U.S Treasury Secretary Timothy Geithner has dipped into Federal workers pensions in an act best described as stealing from Peter to pay Paul. The money would be repaid when the debt ceiling was raised (more debt to pay debt. Increase your credit card limit on one card and use the money to pay the minimum balace on the maxed out card) and the move did not put government employess's pensions at risk said the treasury Secretary, who is leaving office soon :lol: Great another rat leaving the sinking ship. How about we confiscate the top 10,000 federally paid employees wages and benefits including senators and house of reps the prez and all the kings men. http://www.naturalnews.com/034762_treasury_federal_employees_pension_funds.html Kind Regards non recourse
I saw an brief story on a mainstream news half hour yesterday that used a statistic of 1 in 4 holders of a 401K have dipped into their retirement savings to 'pay bills'. Would like to know more on that.
I'm not surprised, just feel for those who may well miss out on a pension that they'd been promised after a lifetime of work.
Well, Well our hard labour criminals have their hand in the Australian SMSF cookie jar they have made a fist of it but like the monkey trap in order to escape they have to uncurl their fist with the cash they are trying to steal :lol: Just watch the labor mugs go down the girgler they have even pissed off all the reptiles in the retail and union funds who feed off the suckers. Its going to be an election tidal wave. Kind Regards non recourse
What does that even mean? I've reread that post several times and cannot work out what you are referring to or how it's relevant to the OP which related to US pension funds - just seems your usual sort of attack on labor in which you accuse them of being... ummm well, labor. To what "crime" are you now referring?
You obviously don't read the papers and have not a clue about what a bunch of thieving lying class hating bustards you vote for; http://www.eurekareport.com.au/article/2012/10/2/superannuation/big-super-raid-way This government has left the country with a debt approaching 300 billion. Like the fiscal democratic numpties in the US the scum here have floated a plan to tax the rich retired who have $1 million in super. At With a 5% term deposit that would give a couple $50,000 to live on. The average pollie gets a $300,000 ++++ pension for life tax free when they leave Parliament and can work if they so desire. Lets be fair lets put everyone on the same system. What is your choice the pension and dog food or? http://www.afr.com/p/national/alp_tax_plan_death_blow_to_super_j6QM6rbIxjqPmOmC9umOJN Kind Regards non recourse
They paid it back recently http://blogs.wsj.com/economics/2013...bt-limit-on-first-day-of-ceilings-suspension/
Super monies in Australia go into funds controlled by Unions, Banks, Insurance Companies and Company Superannuation. Its all a Ponzzi scheme.. WTSHTF we will all see that there is no difference between Bankers, union men or businessmen. Have your own SMSF is IMO the best and only option in todays world. Regards Errol 43
Well 2 things: yes I do read the papers, and watch the news, and read online news sites, and watch online news broadcasts. why would you assume I voted for labor? Because I dared to ask you to be clear in a post rather than spouting gibberish? I know from your other posts you hate labor, with a passion, and that is clearly evident in the way you tar them all with the same vitriolic, hyperbolic, hate-filled brush. Do you really though think that because I asked to clarify why one post about the USA's use of pension fund "raids" is the same as PROPOSED changes to superannuation laws here I must be a Labor supporter and you feel the need to attack me, challenge my understanding of current events as well as my political views? Sheesh man you really need to relax a little - you are turning into the next AusPM I like reading your posts NR, but usually have to ignore at least half of what you write in your posts because you fill them with such hate and hyperbole that the real message of what you are trying to say is often hard to find, and I also have to read your posts aware that every thing you say is exaggerated as much as possible to denigrate those with whom you disagree politically.
^^^^^^ Paid it back took out another credit card and maxed it to the limits What a bunch of fiscal still born's. Getting back to super. Most if not all of the Federal, state and council employees (blood suckers) superannuation is unfunded. Thats right the tax payers are going to be slugged and slugged and slugged. If a private business did that the directors would be jailed for fraud; Solution the commie pinko treasury clowns who want to tax super to oblivion, dispense with negative gearing, with draw the 50% capital gains concession and put land tax on the family home. You know what ? They are part right we can't sustain what has to be paid out soooo. Lets start by drawing a line through al the unfunded super owed by the tax payers. Retrospectively puft its gone. The future fund can be used as a soverign fund for infa structure. For the money contributed by the federal, state and council employees pay them the fraudulant CPI rate and not a penny more. When they retire issue them with a spoon and a can opener for the dog food they will need to survive on the pension that is means tested against what lttle super they have counting from the first dollar. Think about it during the last depression civil servants were the poorest paid employees but they kept their jobs. The tax payer owes them nothing. Kind Regards non recourse
Problem is Errol I have spent a lifetime building our super fund and it ain't safe. Back in the early 1980's those who had set up a super fund paid no tax for money going in then paid no tax on earnings and when they retired the maximum tax they paid on lump sums was 5%. Contrast with what the labor thugs that Keating and his mates started, They taxed it going in they taxed it while it earned and they had RBL's to limit how much was tax free when you retired. Along came Costello who after initial stuff ups on taxing the excess in super allowed you to put $1 million into super and 150,000 a year undeducted and $100,000 deducted contributions to get as many people off the government teat. Of course the labor clowns will whine its not fair. The poor pay bugger all tax and the tax payer funds their retirement but it seems thats not good enough Kind Regards non recourse
So what you're stating NR ^^is that you could earn $1.1 million, put $1 million into your super fund, have 100k to live on and in only 10 years you would have a nest egg of $10 million...So thats how you do it.. $150k tax free...$100k at 15%...then get a good accountant so that you pay min. tax on the rest..Govt. Bonds? The 1980's, they were the years, you could even get 20% interest on your bank savings.. Double your money in only 3.5years. So by your reckoning, a SMSF is not a good idea? I remember that labor clown Mark Latham, who wanted to put MP'S on the same super as the voters..9% of salary, no retirement after 9 years...Yea that was really popular with both parties! It doesn't matter if you push a red or blue wheelbarrow, you can't give yourself a free ride by pushing it yourself..You are either a pusher or a rider! Regards Errol 43
I knew a lot of people who foolishly sold property they owned outright in 2006 to put a million into super and what did they do? Bought shares at the top of the market. To me it made no sense selling something you owned and controlled 100%. Of course their advisers put them into shares for a fee As for earning 1.1 million that was taxed as was my friends who sold their property, They all paid capital gains tax depending on your circumstances some tax minimisation was possible. As for having a nest egg of 10 million in 10 years from the original $1 million even if you are making an non deductable $150,000 and $100,000 deductable each year.... Don't forget your earnings in accumulation phase are taxed, I'd like you to show me how you do that Kind Regards non recourse
