Obamas latest plan calls for congress to enable people to withdraw 15 % from their 401 k in cash and not pay penalty taxes on it.. just pay the deferred taxes... this will be applicable to 2008 and 2009 for 15 % <up to 10k >each year....
do you think it is reasonable in an age where VERY few people look like they will have enough money to retire... for our government to encourage people to steal from their retirement plans?
James Bong
Favorite Answer
I make more sense than Obama....
and I'm on the Bong
auplainsman2
Ha ha ha.....and everybody that does that will find the truth in the end. All this is proposing is that at the moment the money is taken out there won't be any taxes on it but come irs tax time that will be taxable income. So in the end taxes will be on the withdrawal and a lot of people won't be able to pay it then.
david v
my 401k dropped 40% in the last quarter... how is pulling out 15% of whats left going to help except to increase the fall in the market by removing that money from it.
Sky Blue Waters !
Cool, the stock market will crash again !
Great Idea Obama !