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		"Obama to limit size of retirement accounts" - This, people, is quality trolling (video.foxbusiness.com)		130
		More: Asinine, President Obama, pension plans

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2027 clicks; posted to Politics » on 10 Apr 2013 at 11:50 AM | Favorite | Watch | share:

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DamnYankees		2013-04-10 10:56:53 AM

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

Aarontology		2013-04-10 11:00:41 AM

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

i258.photobucket.com

minoridiot		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.

DamnYankees		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!!!

make me some tea		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!!

tnpir		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		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.

Irving Maimway		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.

impaler		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.

AdolfOliverPanties		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.

"What a silly question!"

DamnYankees		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.

Lost Thought 00		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

HotWingConspiracy		2013-04-10 11:54:22 AM

They've already backslid in to their 1%er messaging.

WTF Indeed		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

MindStalker		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.

JolobinSmokin		2013-04-10 11:56:51 AM

Damnit, that $3000 I have in my IRA is getting a Cyprus haircut.

DamnYankees		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.

Saiga410		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.

Jackson Herring		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

bhcompy		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

Dimensio		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?

Uranus Is Huge!		2013-04-10 12:00:44 PM

impaler		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.

Enemabag Jones		2013-04-10 12:04:31 PM

Stop the class warfare.

Teufelaffe		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.

impaler		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.

whidbey		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.

thurstonxhowell		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.

The_Gallant_Gallstone		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.

Chagrin		2013-04-10 12:08:02 PM

thurstonxhowell		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.

Lost Thought 00		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.

Donnchadha		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?

Rapmaster2000		2013-04-10 12:09:04 PM

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

coolcash1777		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.

thurstonxhowell		2013-04-10 12:10:58 PM

coolcashiat77: keep gold in your mattress

Then where will I put my shattered glass and nails?

Dazrin		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.

I_C_Weener		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.

DamnYankees		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.

bhcompy		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?

Saiga410		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.

Saiga410		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?

DamnYankees		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.

Arkanaut		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?

usernameguy		2013-04-10 12:25:16 PM

They should call it the Romney Rule.

Jairzinho		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.

Philip Francis Queeg		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.

make me some tea		2013-04-10 12:30:04 PM

Tailgunner Joe		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

The_Gallant_Gallstone		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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