THE 401K ROLLOVER from FINANCIAL FREEDOM
by Suze Orman (who gets kickback from the MONEY INDUSTRY for promoting 401ks. Remember, WALL STREET gets ALL your retirement money when you went the 401k way. Folks who bought them lost nearly 70% in FEES to the sharks who 'advise' and promote them and hold your 401k's and lost all remaining value in immediate taxing when they cashed in. Nothing worse than that but if it were possible to go into double negativse, they will lose even more as taxes go up (they just took one huge leap, more coming any day now.) And the stock itself devaluated by half due to 2008 WallStreet Banksters pillorying the stock market and banks.
"There is no one to blame" --says bought journalist Suze Orman. People lost millions in their 401K plans. Suze Orman is a crook, receiving kickbacks from all these mutual fund companies and banks and banksters. She is worth 25 mil and in her own words she only has less then a mil in mutual funds, because she does not care if she loses that mil but so many people trusted her! HERE IS WHAT SUZE WROTE:
"Many people stay in their 401(k) plans—or 403(b) plans (for nonprofits)—when they leave their jobs. Please don't do that, my friends. When you leave a job, no matter what the reason, you're entitled to take your fully vested 401(k) assets with you. For the most part, money in your retirement plan is money you've never paid taxes on, so you need to be careful how you do the transfer, or rollover—because otherwise it could end up costing you. Here's what you need to know:
Biggest bang for your buck.
A rollover IRA can be opened at any discount or full-service brokerage firm, mutual fund company, bank, or insurance company. I recommend using a discount broker because you'll have a wide variety of investment choices and low commission rates. (THE FEES will eat up everything you have. See FRONTLINE SHOW on 401ks. Fees are six figures by the time you retire! It was all designed to enrich the foxes. YOU ARE THE HEN HOUSE!.
Avoid a headache.
The best way to transfer money to your new rollover IRA is to have the
firm you've chosen contact your ex-employer's plan directly. Your new
IRA "custodian" will arrange to have the money sent directly from your
old plan into your new one. This is called a custodian-to-custodian
transfer. The worst method would be to have the former plan custodian
write you a check for the amount of your account. You must then take on
the responsibility of getting that money reinvested, which must be done
within 60 days from the day you receive it. If 61 days pass and you
haven't done so, you'll owe ordinary taxes and possibly a penalty tax.
And another thing…
If you withdraw money directly from a 401(k), your ex-employer is
required by the IRS to withhold 20 percent. When you roll the money over
into a new IRA, you have to make up that 20 percent from your own
pocket. If you can't, you're going to have to pay income taxes and
possibly a penalty tax on the amount of money that was withheld. You
read that right. So please be careful. The best way to avoid the taxes
and penalties is to have your retirement assets transferred directly
from your former employer's plan into your new IRA. In my opinion,
getting a custodian to handle it for you is the easiest and most secure
way to roll over your 401(k). Now you know your ABCs.…
* * * * * * * * *
TRUE FACTS NOW, UNLIKE WHAT SUZE GAVE US
THE PROBLEMS WITH 401Ks.
I.) THE FUNDS INVEST IN JUNK, STUPID FUND MANAGERS ENDEMIC
Read up on this http://www.financialsense.com/editorials/2002/401kblues.htm
II.) BEING PHASED OUT BY BOSS. As of DECEMBER 2005. CORPORATIONS all over USA are
notifying workers, the 401K feast is over with. NO MORE 401k matching by them! Grandfathered in pensions must roll onwards on their own. NOTHING more will be contributed by the boss. If you are an in demand worker, you can ask for matching, however. If enough people walk away from jobs offered, who knows what the Fortune 500 corps will have to do with this no match policy.
III.) 401 SHELTER BEING PHASED OUT BY GOVERNMENT, ENDING THE "WORKERS' PARADISE!"
IV. YOU GO BANKRUPT. Only a MILLION is sheltered by current regulations. The REST goes to your CREDITOR CLAIMS.
V. THE STOCK MARKET is so crappy you lose your money. The fees of all the people who RUN your 401 are six figures by the time you retire. TYRANNY of COMPOUNDING COSTS mean they take 63% of the cash you would have earned. (FRONTLINE SHOW on 401ks cites that figure). Your capital, your risk but you get 30% of the returns.
VI. FEES AND PENALTIES take 73% of your fund. The fund that charges 2% a year over your life takes the principle down by 63%. Try to get out, switch, cash in, the penalty is 10% of the principle.
VII. The IRS taxes take the rest of it down. When you cash out you find the IRS wolf waiting outside your door. Four hundred there? GIVE HALF TO ME. Taxes have gone up to 55%. If there's flesh on those 401K bones, you can quickly put it into insurance company annuities and hope the OLIGARCHS don't get their fangs on THOSE, or tumble those corporations as a finale!
GIMME THAT MONEY. IT IS MINE! THE IRS WOLF!
PREDICTION: Government Prepares To Seize Private Pensions
Paul Joseph Watson
October 12, 2010
The government is preparing to seize the private 401(k) pensions of
millions of Americans while enforcing an additional 5 per cent payroll
tax as part of a new bailout program that will empower the Social
Security Administration to redistribute pension funds in a frightening
example of big government gone wild.
Public pension plans have been so aggressively looted already by the
government that cities and counties face a $574 billion funding gap,
according to a CNBC report.
That black hole is set to be filled by a new proposal that will "fairly"
distribute taxpayer-funded pensions to everyone, by confiscating the
private wealth of millions of Americans. Its proponents express
staggering arrogance in thinking that they can just steal money people
have worked for decades to accrue as if it's their own.
Not only would the government confiscate 401(k) pensions, it would also
impose a mandatory 5 per cent payroll tax payable by everyone, according
to a hearing chaired last week by Sen. Tom Harkin (D-Iowa), Chairman of
the Health, Education, Labor and Pensions (HELP) Committee.
"This would, of course, be a sister government ponzi scheme working in
tandem with Social Security, the primary purpose being to give big
government politicians additional taxpayer funds to raid to pay for
their out-of-control spending," writes Connie Hair.
The hearing was a platform for advocates of Guaranteed Retirement
Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of
economic policy analysis at the New School for Social Research in New
York. Back in November 2008, Ghilarducci testified to Congress that
401(k)s and IRAs should be confiscated and converted into universal
Accounts (GRAs) managed by the Social Security Administration.
"You don't hold hearings on something you don't intend to do," points
out the Market Ticker blog. "I hate it when I'm right. I hate it even
more when tens of millions of Americans are going to get reamed to pay
for the crimes of the handful on Wall Street, and their crony enablers
in Washington DC."
The GRAs would be enforced by means of a mandatory savings tax equating
to 5 per cent of an individual's annual paycheck deposited to the GRA.
Security and Medicare taxes would still be payable, employers would no
longer would be able to write off their contributions and capital gains
would be taxable year-on-year. In addition, workers could bequeath only
half of their account balances to their heirs, unlike full balances from
existing 401(k) and IRA accounts.
During a Seattle radio interview in October 2008, Ghilarducci explained
the motive behind the plan, stating, "I'm just rearranging the tax
breaks that are available now for 401(k)s and spreading - spreading the
wealth" (emphasis mine).
However, as we painfully learned in the immediate aftermath of the
original $700 million dollar bailout, which was originally sold on the
basis that it would be used to pay off bad debt, governments that
propose "spreading the wealth" under socialist-style financial reforms
almost always collect the wealth under the pretext of being the saviors
before greedily hoarding it all for themselves.
The GRA program is being pushed by the Economic Policy Institute, an
organization housed on the third floor of the building occupied by the
George Soros-funded Center for American Progress. The Center for
American Progress is a think tank headed by Bill Clinton's former chief
of staff John D. Podesta, who was also head of Barack Obama's
presidential transition team after the 2008 election.
In preparing to seize private pensions, the United States is going the
same way as Argentinean government, which in 2008 nationalized the
country's private pension plans, known as AFJPs, confiscating the wealth
"We have no doubt that here the right to private property is being
violated. Not just for us but for society and the world, this is a clear
confiscation," said opposition Radical Party's Ernesto Sanz at the time.
How will Americans react to having not only their wealth but their nest
egg for future generations brazenly confiscated by the government in one
fell swoop? If this doesn't prompt widespread rioting and civil
disobedience in America on behalf of the besieged middle class then
Don't be under any illusions, if you don't have a private pension and
think this won't affect you - think again. Once the pretext has been
created that the state can simply confiscate privately earned wealth,
they can then come after anything, your gold, your home, your kids and
eventually your very freedom. Once the vampire of big government gets a taste for blood, the
teeth will only sink in further, and America's resemblance to third
world tyrannies will rapidly accelerate.
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is
the author of Order Out Of Chaos. Watson is also a fill-in host for The
Alex Jones Show. Watson has been interviewed by many publications and radio
shows, including Vanity Fair and Coast to Coast AM, America's most
listened to late night talk show.
* * * * * * * * * * * * * * * * * * * * * * * * *
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