Any "Latest & Greatest" about Delta?
11-20-2010, 05:23 AM
veut gagner à la loterie
Joined APC: Apr 2008
Position: Light Chop
Posts: 23,286
Originally Posted by Michael70776
As long as you pay the penalties, the IRS doesn't care if you withdraw the money from a 401k or an IRA.
Originally Posted by Pineapple Guy
Nice try..... but still wrong.
You do take a 10% hit and you have to pay the taxes on it but otherwise you can do it.
Originally Posted by Michael70776
My money. The very fact that members of congress have discussed, however briefly, confiscating 401k money scares the hell out of me.
Originally Posted by Xray678
Hmm, maybe you also think Obama is not a US citizen?
Keep an eye out for black helicopters!
Keep an eye out for black helicopters!
First, December 07, 2001|From Bloomberg News, BUENOS AIRES — Argentina, which is defaulting on its debts, said it will seize $2.3 billion of retirement savings by forcing private pension funds to transfer the money to a state bank in exchange for Treasury bills.
Second, http://edlabor.house.gov/testimony/2...hilarducci.pdf
Okay, so if House testimony is boring, then see 3:
Third, an article that helps summarize: House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."
Source: Would Obama, Dems Kill 401(k) Plans? - Capital Commerce (usnews.com)
So it's not from left field, well it is, but actually it might be left of left field and people's problem was that she was invited and the idea entertained by George Miller for the purpose of generating tax income. Talk about killing the golden goose.
Originally Posted by Carl Spackler
Ah yes. Courtney is my favorite too. She knows what's important in the news:
Carl
Carl
Last edited by forgot to bid; 11-20-2010 at 05:51 AM.
11-20-2010, 05:32 AM
No longer cares
Joined APC: Mar 2008
Position: 767er Captain
Posts: 12,109
Originally Posted by TOGA LK
ALPA National
This^^^^ Oh YES!!! This^^^^^^^
That is THE best post EVER on L&G
11-20-2010, 05:37 AM
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Joined APC: Mar 2008
Position: 767er Captain
Posts: 12,109
Originally Posted by GunshipGuy
Oh, Xray, you're so clever! You're right, what a stupid and baseless comment from Michael...why he just made that up. I mean, from your post it appears it's an idea that's never seen the light of day in Congress.
Errrrrrr.....
Errrrrrr.....
http://www.investmentnews.com/article/20081007/REG/810079894
With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should?” Mr. Miller said.
Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York.
When workers collected Social Security, the guaranteed retirement account would pay an inflation-adjusted annuity under her plan.
“The way the government now encourages 401(k) plans is to spend $80 billion in tax breaks,” which goes to the highest-income earners, Ms. Ghilarducci said.
That simply results in transferring money from taxed savings accounts to untaxed accounts, she said.
“If we implement automatic [individual retirement accounts] or if we expand the 401(k) system, all we’re doing is adding to this inefficiency,” Ms. Ghilarducci said.
Targeting Your 401(k) - WSJ.com
The main liberal objection to 401(k)s seems to be that they let average Americans control their own investment decisions for retirement. As Shlomo Benartzi, a professor at UCLA's Anderson business school, told Mr. Miller's committee, "Individuals have a tendency to buy at the peak, and then panic when the markets drop and sell at the bottom." Better to have the government do this instead.
With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should?” Mr. Miller said.
Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York.
When workers collected Social Security, the guaranteed retirement account would pay an inflation-adjusted annuity under her plan.
“The way the government now encourages 401(k) plans is to spend $80 billion in tax breaks,” which goes to the highest-income earners, Ms. Ghilarducci said.
That simply results in transferring money from taxed savings accounts to untaxed accounts, she said.
“If we implement automatic [individual retirement accounts] or if we expand the 401(k) system, all we’re doing is adding to this inefficiency,” Ms. Ghilarducci said.
Targeting Your 401(k) - WSJ.com
The main liberal objection to 401(k)s seems to be that they let average Americans control their own investment decisions for retirement. As Shlomo Benartzi, a professor at UCLA's Anderson business school, told Mr. Miller's committee, "Individuals have a tendency to buy at the peak, and then panic when the markets drop and sell at the bottom." Better to have the government do this instead.
11-20-2010, 05:38 AM
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Joined APC: Mar 2008
Position: 767er Captain
Posts: 12,109
Originally Posted by Carl Spackler
It's gonna be great! I don't get many guests:
I'm still working on the place. I got a lot of things on order...credit problems you know.
Carl
I'm still working on the place. I got a lot of things on order...credit problems you know.
Carl
11-20-2010, 05:43 AM
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Joined APC: Apr 2008
Posts: 1,462
Originally Posted by forgot to bid
You most certainly can close a 401K and cash it out.
You do take a 10% hit and you have to pay the taxes on it but otherwise you can do it.
You do take a 10% hit and you have to pay the taxes on it but otherwise you can do it.
11-20-2010, 05:48 AM
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Position: Light Chop
Posts: 23,286
Originally Posted by Pineapple Guy
Wanna bet?
Want me to tell you how I did it this past summer?
$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.
I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.
My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.
It's a 10% penalty and they withhold taxes on it.
11-20-2010, 06:07 AM
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Originally Posted by Cycle Pilot
So with all this expansion, when do we all think the next hiring announcement will come?
With this block hr increase they will be very hard pressed to run the schedule without more bodies. Without this stuff we were still staffed to redline. With this stuff, it will lead to another interesting summer.
Nothing would surprise me, and if they can find the sim time, I would think they would want to get bodies in the door.
11-20-2010, 06:13 AM
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Joined APC: Feb 2007
Position: 765-A
Posts: 6,844
Originally Posted by forgot to bid
Absolutely.
Want me to tell you how I did it this past summer?
$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.
I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.
My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.
It's a 10% penalty and they withhold taxes on it.
Want me to tell you how I did it this past summer?
$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.
I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.
My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.
It's a 10% penalty and they withhold taxes on it.
You are supposed to negotiate for the bet (with an extremely high wager) first, then explain, then hopefully collect your money.
New K
11-20-2010, 06:14 AM
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Joined APC: Oct 2006
Position: B757/767
Posts: 13,088
Originally Posted by acl65pilot
With this block hr increase they will be very hard pressed to run the schedule without more bodies. Without this stuff we were still staffed to redline. With this stuff, it will lead to another interesting summer.
Nothing would surprise me, and if they can find the sim time, I would think they would want to get bodies in the door.
Nothing would surprise me, and if they can find the sim time, I would think they would want to get bodies in the door.
Rest up fellas, it could be another busy summer.
11-20-2010, 06:16 AM
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Joined APC: Feb 2007
Position: 765-A
Posts: 6,844
Originally Posted by johnso29
What's interesting is they told us they know they ran the operation at redline all last summer. Now the most recent hires will help prevent that this coming summer. However, that was BEFORE they announced a capacity increase.
Rest up fellas, it could be another busy summer.
Rest up fellas, it could be another busy summer.
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