Probably should pay close attention to this one, especially if retirement is in your near future. https://www.cnbc.com/2019/05/23/bip...-house-moves-closer-to-becoming-law.html

I worry about "bipartisan legislation", especially when it involves retirement money.

“addressing the lack of savings among the nations workers “
How about stay the hell out of it and let us handle our own business? If I want to spend my money on new Z71s and going to Disney instead of putting some back for old age what’s it to you.
I’m convinced that eventually the government is gonna step in and claim the 401K money. After all not everyone has a retirement nest egg. That’s not fair.

My prediction is that you will be forced to spend down your 401k to a certain level before SS payments kick in.

That’s a very scary thought

I don't think that'll fly unless you get a chance to opt out of SS completely, or at least partially.
I always said, I could take that SS deduction and invest it myself, making more than SS would ever pay me. But SS is basically a tax, not an investment or a retirement account. So until they give the worker some relief on the tax end, I hope that the Supreme Court would rule against any intrusive 401k requirements.

My decision, to take the reduced early retirement pension, wasn't easy but it is looking more like the right choice every day.

Pensions are going the way of the dodo in private sector non union jobs.
My goal is to be work optional before traditional retirement age.

if I could put as much money as SS steals from me every month on top of my 401k contributions Id be set. Shouldnt be my place to fund everybody elses retirement and disability

Maybe not the best way to go about it, but I understand what they are doing. So, so, so many people go through life without a retirement plan. Then when it gets time they realize they don't have enough, and they expect the good old gov't to bail them out and take care of them. The world is full of really stupid people and I've met, dealt with, and tried to communicate with more than my share in my lifetime.

That's their choice, let em live with it. Damn government gets involved it only screws things up even more. EVERY. DAMN. TIME.

x2

That's why railroaders do so well in retirement. They get to opt out of SS.

Amen. What a miracle it would be if we could get some SS reform in Congress..If I was reforming SS I’d give any one under 45 an optional buyout on the condition that the money is invested in a retirement plan and yearly contributions are made to an IRA. Anyone who wishes can stay in.

I should be able to do whatever I want with my money. What if I want to spend my SS money on hookers and blow? If I don’t have enough money for retirement, it’s no ones fault but me.

Thank God I'll be grandfathered by any plan they conjure up.

Nope will go the other way once you get a majority Dems in both houses and “Progressive” in the whitehouse. Hillary forewarmed us. They want to confiscate the 401k’s and redistribute to those who couldn’t or didn’t save.

You gotta give the democrats credit for their creative buzzwords.
Like "income inequality". Man that sounds good, we gotta do something about that income inequality in this country. A more accurate term would be "lazy work ethic" but that don't sound nearly as compassionate.

This is exactly what we would not need.

It is my money to do as I want, not have requirements on how to invest or spend or provide for other morons who don't invest wisely or ignorant welfare dipshits who believe government should provide everything.

hopefully ill be dead before it comes to all that. ive got 35 years before i reach retirement age and i doubt social security will be around ive never had a job that had any kind of retirement or insurance

Nothing in this bill mentions or has anything to do with SS.
At least I didn't see any.

And it does not make any real significant changes in 401(k) or IRA law.

***THE BIG thing that stands out to me is the provision that changes the law with respect to inherited retirement accounts.
I tried to cut and paste that paragraph from the CNBC article, but it won't let me do that for some reason. When I try to do so the page blanks out.

That paragraph says that the bill will require non spouse beneficiaries who inherit a retirement account to withdraw the money sooner then present rules - obviously
to get the income taxes on those withdrawals paid over to the federal sooner then later. The House bill states that all the inherited pension money
must be paid out to non spouse inheritors within 10 years. Surprisingly, the Senate bill provides for an even earlier full withdrawal time period of 5 years!

>>> As I see it, THAT is the real reason for this proposed bill - not to motivate people to save more and save better, but for the Big Government Bastards (BGB)
to get their hands on the income tax money from the withdrawals sooner.

If that’s the case, that’s just not right. Trying to find a way to tax more