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Personal Finance and Investing

doc03

(35,598 posts)

12. I have been on SS for 14 years, I skimped and

Reply to Think. Again. (Reply #10)

Thu May 9, 2024, 09:08 AM

May 9

saved to put money in my 401K so I could retire with some dignity. I pay tax on 85% of my
SS while those I worked with who didn't plan for their retirement keep all their SS. Now they propose taking the
tax break for a 401k from future retirees. If they take the tax break away they are in effect eliminating the
401k and the IRA, there would be no reason to have them it would be the same as just putting your money
in a bank account or just buying stocks.

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Watch out some economists are floating the idea of confiscating [View all] doc03 May 9 OP

Where do you see anything in the article about confiscation? Scrivener7 May 9 #1

They use the word eliminated, sounds like the same thing doc03 May 9 #3

Eliminate tax breaks is different than taking your money. 3Hotdogs May 9 #7

It sounded to me TheFarseer May 9 #13

If they eliminate the tax advantage it would be the same as eliminating doc03 May 9 #14

But that is still not the same as "confiscating." 3Hotdogs May 9 #18

Not the same thing at all. They're not going to confiscate your accounts. Scrivener7 May 9 #16

This has been touted as an option for some time. I doubt that it'll happen, but what I do think will happen is that SWBTATTReg May 9 #2

Nothing is getting confiscated. Ocelot II May 9 #4

Second paragraph. They propose (abolishing) tax sheltered plans like 401K doc03 May 9 #6

Abolishing isn't confiscating. Ocelot II May 9 #9

It doesn't say abolishing the (tax benefit) it says abolishing (tax sheltered plans) like doc03 May 9 #11

You're really fighting hard to see a disaster that simply isn't there. Scrivener7 May 9 #17

Hollow out people and give tax break to corporations bucolic_frolic May 9 #5

There were many of my fellow workers that would not put money in a 401k doc03 May 9 #8

SS is actually paid into by those that collect it later... Think. Again. May 9 #10

I have been on SS for 14 years, I skimped and doc03 May 9 #12

Could your headline be more misleading and alarmist? 58Sunliner May 9 #15

As many have pointed out... no confiscation. Furthermore... Happy Hoosier May 15 #19