The GOP’s Plans for Your Retirement Accounts

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These Republican ideas again favor the higher income people. First anyone that can save has to make more than they spend. Gee I would like to be able to have capital gains to pay tax on because I have never been in that position. The same thing would be true of dividends. I would be so happy to write off some of my ordinary income which gets taxed at 20% or higher with capital losses. But wait they didn't entirely forget me. Just so I can continue to work after I retire they want to up the Social Security Earnings limit. That is probably because they know Social Security won't be worth beans after they get through with it.

Dugbob of CO 10:47PM November 08, 2012

How about someone that is already retired??? My wife retired from the post office and has contributed to a 401K throughout her career. She now has it in gov securities. She needs to put it in another venture to gain. What would be a good investment?? We have heard a lot from bankers, etc. We would like to know the REAL truth.
Thanks

nalrah of NC 2:39PM April 13, 2009

this would get changes in social security, i'm 68 retired from one job, i also work full time to help my wife and i survive, my total income from ss and a very small retirement is 1300.00, out of this i pay back into ss about 80.00 per month, and i'm also taxed on my ss. what's wrong with ths picture?

marshall bailey of FL 10:17AM March 28, 2009

Dear SoCal Gal I work my butt off for years to get to retirement and you want the rules changed, Taxed as Capital Gains??? What a great incentive to participate, Spread the Wealth Right???? Either You are living the good life because somebody else made the money or were born with a Silver/Gold Spoon circumstance. Leave the Retirements Alone,just like Ronald Reagan said "The scariest words in the U.S.A., I'm from the Government and I'm here to Help". How can you even suggest raisng the retirement age, I am hoping to be able to retire in 5-6 years because I have tried to do the right thing. You sound like Pelosi, if she would have earned what she has it would come with a greater appreciation and respect for others who have done so. Leave My Money the Heck Alone !!!!!

AZ Working Man of AZ 12:12AM March 28, 2009

Kill everything! Now do the right thing: Set up government IRA for every person who works. Absolutely no use by any person or government entity for any reason other than retirement of the owner at age 65. No exceptions! All other entitlements to be set by separate programs.
If this had been done for me, I would be getting 3-4 times my current monthly income when I retired at 65. My other retirement checks would be bonuses, not requirements just to meet needs. I spent fifty four years working, I have a small house, a 1996 auto with 224000 miles on it, and after bills I got maybe 100-200 bucks left. A meal out, a round of golf and that's mostly gone. If gas goes back up, well you know I'll be looking for part time work. Still I am happy. My family has it so much better than so many others around the world. God bless America!

Kegler299 of TN 9:20PM March 27, 2009

Will these help? Perhaps. Here's my suggestions:
1. Eliminate or reduce the required IRA distributions
2. Tax IRA/401(k) withdrawals as capital gains (which they are) rather than as income
3. Raise the retirement age, and the ages at which SS can be taken (sorry folks, but the current ages are just too low)
4. Put in place a unified retirement savings program for all US citizens. Get rid of the ridiculous alphabet soup of retirement plans (SEP-IRA, IRA, Roth IRA, 401(k),SIMPLE IRA, etc). Good grief, keeping track of this is a pain (most of us will change jobs 8-10 times in our working life) and uneven and unfair. Some of us are capped at $20,000/year savings (not that I've ever met those numbers), while others can save their entire income.

SoCal Gal of CA 2:39PM March 27, 2009

Is this a political blog or a money blog? The reason I ask is in this phrasing...
"blocking efforts to introduce government-run retirement accounts"
...did you read that on Huffington Post this a.m.?
so, the GOP is for the status quo with 401ks and IRAs. you spin the "status quo" into "blocking efforts"
besides, isn't that a good thing? since when does trusting the US govt sound like a good idea. (i.e. AIG Bonuses)
the govt needs to stay out of my retirement.
auto-enroll in 401k is a good idea, but the govt shouldn't mandate that companies do it. nor should they mandate some other retirement plan like a govt run IRA. look up failed govt retirement plan in the dictionary and you'll find a little thing called Social Security.
as for the boehner comment...when are lower taxes ever a bad idea? just b/c they don't affect you doesn't make someone a liar. get a life, dude.

PT Money of TX 5:11PM March 25, 2009

There is no such thing as "suspending" capital gains and dividend taxes for two or three years. Once this is done, you can never, ever, ever reinstate them. It is hard to even imagine a bigger con than this that Republicans would try to put over on the masses of little dumb people. But, THANKFULLY, they are not in charge
The fact of the matter is, capital gains taxes are too low. They ought to be at least as high as any tax on any earned income.
You see, IRA & 401(k) savers, YOU are not paying any capital gains taxes now on deferred accounts. You need the capital gains taxes to slow down the wolf traders who are trading against you (including shorts) and walking off with most of the market pie.
Don't believe lies. Don't believe Boehner.
He is the chief liar in America today.
Worse than Hannity. Worse than Limbaugh.

Muser of NM 1:24PM March 25, 2009