This is beyond ridiculous...capping retirement. Social security is already a pyramid scheme destined to fail. This is our only way to save for our own security. Most things i let slide, but being a pretty diligent saver, this is very troublesome. Are the odds likely i won't hit that $3 mil? Probably, but i don't care for the fact that i won't be allowed to.

http://money.msn.com/retirement-plan/lat...e3d5f039c7

(04-08-2013 12:17 PM)huskiealum03 Wrote:  This is beyond ridiculous...capping retirement. Social security is already a pyramid scheme destined to fail. This is our only way to save for our own security. Most things i let slide, but being a pretty diligent saver, this is very troublesome. Are the odds likely i won't hit that $3 mil? Probably, but i don't care for the fact that i won't be allowed to.

http://money.msn.com/retirement-plan/lat...e3d5f039c7

Understand your point...it seem that the tax benefits of 401K and IRAs are being abused...

I dont get it entirely...there are limits to the amount you can contribute tax free..to an IRA or 401K..

http://www.irs.gov/Retirement-Plans/Plan...ion-Limits

http://www.shrm.org/hrdisciplines/benefi...imits.aspx

With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Its about socialism. Obama wants everyone to rely on the government for their allowance.

(04-08-2013 12:17 PM)huskiealum03 Wrote:  This is beyond ridiculous...capping retirement. Social security is already a pyramid scheme destined to fail. This is our only way to save for our own security. Most things i let slide, but being a pretty diligent saver, this is very troublesome. Are the odds likely i won't hit that $3 mil? Probably, but i don't care for the fact that i won't be allowed to.

http://money.msn.com/retirement-plan/lat...e3d5f039c7

(04-08-2013 01:09 PM)klake87 Wrote:  

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Its about socialism. Obama wants everyone to rely on the government for their allowance.

And we are supposed to hate millionares and billionares so much that we want the Government to take their money away. It doesn't matter if noone except the politicians actually benefit from it, just stick it to the rich.

(04-08-2013 01:09 PM)klake87 Wrote:  

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Its about socialism. Obama wants everyone to rely on the government for their allowance.

That has to be one of your top asinine statements

(04-08-2013 02:25 PM)BobL Wrote:  

(04-08-2013 01:09 PM)klake87 Wrote:  

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Its about socialism. Obama wants everyone to rely on the government for their allowance.

That has to be one of your top asinine statements

Why it is taking away private money so that the socialists can give you what they feel you should have. We are on the way to socialized medicine, Social Security, welfare, foodstamps etc. No on should save cause government will take it.

Obama hates investments.

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

School employees contribute to their pension plans through payroll deduction; just keep hatin on government workers, it's you MO.

(04-08-2013 12:17 PM)huskiealum03 Wrote:  This is beyond ridiculous...capping retirement. Social security is already a pyramid scheme destined to fail. This is our only way to save for our own security. Most things i let slide, but being a pretty diligent saver, this is very troublesome. Are the odds likely i won't hit that $3 mil? Probably, but i don't care for the fact that i won't be allowed to.

http://money.msn.com/retirement-plan/lat...e3d5f039c7

Put some of your savings in a Roth, since it's only given favorable tax treatment upon withdrawl not during your working years (not deductible on earned income). Didn't see where those types of accounts were included in the $3M cap.

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Sounds like someone is jealous.

(04-08-2013 11:33 PM)Poliicious Wrote:  School employees contribute to their pension plans through payroll deduction; just keep hatin on government workers, it's you MO.

Sure they do. But, a pension payout is usually based on length of service and some sort of representation of salary at the end of service (last four years or something of that sort). School districts and other governmental entities all play games for certain employees to dramatically boost their pension payout by given them huge raises right at the end of their service. The amount the employee pays in to correlate with that career end raise is peanuts to what they get out.

That is a significant reason why government pensions are a joke.

And, I work for government. Government pensions should be ended.

(04-08-2013 11:37 PM)Poliicious Wrote:  

(04-08-2013 12:17 PM)huskiealum03 Wrote:  This is beyond ridiculous...capping retirement. Social security is already a pyramid scheme destined to fail. This is our only way to save for our own security. Most things i let slide, but being a pretty diligent saver, this is very troublesome. Are the odds likely i won't hit that $3 mil? Probably, but i don't care for the fact that i won't be allowed to.

http://money.msn.com/retirement-plan/lat...e3d5f039c7

Put some of your savings in a Roth, since it's only given favorable tax treatment upon withdrawl not during your working years (not deductible on earned income). Didn't see where those types of accounts were included in the $3M cap.

The text said all tax advantaged retirement accounts. It didn't say only deductible accounts.

Roth's are given tax favored treatment each and every year, just like deductible IRA's. If you held that money in a taxable account, you'd pay taxes on any sales within the account (provided you make money), and on any distributions. In an IRA, you don't pay any of those taxes through on-going activities in the account.

(04-09-2013 12:04 AM)RobertN Wrote:  

(04-08-2013 01:02 PM)huskiealum03 Wrote:  

(04-08-2013 12:54 PM)klake87 Wrote:  With healthcare costs and extended living, how can anyone say they have excess funds. These are people that planning and saving. social security was supposed to be a safety net not sole retirement funds. Too many retirees only rely on social security. So when social security goes away, the people trying to plan will be penalized. You can only put 15k away a year. How about attacking the fat pensions that school administrators and governmental employees get.

totally agree....$3mil is very attainable by the diligent saver. if they wanted to cap it against abuse, then do it that is unattainable by average joes...$20-$25mil?

but yeah, strip the pensions and make them save much like us. these admins can still save in their IRAs, but coupled with pensions, are miles ahead of us not sucking at the gov't teat.

Sounds like someone is jealous.

jealous or not, these are financial liabilities as far as government spending. why are these considered untouchable while private sector tax deductible accounts are not? there is a total double standard.

(04-09-2013 09:42 AM)GeorgeBorkFan Wrote:  

(04-08-2013 11:33 PM)Poliicious Wrote:  School employees contribute to their pension plans through payroll deduction; just keep hatin on government workers, it's you MO.

Sure they do. But, a pension payout is usually based on length of service and some sort of representation of salary at the end of service (last four years or something of that sort). School districts and other governmental entities all play games for certain employees to dramatically boost their pension payout by given them huge raises right at the end of their service. The amount the employee pays in to correlate with that career end raise is peanuts to what they get out.

That is a significant reason why government pensions are a joke.

And, I work for government. Government pensions should be ended.

People of all income levels take advantage of government programs, be it welfare, unemployment, pensions, retirement accounts etc.

Here is a report about millionaires collecting unemployment...

http://abcnews.go.com/blogs/business/201...mployment/

Another about millionaires that get farm subsidies...

http://www.cbsnews.com/8301-500202_162-5...9b-report/