Feds seize retiree pensions to fund U.S. Government

[nawainwright]

But little Timmy said the "government" will make it whole AS SOON as the debt ceiling is raised. ie, print more Monoply money.

I'm beginning to think about where the point is that it might be worth paying the 10% penelty and cashing out of my 401k before it's all gone. I'd rather have a lumpy mattress than let Uncle Sam take it and give me worthless T-bills.

But the worthless FED bills are fine for you

 

[Johnny C]

What rocks have you folks been living under?
There are NO pots of money anywhere...there is no Retirement pot-o-money. It is all IOUs already.
The government borrows EVERY dollar it needs EVERY year.
The POTS OF MONEY are only on paper.
The politicians talk about POTS OF MONEY, but it is all politician speech to fool the sheeple!

 

[IndySSD]

This article isn't about 401Ks or private pensions YET, it's about pensions for federal workers.

What rocks have you folks been living under?
There are NO pots of money anywhere...there is no Retirement pot-o-money. It is all IOUs already.
The government borrows EVERY dollar it needs EVERY year.
The POTS OF MONEY are only on paper.
The politicians talk about POTS OF MONEY, but it is all politician speech to fool the sheeple!

Pretty much this ^^^^

If you don't have physical money, you don't have money. It's like those "Silver certificates"..... I know people who say they have thousands of dollars wrapped up in silver, yet they own no silver.... their stock broker bought them "Silver certificates"....

Guess what, if you can't hold it in your hands and hand it to someone else in trade, you don't REALLY have it.

 

[ATOMonkey]

The Federal Pension retirement accounts are debt themselves. We're borrowing against debt obligations. The same way people sold derivatives against mortgages. Only this time, it's the Federal Government.

 

[dom1104]

I stopped contributing to my 401k last week. I really dont care if my company matches it, it will get raided by the US.gov eventually.

 

[Bunnykid68]

So if I don't pay it nothing will happen to me?

Wouldn't recommend that. But there is no law forcing people to enroll their children into the program.

 

[jdhaines]

I stopped contributing to my 401K last year. We used to have the best match in the country and since it's dropped significantly, although still probably better than anything else out there. Either way, the money in my hand each week is better than in that computerized account. I can use it to buy things right now rather than wait and see what happens later.