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Raiding Retirement Plans

Nov 29, 2012|

The U.S. Government is planning to get involved in your retirement because 401k plans and IRAs are unfair to poor people. The plan is to nationalize all retirement funds. Howie told everyone that he has already liquidated his 401k to keep it out of Obama's hands. Howie asked what are you going to do.

Transcript - will not be 100% accurate

Who's gonna be the next secretary of state is it Susan Rice John Kerry I'm voting rights that prices down a whopping 38%. Ever hopeful John -- again. That would be good news with -- but on the other hand. You know lie I guess that Deval Patrick said that if someone if the legislature were sent him a bill changing. The way the and Santorum senator is appointed should there be a vacant again. There would he would be he would be willing to sign that I believe that's Cullen -- detained -- Yes. Yes it is and it's but it was -- there was want to build a painter and did me as human call when. When this is involving -- senate senate succession and nobody ever did anything about it -- This will be the third time they would have changed the law to prevent that to try to prevent Republicans or conservative actually winning the seat. But you know again is as Richard to say via pointed out when this first term floating that they changed the law again. So that Deval Patrick would be able to point. The interim senator I would sit and what have the seat until the elections of 2014. He said they have -- -- Right now the way it works is the -- changed. The last time is that he appoints an interim senator. But within -- because certain number of days 150 days something like that there has to be an election. The full policy until the next scheduled election. They changed. That law and they got Scott Brown was the senators so they there's there's talk of changing it again. That's a successful whole point vessel problem with follow these. All these great retirement. Investments that we may you know they yeah they sounded great when they were made but that when when they were first passed -- -- you know we were told to save. Money the money will be there for you may not -- you know -- sure hack can work for the government you're not gonna have a defined benefit pension. When you retire here. Except for Social Security but you'll you'll be able to have all this money from your 401K. -- your IRA -- your 403 B. Now old men who they're talking about changing the rules. And I wanna talk about watcher what your plans are to vote to was that to try to war avoid getting screwed as the taxes. Go through the roof and the Democrats. That try to -- back to the stone age the Democrats who. By the way don't like the pay taxes themselves. But I just want to explain its own people some people say they don't understand how the 41 K. Withdrawals work. So very simply. It furor under 59 and a half years all. And you want to take money out of your 401K. That you contributed. You'll pay -- penalty of 10%. So let's say you have about 50000 box in your 401K. And your 57 years world. If you take up the 57 if you take out the 50000 in your 401K in your 57 years old you will have to pay. A penalty of 10% which would be 5000 dollars that's money that's in addition to the federal income tax in the state compact she'll have to pay the penalty. If you get the -- 159. And a half years old is so larger 59 and a half years all you do not have to pay the penalty. You you just have to pay the the tax rate. The the and the federal and state taxes might wanna I -- I did this on Monday when I cleaned out my 41 K. They said okay we're gonna have to take out would have to take out up five point 25% for the stated Commonwealth of Massachusetts that your tax okay. So it that that money was gone the -- we have to take out 20%. -- moment. For the effects for the IR SQ -- would you like us to take out more money. Decided to after thinking about it for a nanosecond nights -- no I'll take the minimum. Payment of 20% a worry about that other 15%. Later -- But that's what that's the way it works so why is -- forum that's why I'm saying the replica. I mean a lot of people are going to be pull -- pull money out of their 401 -- and if -- if there are over 59 and a half if they. You know if you if it looks like the tax rate is is indeed going up. Shareholder should enjoy and again as we said earlier the the miss at least a 173. Companies have announced special dividend so far. This just from last couple weeks because they're trying to get the money to aspire to the shareholders before the tax rate goes up. Shareholders says the Wall Street Journal should enjoy this windfall because the longer term result of higher tax rates is that your companies are likely to pay any dividends while others were women will -- will limit their -- of distributions. Dividend by it -- rose only modestly in the 1980s and 1990s when they were taxed as ordinary income. The bush tax cut chopped the rate -- 15% on January 1 2003. On the sound economic reasoning the corporate income is already taxed once at the corp at the company well. Dividends reported on tax returns. Nearly double. 2196. Billion in 2003. From 103 billion in 2002. Dividend income hit 337. Billion by 2006. More than three times the pre. Tax cut deal. It's a good bet that some of the recent stock market volatility is due to wouldn't investors seeking to realize capital gains at today's 15% tax rate before that rate racist who -- rises to 23 point 8% including the obamacare. Surcharge -- you and you worry one. When the capital gains tax rate last rose to 28% from 20% as part of the 1986 so called tax reform meeting raises backpacks increased. Investors also cashed in before -- higher rate took a fact. So it's you know it mean to be -- unit to to think about that at least think about the -- that few if you have the option to 21 to get out. -- dearly dearly want them to pay. These taxes I mean and again the people are pushing past. These higher taxes they don't want. Now we talk about Geithner and the first the Treasury Secretary. He was -- -- He he claimed that deductions that he had no right to claim he didn't pay a he he didn't pay a as Social Security withholding taxes he didn't pay income tax Padilla was supposed to pay it when he was employed by the World Bank. I always loved that when he and when the Democrats controlled. The House of Representatives and he would appear with the then chairman of ways and means Charlie Rangel. Charlie Rangel from -- from Harlem. He he he he he it was that you know tax writing chief of the choice of the tax rate sheet. In the it in in the caught in the house. And he he he had paid any kind of taxes on the kind of rental income that he got on my own a Condo that he owned in. In the be in the Dominican Republic. End -- as we know you know the Kennedys. The Kennedys have long tried to avoid taxes. Rose Kennedy. Who will was which was filed and in Florida even -- and lived in Florida set foot in Florida in the last twelve years of life. Because. She didn't wanna pay the high death tax rates here in Massachusetts. And though when -- Jackie Kennedy died in in the 1990 -- beyond. The her purse or her children. JFK's program John John who stole -- Carolina wanted to pay. At the the regular rock top marginal rate of 39 point 6%. As opposed to the death tax rate the federal fact that tax rate of 55%. These people what I got I got a letter the other day that The Herald there was a letter to the editor. And -- mentioned again all these people obeyed police liberals here in Massachusetts don't like to pay the have been elected checked the box. To pay at the higher voluntary tax rate of five point 8% as opposed to five point 25%. And some some moon bat wrote in and said why it is what it is how we always who mentioned the fact that the the. Liberals don't pay this does that don't pay at the higher voluntary rate. Do we design this how we were his friend Scott Brown pay a higher rate. Of course we don't pay -- higher rate but that they -- differences between us and Elizabeth Warren John Kerry is we don't run around. Say -- that we -- we want higher taxes for everybody you know if it's you know. I don't want anybody to pay higher taxes I want everybody pay or taxes and of course on market pay at the higher rate but if you if you watch it fuel. Campaigned in clamor. For higher taxes than it you don't pay a higher voluntary rate the -- -- hypocrite in my opinion. 18774694322. How we I'm 42 years old with 200041. K what would you do. I don't think there's not much you can do if -- 42 years old mean that does this option you that you gotta be 59 and a half to wanted to war with two to. Utilized the the the option of taken money out I mean if you win if -- 42 when he got 20000. And you take it all out you're gonna pay a 2000 dollar penalty you got to decide you've got to decide what you wanna go. Five await them all my friends so I was nuts for empting my 401K last summer. But how we if you're under 59 and a half by key that you -- a roll over tournament and -- -- I don't know about that Tom Daschle is another one who didn't pay taxes that's right he didn't pay taxes. He another era another Democrat tax cheat there there could be other wards are full of Democrat Democrats who want the higher taxes for for the but not for me. 18774694322. Let's see. We're -- makes sense to pay the penalty and that's open you got to decide panel. I don't know but -- I don't know but that's the it would it does make sense she got a big these are things you have to decide yourself whether you think the the tax rate is gore is gonna keep going up and up he what do you wanna pay the 10% penalty amok it's a -- again come -- advising I'm just gonna tell you why what I did. Emma what a lot of people both of them are my age them have come to the same conclusion. 18774694322. Let's see how we all the talk is about defending against the coming -- -- and his forty thieves taxation invasion. John Kerry paid all his taxes laughing out -- Yeah I remember John Kerry there's another one. Judge John not only did John Kerry his his. His his. Second wife's first husband trust fund put most of their money in municipal bonds. Which is exempt which are exempt from. Federal and state taxes. In the if you buy him in the state where you where you live he he refused to pay a sales tax. And body and on his on his seven million dollar -- -- -- the Isabella that I get bad -- list. Any refused to pay the the excise tax to the town and and pocket. He claimed he was. More and yet in my new port on weather was nowhere excise tax and he's got he got busted and he had the packet. You know amid these. Again it would. It would be one thing if these people really really believed in paying higher -- Taxes but they they don't believe they have they only they want other people to pay higher taxes Warren -- it's all these columns for the Wall Street Journal in the New York Times people got to pay higher taxes. Meanwhile he's fighting a billion dollar tax bill he says he's hired a much lawyers to fight the fight his tax bill. 18774694322187746943. Tutu how we many companies allow an in insert an in service on hardship rollover to a new audio -- -- the ball with time. Well made it again I would die I would I would check intuitive. You know -- review mean it's I. Sick and somebody said this is somebody just sent me a text that says you know years that was a nice plan you had to avoid paying you know few. Couple a couple under -- couple thousand box. By getting the money out of the 401K before the end of the year but they're talking about a a retroactive tax increase back to 2008 I had heard that. But you know you can't he can't put anything past these people. 1877469432218774694322. How we mark my words this is 337 when the government when the feds can't print anymore money the government will cease for one -- and iris of on the bond market. Claiming to give safe return -- most accounts it has already been proposed. About something rush was talking about it and that time there's this story that was supposedly in time magazine couldn't find. 1877469432218774. He figured this was all eventually there was going to be somebody like or bombing and there was gonna try to while. Try to take take everybody's. Retirement savings. And now what's now now we we appear to be on the the verge -- that. Dole for event. Bend your next with how we cargo ahead then. -- Are there are arrogant and so what you did right Iacocca. My thoughts are is pretty out. Any debt that you possibly can because the dollar that you leader retaining. What are have a clip where all of a -- whether you know December 3 person not gonna happen. There also so any remaining dollar in me. Works sold globally unique that it went backward in Basra -- -- so you're gonna what are you get that. Keep it sealed Aaron and I mean just where we have to don't I distance. I mean it's going to happen with the united -- Yet -- it is happening to me kitchen you can't go on printing money I mean it's it's pretty simple this and are. Our -- Maine and I guess we all these people. That are I mean first of all of our mail business in the builder of the liberal the first about -- the end of the month that nobody thought -- don't worry -- you can just sit. It's just don't celebrate -- one of these days it's gonna begala. And and and what I'm wondering is women that they what's gonna happen. -- -- I I don't you know the thing is when will we have the depression and the 1920s or 1929. And then ball from the thirties I mean people were up pretty well behaved you know there there was us and you know -- -- there that there was there were in most 9095%. Of Americans weren't intact families. You know there was a still a sense of morality. Most people went to church I mean how -- and how which just you know. It's anarchy out there you know just you know cross every it's level of society I mean nobody behaved themselves anymore. You know I'll meet you don't know what's I don't know what's gonna happen it's it's really a wildcard is about -- I don't count on. Oh well how how can you really to prepare yourself. I don't know I don't know you know and I know what I know my taxpayers are telling me you're the same buy guns and goal. -- -- and funny you mention that my. Lecture Somali capital and that that's probably -- about held onto it because it was -- you know public as. Protect my own my own property. -- -- -- -- -- give all the gun sales are through the roof I mean everybody is everybody wants to be prepared I mean yeah yeah do you think. You know when they get when they come you know you have -- areas hold hold cities basically where there's that word nobody's working there are -- on welfare you think they're gonna while. You think they're gonna go quietly and I think you know -- when their own vegetables I don't think so. You what they heard the Black Friday gun filled with a high of history right exactly. What that so in what the people figured out there. What you know what that Lincoln band that they -- what your thinking that they what I predict. Thanks for the call -- 1877469432218774694322. 339 if Senator Kerry did pay that excise wood in the Massachusetts treasurer will be able to search show your proof one would -- excise tax would go to the town. -- -- pocket of the sales tax should be. He should be paying that to get to that the through the the the department of revenue. He he his his aides I mean we've asked him a million times did you pay it in the -- -- was -- they. Dubious the -- for Kerry always acted so that when you ask Mac question like how dare you way you know. Implied that the the the war the French speaking warrior award would not pay his taxes. Wool or you know living and guess what he didn't pay and telling got busted by The Herald he did what he had no plans to pay taxes so why I mean how. How Aurora how we want to take him at his word. 18774694322. 71 by guns and gold not necessarily in that order 71 went back doesn't look like such a -- now. No we doesn't. 603 investing canned goods and ammunitions -- your next with how we cargo ahead -- -- to speak review thank you -- -- that it hopes. That they tax you mystic Iowa I get up the era. I really enjoy the issue all but the money's already been spent is like you know that shell game. Which -- want to -- -- old. We -- gamer you'd talk gonna opt. But it would get when you lift up this year though. You know under using the ball under. Only tell you -- you're talking about the us that you others -- three card Monty I guess -- call. But it tissue O -- ball -- this legally if you keep your -- -- and lifted up there's a whole. And then you lift up the -- two shells these two of their -- So it'd already been it's we're just we just rightly. Well I know I've just say I. I I know I mean that you know is is city who is anybody really counting on Social Security I don't care how old are mean who's really counting on Social Security you know I was counting I'm -- counting on Medicare I mean it would be nice to be able account on a and a span especially the younger you get the the less likely it is you're ever gonna get any Social Security Medicare right. But they're the reason I call they jumped up and down one record. That radio full case. I was there somebody gets. Hey you know Neil I think a lot of people -- -- who I mean what I mean what what how it's -- hard to understand you know. The tax rate is going the tax rate is going up in January. You have to pay at the at that at the tax rate when you -- liquidate your 401K. Why -- you liquidate your 401K if you're if you're alive reach 59 and a half and you don't have to pay a penalty. Now. Well I'm I'm 49 so I'm still paying into it -- And if it comes to pay an end to what could -- get you know again Harold -- you know I think for every -- Up to a certain point The -- matches it 50% so I mean might as well I might as well keep contributing to a but his wife is as well as one has idea as long as I can get it out save some money I'm gonna -- well get it out and save some money. Thanks for the call -- being on your next with how we -- ahead Dan. Hollywood made -- that issue. You won't be levity jetted out because it's the largest amount of money yes you know they gonna -- but they've been looking at this for about ten years I'll probably guaranteed retirement account and that this woman Teresa. -- -- Yes she's the mother Russia is thought she was she's the -- arrest was talking about it. Even talking about this. -- ten years and -- pulling out of the and that's good wife you'll have a lot to -- -- the next. I like the way they like the way I like that word guaranteed to ban I don't know -- this guaranteed all right it's guarantee you're guaranteed that's. Google at -- Ali like if you if you and -- percent to. Bracket now when you gonna -- that day and night night. Welcome and Bennett's uncle and 10% penalty -- -- 6% but it's a mind and body including house sought to there's. Course to prevent them any tickets or want to sing well I would hate to host next was closing at an alcohol and -- -- so poorly and it could you gotta pay by the cops and agents that they just important. Accident properties if he's out. Well and the deep in the hole but yeah I thought I'd have thought about that but you know the thing is if they come after our homes it's it's all over. I mean where you know it's it's -- you know we got. The other thing I would point and about 21 that's why they're gonna do once China's. Realize it's. They've already realized that -- -- haven't -- that -- is that but but China was pretty much out of the the buying game of the US treasury bonds. This contestant go look at -- what bill did was like I'm IRA right now I'm not having to generational. You don't you compound and you can pass a lot about these kids that we're gonna take out of it you know and look guys this morning so I can get on my innocent look at 200 dollars a month. And once you call you when you need to ask about your wife who is going to. Well all if -- look for my 41 K now -- they gonna find a bunch of goose eggs and abetted right but -- like you side paid off house but it you know it. If they wanna come after the I mean if they come after the house and they can they can take they can -- my private property. That the pay the illegal aliens I mean it's it's. It's the end of the line you know it's we we live in now has will be Lebanon Syria build your next with power cargo ahead bill. -- While it let's go -- to play took what I was waiting for. It's their plans to try this in the end I could survive them. -- in the text or registered 56. I have a little while to protect. Like it but anyone in and around while -- -- it taken out. It's played well before that at all stalked out too far. Yeah my -- yes I. Well that's that in which door here -- take -- -- -- I'm hit the button tonight all of fidelity dot com. I wanna help people -- year. Really you're gonna take me -- -- you're gonna take the 10% that's. All. OK I want stole. Almost. Talks until -- and giggle until. What's only better cap recorder but not like the oil -- or doubles or -- fighters. -- come back the clutch a little off topic. -- to my youngest more suitable site. The -- it. Did you look bad pull over. It. It was pulled him out of there as we say it. Out without the -- global. Out bill check me out on TV your garage you know what a book signing now I and I got a guy that god bless pock marked Destefano I don't have a -- -- anymore. -- did have a bad -- or you're absolutely right thanks for the call bill. 18774694322. Guarantees. Yet it's again. -- the dugout where from where from the government and we're here opiate use this you know you know -- you don't wanna take the risk of having that that money and that 41 K Ian in the you know these corporate sponsor. Or equities. Would you view -- you guarantee to return you know where that were from the you know. When we meet my friends here Tim Geithner Charlie Rangel pomp Daschle and John Kerry mean these are people who. One hell they they. Beat the patriots they pay their taxes you have to pay your taxes do. I don't mind I wanna I wanna pay my taxes just like Geithner and Rangel and cannery in action when all the rest in the whistle lease the labor secretary all the rest. That's all I want I want my tax. 18774694322. Don't worry comrade Chris says and Barack we trust. 18. 603 I started a 41 K last year my at risk of losing retire that. I don't wanna scare everybody I don't want to you know I don't wanna I don't want to frighten everybody I'm just telling you yet you eat your I'll -- Think about what you gonna do if you have a if you have the option that the get some money out before the tax rate goes up. I'm 18774694322. Up now car. 1877469432218774694322. Prison from 978. I'm a state employee one of the ones who actually cast a work every day from my check. Under recent legislation to -- one evil hour to well withdraw our own funds anymore from our elected state deferred compensation smart's plant equivalent of a private sector for a one K. Unless there's a depth bankruptcy claim or termination of employment you used to be able to take it out if you needed. The -- to and pay an early penalty now they wanna allow us that. To winning more -- -- one of those. Quote unquote Maxygen circumstances. On quote exists I tried to take it out fully willing to pay the penalty so I could buy gold and standing and I was Dem side. Thanks coupe Deval. -- -- 617 how we I hope you purchased gold with the withdrawal from your 41. And it that's for me Andrew when Atlanta that night I paid. -- paid off the the mortgage on the on the rental property. I figure you know if if if inflation goes through the roof which. You know I'm. Fearful what happened. You know at least well I'll have the the ability to increase the rate the idea rant on my talents and -- mean. You need nine to pay you in what seashells. I don't know what they're gonna pay me with -- mean all of the nominees are really protection raising Iran tenured and your tenants because intense won't be able to afford to -- Iran. Why would assume that the talents it'll be like Zimbabwe. -- the Weimar republic Germany you know I mean -- you know everybody will be getting these pay raises every weekend. You know the many to pay off up Pavia rent with Leo wheelbarrow full of full of Obama box. But you know at least I'll have -- -- -- by -- you know I mean look at these these -- penchant people get people are getting a pension of you'll see getting like fifteen under a month pension -- -- oppose this suppose the hyperinflation does occur. You know what's 15100 a month going to be. So are going to be worth everything will be you know couple loaves of bread. 1877469432218774694322. What is Barry Armstrong think of your dear to cash out your 401K what if you're ten years from retirement I don't know I didn't ask Barry Armstrong edged by news that a ball my own. And though what if you're ten years from retirement I mean that's it you know. I don't think retirement has anything to do what I just think it's you know well how much are willing to pay in the penalty that's that's all of -- that's all this from eight you know I don't again I don't. These people are not my friends I work for a living in an ally of I've always worked for a living I work in the dreaded private sector. You know they they're the of the Obama administration. The books found its most people like me I'm. You know an email Africa's but -- you know I do work I consider myself part of a white working class people were written off by Obama back a year ago was in the New York Times you know they that they don't say they don't care about people like me. I'm I'm just to somebody who pays the bill for for their -- for their constituents. Tom your next with how we cargo ahead Tom. There are -- I don't object is fiscal -- thing. The Democrats couldn't care less about this fiscal probably go off or not. That that the that the Republicans think big and old out a little leverage here. Force them to cut taxes or cut spending whatever it -- Well audit what lol why why would Democrats -- and -- and it they don't care quick off the -- are not. I don't know how anybody in the not a factor at least get that some sort of sent. That's the goal here has to be -- collapse astronomy. You know we ordered some weird UN. Hospice. And you know what a lot of liberals have to lose I think it died. In that scenario are conservatism of the constitution. And now they've been up advocate those figures there's a lot tortillas -- What rush was sort of -- what does he care there's a recession you know I mean I don't think -- I don't really think he cares I mean this wrist. You know if if you're. They're going to be affected by a recession. Absolutely just build more constituency that felt it and equals more democratic except it's a Barack. -- -- the second part is. As you said about that you don't know whether or not talk straight these forward cases -- premiere about. Any and visit the proper marketing means nothing financially. However it is certainly it is more accumulation of power -- -- -- accumulations centralization of power that's what we're seeing and out any denial that and it. It has received their on this but. That's what we're seeing here we're seeing the dismantling of America as we -- And we're watching this -- -- -- the power and immediate it is much more sinister and much more offensive and anything that's Colorado Western Europe this is a big deal. And now we -- people vote this got back in fact. Yeah I know -- they're acting like they got a landslide you know I mean it -- the F 51% of the vote I mean Obama said in that 2004. You'll bush shouldn't act like he got a landslide he got the 8151. To 48 -- guess what you eat that's the same margin he won. And I -- now we treating it like it always got a he's got this mandate to one. To win in -- and now wealth distribution of wealth. Thanks for the call Tom John your next with how we cargo or had John. I yeah it's am I'm twenty years old I'm up or marine carried. I don't idea met Alice -- You know I take very close and in turn during this election. And Ali is dragging our right there and -- about how it was 51 to 40% premium I'm hearing. Rush I'm hearing it just -- -- one discussed by the fact that conservatism is talking you know we we got our you know. They are talking about it. There -- that have and its reach process. I held -- -- we're the ones that are. It will what's frustrating about all things that look. There was straight you went -- forty he. It would ask you have -- vote. It's the 2008. There's this intimate this as the main thing you know we're looking at the military's issue people that you're -- it's our pick yourself back -- since they look. -- prices -- meet the demand and the people that we are it's it's. Got. He got he got what eight million votes less when he got that he got in 2008 and and you know I know Mitt Romney was running behind John McCain but he -- in the end he. -- as many as he should've but he got more votes than McCain that election was a lot closer than -- was in 2008. And I you know unity of -- about demographics of all let's stop but I you know I. I hope that the people wake up and you know away and I hope I know 2014. Will be in the 2010. That the that they'll be enough people take it it to you know take it in India in the rear in their rear ends and they they -- They wise up. Thanks thanks for the thanks for the call John 18774694322. You except to rent paid with -- IE BP card that's from officer mark not not so far officer mark I don't know about the future. -- -- --