Topic: Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

[AmericanPatriot]

Couple weeks ago, we learned of a small windfall that we didn't know about.

Seems the wife had a small pension from the newspaper that fired her after 23 years.
I  convinced her to take the lump sum (@$17K after 20% withholding)

Of course, they are trying to sell her an  IRA and she likes that idea.I'm trying to convince her that we need to take some to pay off some nagging little things that can bite us in the butt

I'm of the opinion to use the money, except for a small emergency fund, to buy assets and pay down debt.
Bastards steal enough from us

[Glock32]

Use the money while it still has some semblance of value to it.  When hyperinflation kicks in, 17 grand might get you a value meal at McDonald's.

[Predator Don]

Couple weeks ago, we learned of a small windfall that we didn't know about.

Seems the wife had a small pension from the newspaper that fired her after 23 years.
I  convinced her to take the lump sum (@$17K after 20% withholding)

Of course, they are trying to sell her an  IRA and she likes that idea.I'm trying to convince her that we need to take some to pay off some nagging little things that can bite us in the butt

I'm of the opinion to use the money, except for a small emergency fund, to buy assets and pay down debt.
Bastards steal enough from us

No sense in an IRA since you paid the penalty. Time to do that was to rollover. Pay off some crap. Put some back. Buy some more ammo.

[RickZ]

Predator Don AmericanPatriot Predator Don (my being stupid doesn't cover it), I'm not sure you can rollover a pension to an IRA.  It's not a pre-tax rollover as there were no employee contributions (at least that's the way I understand most pensions to have worked and why companies wanted to go to 401(k)s in the first place).

[Predator Don]

Predator Don AmericanPatriot , I'm not sure you can rollover a pension to an IRA.  It's not a pre-tax rollover as there were no employee contributions (at least that's the way I understand most pensions to have worked and why companies wanted to go to 401(k)s in the first place).

Why, I believe you are correct.....how silly of me to think we have control over our own money.

[Pandora]

The Treasury Department said Tuesday it would begin tapping civil service retirement funds because Congress has not raised the federal debt ceiling, the latest reminder that time is running out before the government is at risk of defaulting on the national debt.

The action will allow the government to spend $156 billion that otherwise would have been invested in the federal Thrift Savings Plan. As a result of that action and others the Treasury is taking, Congress has until between mid-February and early March to raise the $16.4?trillion debt limit.

[Weisshaupt]

That will end up as part of the Red Bar..



Since SS revenues went negative in 2010, that is no longer a fun place pols can Bernie Maidoff the money from. Now they are stuck raiding the (already underfunded)  pensions of the overpaid, liberal, Democrat supporting morons. You can bet any surplus generated by their paychecks and not paid out of the "fund" is funneled directly back to the general fund. You see U.S. treasuries are the most reliable form of debt. Keep filling those lockboxes with IOUS

(Again, I will have Jim Carrey explain)

Dumb & Dumber -- Empty Suitcase of Money

[Libertas]

Heh, humor meets reality, awesome!

Let the SOBs rob others to fund their addiction, like I GAFF!

But, the Pubbies will wilt and fold on debt, deficits and spending, so...

A year or two more of kabuki then the whole damned thing can implode...

BOHICA!

[Weisshaupt]

A year or two more of kabuki then the whole damned thing can implode...

I wouldn't count on that year or two.  Yeah, it will be great if we get it, but given the current political climate,  domestically and globally, and with the TPTB running out of time, I think they will be making moves that might just cut it short.

[charlesoakwood]

       

[John Florida]

 I GAS!

[warpmine]

Finally, the actions of the government will hurt those that deserve it most, it's workforce. For years they've raped the tax payer with above average pensions and benefits along ridiculous salaries way above average Joe America and hoopefully they can taste what we've been clamoring about for the last decade.

[Libertas]

       

That would make a good avatar.