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Is my 401(k) safe?

I heard something about Obama wanting to give some of our retirement to those less fortunate... is it true?

Answer Question
 
Auntiemom410

Asked by Auntiemom410 at 6:38 PM on Nov. 5, 2008 in Politics & Current Events

Level 14 (1,430 Credits)
Answers (10)
  • No, that is not true. Democratic Senators want to Do AWAY with 401(k) tax breaks. Democrats also want to over 401(k)'s. You would in return receive a Government Bond....

    Scarey, isn't it???

    http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081007/REG/810079894
    grlygrlz2

    Answer by grlygrlz2 at 6:41 PM on Nov. 5, 2008

  • Pardon me, that should read "take over" 401(k)'s
    grlygrlz2

    Answer by grlygrlz2 at 6:42 PM on Nov. 5, 2008

  • http://www.politifact.com/truth-o-meter/statements/453/
    "But McCain's assertion about whom capital gains taxes would affect is another story. He says they would affect "mutual funds and 401(k)s." He's right on mutual funds, but not about 401(k) or mutual funds held under a 401(k) retirement plan. A 401(k) is a retirement account to which workers can contribute earnings without paying taxes on the earnings. People aren't taxed on their 401(k) accounts until they withdraw the money. When they do withdraw that money, it's subject to regular income taxes, not capital gains taxes."

    heatherama

    Answer by heatherama at 6:54 PM on Nov. 5, 2008

  • Your 401k I believe is tax deferred but only till 2010. Then it can be taxed at Obama's rates.
    Anonymous

    Answer by Anonymous at 7:02 PM on Nov. 5, 2008

  • Your 401k will be taxed by Obama. That is why people are cashing in now.
    Scorpio359

    Answer by Scorpio359 at 8:31 PM on Nov. 5, 2008

  • the 401k has already lost money due to the market......the tax breaks that bush has in affect till 2010 can be withdrawn by obama when he takes off if i understood the law right......better check into it for yourself......
    Anonymous

    Answer by Anonymous at 9:48 PM on Nov. 5, 2008

  • Well I know my DH and his coworkers are terrified of what will happen to their ESPP (Employee Stock Purchase Plan, in case anyone doesn't have one or know what it is). They have been told to be prepared to have it taxed before they even dream of withdrawing it. They will be getting taxed on money that technically isn't theirs yet with Obama's plan.
    amyrw

    Answer by amyrw at 10:07 PM on Nov. 5, 2008

  • no it is not safe. if the dems (esp. obama) have their way, they will be able to take however much of YOUR retirement as they want and you won't be able to say anything. you can only watch as they do it. if you want to keep your 401k, you need to be debt free and place your money into something the gov. cannot take from you, ie land.. of course they may find a way to do that too. so really be dept free and keep all your cash out of the bank where the gov can track it and make you pay a portion of it!
    Anonymous

    Answer by Anonymous at 10:51 PM on Nov. 5, 2008

  • Question: Why are you still talking about McCain...? It's time to Move On... lol
    It doesn't matter what McCain would have done. In a Democrat controlled house and Senate Obama has no reason NOT to implement his plan, which is why those who don't like issues, need to voice your opinion to your Congressman, Newspapers, and even here on CM to encourage others do the same... Make your voice heard...
    grlygrlz2

    Answer by grlygrlz2 at 7:51 AM on Nov. 6, 2008

  • No it isn't safe. Cash it out. The economy is going to collapse it is just a matter of when. The way they are spending in washington it won't be long.
    Anonymous

    Answer by Anonymous at 8:56 AM on Nov. 6, 2008

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