In 20 years will a 401K be considered an entitlement?

[sarcasmo]

In 20 years when all of us in our mid 40's get ready to retire and cash in our 401K'S, will the billionaires call it an entitlement? If the billionaires haven't already robbed the 401K's by 20 years time we will see the word entitlement again.

[FBaggins]

1. They may go away, but they won't be entitlements that can be robbed

The 401(k) has your name on it. You own it and can take it at any time (or leave it to your heirs).

[walldude]

5. You can take it at any time?

Really? So when you put money into a 401K it's yours and you can take it at any time. Wow I wish I had known that, because when they told me there is a penalty for taking money out of a 401K before retirement I told them to go fuck themselves.

[trud]

13. walldude

They aren't the ones getting f-ed. You are because you passed up a way to lower your income tax bracket now on the rest of your income, let the money compound tax free until its withdrawn, and you passed on any employer matching funds. You might have well as put a pile of money in the street and burned it.

[FBaggins]

16. Yes, you can take it at any time.

You can take it and put it in a bank or credit union at any time with no penalty or tax if you're leaving the company (or in some other circumstances).

That doesn't mean that you don't pay taxes on money that has never been taxed... or a penalty if you remove it prior to retirement (ditto) and elect to spend it. But yes, it's yours.

[Recursion]

22. You just said you can take it out at any time

How can there be a penalty for withdrawing the money if you can't withdraw it?

But, anyways, that's the difference in a personal account and an entitlement: you actually own your 401K and have property law rather than the political process to protect your interest in it.

[exboyfil]

6. I can tell you how it can be robbed

Further needs testing of Social Security beyond the taxes currently collected. Same with Medicare premiums.

I wonder if it is not better to retire at 60, deplete it, and start Social Security and pension at 67.

[sarcasmo]

9. Any time with a nice fat penalty.

[FBaggins]

18. Nope

Only if you take it and spend it.

You can move it to another tax-favored account in your name without any penalty or tax.

[eleny]

12. They'll be robbed the old fashioned way - market manipulation

[Vincardog]

2. The question is "What are you entitled to?" according to the RW nutz NOTHING

[Raven]

3. Exactly. That's how I view Medicare and SS. I'm an investor. n/t

[H2O Man]

4. Probably.

I suspect food will be, too. And forget about access to clean water.

[sarcasmo]

19. By then there will be a charge to use oxygen.

[angstlessk]

7. Eggzatly...entitlements become what ever the 'ruling' party determines

is an entitlement...they can declare clean underwear is an entitlement...then what?

[sarcasmo]

11. Right on and we had a walk off win today.

[Taverner]

8. It wouldn't surprise me

"Why do you think YOU should get a free ride???? That money belongs to the banks! What - are you trying to punish success?"

[Turbineguy]

10. If you have to take it

back from Wall Street, yes.

[RagAss]

14. There won't be a country in 20 years.

[Rex]

15. Most people lost their 401k or watch it shrivel up.

I think you are being waaaay too optimistic. 401ks are already out of fashion...working for FREE is all the rage now donchaknow!!!

[trud]

21. I didn't lose my 401K

because I didn't gamble it on the stock market.

[killbotfactory]

17. Your paycheck will be considered an entitlement

At least if he US continues to vote for republicans.

[Thunderstruck]

20. We'll be so mired in post-petroleum depression you won't care about

anything except surviving.

[AlabamaLibrul]

23. They will call it an entitlement, but of course it is the opposite. It is everything they want to

take away from you, everything you have fought for, the things you are actually entitled to....


that are derogatorily referred to as "entitlements", as though that word now means something you don't get.

[Generic Other]

24. I borrowed mine for the downpayment on my house

Spent it before wall street stole it.