 20 years?  This had best be inflation adjusted.


It is.
 
2013-04-10 12:07:06 PM  
Wow Fox "Business."

Where you too can have a Teabagger's perspective on your hard earned tax dollars being stolen away by Big Gubbamint.
 
2013-04-10 12:07:12 PM  

bhcompy: 3 million isn't all that much if you're investing in an IRA starting in your 20s, and with the rising cost of medical care you will need more than that to retire regardless


If I start at 20 and put in the max every year until I'm 75, I'll have put in $275k. It is an investment account, but getting to $3m would be a bit tricky.
 
2013-04-10 12:07:13 PM  

bhcompy: 3 million isn't all that much if you're investing in an IRA starting in your 20s, and with the rising cost of medical care you will need more than that to retire regardless


Retire?

I think we're going for the new model... "retirement" will consist of the "breaks" afforded by semi-regular unemployment.

Instead of getting all of your idle time at the end of your life, it will be interspersed with the productive working years, which will continue until death.
 
2013-04-10 12:08:02 PM  

DamnYankees: Lost Thought 00: More important, you can put in stock that is not publicly traded at the time when you deposit it, so you can legally give it a value of $0.01. Then, when the company goes public your IRA explodes in value, tax free-ish

I would presume that's not legal, since you'd need to put the stock in at FMV. You couldn't just declare the value to be whatever you wanted.


Not all stock is publicly traded.
 
2013-04-10 12:08:41 PM  

impaler: After some research, it's IRA and 401K.


If that's indeed true, my previous post should be ignored.
 
2013-04-10 12:09:02 PM  

DamnYankees: Lost Thought 00: More important, you can put in stock that is not publicly traded at the time when you deposit it, so you can legally give it a value of $0.01. Then, when the company goes public your IRA explodes in value, tax free-ish

I would presume that's not legal, since you'd need to put the stock in at FMV. You couldn't just declare the value to be whatever you wanted.


Not sure how else you could determine FMV. Get a letter from the board declaring that, at this point in time, all company stock should be considered value X, and you're in the clear. Assuming you do this a reasonable amount of time before an IPO, that is.
 
2013-04-10 12:09:02 PM  

impaler: In any case, Fox makes it sound like Obama is going to confiscate any and all retirement savings, instead of just limiting what can be tax sheltered.


Mission accomplished?
 
2013-04-10 12:09:04 PM  
You're better off putting your money in a Roth now while taxes are low.
 
2013-04-10 12:09:38 PM  
You should not have everything in your 401k/IRA. If the market crashes so does your account, unless you have most of your money in cash. If you do that your only making .5% a year on it. Diversify, put money in money markets, savings, bonds and keep gold in your mattress.
 
2013-04-10 12:10:58 PM  

coolcashiat77: keep gold in your mattress


Then where will I put my shattered glass and nails?
 
2013-04-10 12:10:58 PM  

Rapmaster2000: You're better off putting your money in a Roth now while taxes are low.


I am very glad my company now offers a Roth 401K. Unfortunately they only match contributions on the regular 401k side, but oh well.
 
2013-04-10 12:15:31 PM  

impaler: How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean.


Invest in cocaine futures.
 
2013-04-10 12:16:10 PM  

Chagrin: Not all stock is publicly traded.


And? Private companies have value.

Lost Thought 00: Not sure how else you could determine FMV. Get a letter from the board declaring that, at this point in time, all company stock should be considered value X, and you're in the clear. Assuming you do this a reasonable amount of time before an IPO, that is.


There's lots of ways for determining FMV. Standard procedure is to hire a third party investment bank to value the company. Now, whether or not the IRS would actually do that to challenge the stated value who knows, but thats what you do.
 
2013-04-10 12:21:56 PM  

The_Gallant_Gallstone: bhcompy: 3 million isn't all that much if you're investing in an IRA starting in your 20s, and with the rising cost of medical care you will need more than that to retire regardless

Retire?

I think we're going for the new model... "retirement" will consist of the "breaks" afforded by semi-regular unemployment.

Instead of getting all of your idle time at the end of your life, it will be interspersed with the productive working years, which will continue until death.


Are you investing into a mattress with an IRA label on it or a vehicle that you can use for investing(growth, dividends, etc) and earning compound interest?
 
2013-04-10 12:22:24 PM  

DamnYankees: Chagrin: Not all stock is publicly traded.

And? Private companies have value.

Lost Thought 00: Not sure how else you could determine FMV. Get a letter from the board declaring that, at this point in time, all company stock should be considered value X, and you're in the clear. Assuming you do this a reasonable amount of time before an IPO, that is.

There's lots of ways for determining FMV. Standard procedure is to hire a third party investment bank to value the company. Now, whether or not the IRS would actually do that to challenge the stated value who knows, but thats what you do.


I would think a simple sniff test would be in order.  If you value a stock at less then 75% of the IPO price something may be amiss.
 
2013-04-10 12:23:32 PM  

thurstonxhowell: coolcashiat77: keep gold in your mattress

Then where will I put my shattered glass and nails?


And what would I do with all of my dead who.... um.... crunchy socks?
 
2013-04-10 12:24:10 PM  

Saiga410: I would think a simple sniff test would be in order.  If you value a stock at less then 75% of the IPO price something may be amiss.


Not all companies have IPOs. And the price at which private stocks are bought and sold is usually confidential.
 
2013-04-10 12:25:13 PM  

Saiga410: 3 mil does not sound too over the top for a cap now but in 20 years?  This had best be inflation adjusted.


CPI-U or CPI-chained?
 
2013-04-10 12:25:16 PM  
They should call it the Romney Rule.
 
2013-04-10 12:26:10 PM  

impaler: How does an account that you can only contribute $5000 annually, get to $3  more than $100 million?

Legally, I mean.


Romneyed FY.
 
2013-04-10 12:26:25 PM  
Dimensio:

At what time, and through what channels, will this story be misrepresented to claim that President Obama will be confiscating 401K and pension funds?

I have a co-worker who has been claiming that for the past 4 years.
 
2013-04-10 12:30:04 PM  

WTF Indeed: Fox Business News: Obama is going to limit retirement accounts.

Conservative Blog: Obama has big plans for your retirement money.

Mass FWD: from your uncle: OBAMA IS GONNA FUND JAY-Z CONCERTS WITH YOUR RETIREMENT MONEY


lol
 
2013-04-10 12:31:57 PM  
So this would only apply to us peasants and peons?....all the important peoples wealth won't be affected with the billions in their endowments, foundations and trusts right?

/just curious
 
2013-04-10 12:33:34 PM  

bhcompy: Are you investing into a mattress with an IRA label on it or a vehicle that you can use for investing(growth, dividends, etc) and earning compound interest?


My portfolio encompasses a variety of innovative assets, such as lottery tickets, eating at Red Lobster on Tuesday nights and spending time with surly, clockwatching prostitutes.
 
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