(16) comments Back to story

Gary Miller

Glenn. You are correct but you need to know Nancy Pelosi Has said SS could be saved by confiscating 401 K accounts. She says all tax defered savings belong to government because no taxes were paid on them.

Emile Pope

You have proof of statement?

Doyle Beard

The only proof I have is watching her make that statement. What do you have otherwise?

Mark Aaron

Gary [ you need to know Nancy Pelosi Has said SS could be saved by confiscating 401 K accounts. She says all tax defered savings belong to government because no taxes were paid on them.]

Sounds like you have been duped. Do you have a credible source for your questionable claim?

Jim Forsythe


Gary, Doyle,  Nancy Pelosi did not say SS could be saved by confiscating 401 K accounts.

This all lead back to a Nov. 4 report posted by the Carolina Journal, a publication of the conservative John Locke Foundation of Raleigh, N.C. Its headline proclaimed, "Dems Target Private Retirement Accounts: Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs." The report is wrong. There’s been no such discussion.
What has been discussed is changing 401(k) and Individual Retirement Accounts in the future by limiting the deductibility of donations, and offering as an alternative a $600 tax credit and a new type of account with an annual return guaranteed by the government. That’s a controversial idea to be sure, but it’s a far cry from proposing that the government seize retirement assets that investors have already salted away in 401(k)s or IRAs.

Emile Pope

Targeting the 401Ks was proposed by the Republicans...

Craig Lindberg

As Mark would say, do you have a credible source for your questionable claim?

Emile Pope

https://www.cnbc.com/2017/10/30/congressional-scrooges-want-to-cut-401k-contribution-limit.html

https://www.usatoday.com/story/money/personalfinance/2017/10/31/how-401-k-s-could-change-under-republicans-tax-plan/817497001/

https://www.nytimes.com/2017/10/20/us/politics/republicans-tax-401-k.html

https://nypost.com/2017/10/20/wall-street-furious-at-proposed-2400-401k-limits/

http://money.cnn.com/2017/07/24/pf/taxes/401k-tax-reform/index.html

Craig Lindberg

I misunderstood what you were referring to. That is a pretty pathetic move. There is some irony however in a Democrat complaining about it in that Social Security is the most extreme example of hosing people on retirement savings.

Doyle Beard

Nancy thought that was a great idea so she agreed with it.

Gary Miller

Nancy Peloisi is so dangerous I always listen when she talks. That was how I know about her plan to seize tax defered savings accounts to save SS and other entitlements. She said the money would keep the savers name but government would decide if it was in the governments best interest to let you use it.

Jim Forsythe


Gary, see post above.
Nancy Pelosi did not say SS could be saved by confiscating 401 K accounts

Mark Aaron

Gary: [That was how I know about her plan to seize tax defered savings accounts to save SS and other entitlements. She said the money would keep the savers name but government would decide if it was in the governments best interest to let you use it.]

Do you have a credible source that can confirm that specious claim? It sounds like something you just made up.

Gary Miller

Mark. I listened to her explain it on TV. C-span I think.

Jim Forsythe

You have to remember that Social Security, is more than just a retirement plan. If you had to pay for a plan that cover you for  retirement, disability and survivors’ benefits, how much would that amount of coverage, cost you.

Social Security touches more people than just about any other federal program. At the end of 2014, according to the most recent trustees’ report, some 59 million Americans were receiving retirement, disability or survivors’ benefits from the system; the total cost was $848.5 billion.
The average monthly Social Security benefit in June 2017 was:
$1,391 a month for retired workers;
$1,3071 a month for widows or widowers over the age of 60;
$1,172 a month for disabled workers;
$2,278 a month for a disabled worker and a spouse;
$2,664 a month for a widowed mother and two children.

A male average earner who retired at age 65 in 2010 paid out $345,000 in total Social Security and Medicare taxes, but will receive $417,000 in total lifetime benefits ($464,000 for a woman). 
A much bigger disparity in taxes versus benefits occurs for couples. In the case of a household with only one wage earner, the taxes paid out were $345,000, but the benefits received by both parties will be $778,000. For two-earner couples where one earned the average wage and the other earned a low wage ($19,400), tax payout was $500,000, but benefits will be $800,000.
A male average earner who retired at age 65 in 2010 paid out $345,000 in total Social Security and Medicare taxes, but will receive $417,000 in total lifetime benefits ($464,000 for a woman).

Gary Miller

Jim. Your pay in Vs pay out numbers show how much SS is stealing from members.
Use your pay in number invested over the years in a 401 k. The pay out would jump to several times as much. The magic of compound interest. A national 401 k was what GOP offered for SS privatizing. The same thing federal employees have and love.

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