/biz/ - Business & Finance

They probably won't rug traditional IRAs but Roths will 100% get rugged at some point.

>>58121228
IRAs should be fine. It’s the state retirement plans that are going to bottom out. Boomers aren’t dying fast enough while pulling checks higher than the average full-time worker in my state. In fact my state has just kicked out the entire current PERS board to appoint new people, and the talk is they’re wanting to introduce a new “tier” for all new workers that will eliminate a guaranteed COLA, meaning in the future new hires look forward to basically a fixed retirement check that won’t increase with inflation. They won’t separate any of the fucking money and they keep taking it from workers to put chronically unemployed single mothers with three bastard kids into apartments, giving them free food, and free healthcare.

>>58121301
>no COLA
Might as well fucking not contribute, then. Are all retirements basically a fucking scam? My boomer dad has a guaranteed $150k/yr pension that is being paid for by employees who aren't eligible for that benefit anymore. It's fucked.

>>58121248
I have a Roth, can you please post more about why you think this?

>>58121228
Roth IRAs will 100% not be rugged because (1)They are massive wealth vehicles for the upper class. They're able to trade in these vehicles with no taxes on the sell, so insider trading is especially lucrative. Some people have hundreds of millions in their Roth IRAs because of this. (2) Roth IRAs are typically owned by a larger older voting base. It would make no sense for either party to enrage a large voting bloc to that extent.

>>58121377
>My boomer dad has a guaranteed $150k/yr pension that is being paid for by employees who aren't eligible for that benefit anymore.
Why would anyone choose to work for a company that does this?

The government may halt the Roth IRA program, but they will not retroactively remove the tax free status of existing contributions. It would be political suicide.

>>58121425
I genuinely don't know. My guess is they just don't tell new employees.

>>58121430
>It would be political suicide.
When has that stopped literally any other retarded decisions theyve made? Politicians pass some dumb bill and everyone is outraged, then a week later nobody is talking about it, and those same politicians get reelected for eternity.

>>58121228
Why did this question come up? Is there some discussion in the news about fucking over retirement plans Amy more than they already have?

>>58121551
Politicians have been discussing it since Covid. Basically they think boomers have too much money saved up and are thinking of creative ways to get it from them.

>>58121582
I can only imagine that ending poorly.

>>58121385
Roth is too good when they print the money and want taxes. When I say rug I don't mean they're going to take the Roth account funds, but they will get rid of Roths and convert existing Roths into traditionals.

>>58121377
>Might as well fucking not contribute, then.
Precisely. If this state thinks it currently has a problem with “brain drain” then just wait until they introduce their new and improved tier where they won’t guarantee a COLA. New workers will flee in DROVES. They’ve already fucked around with it with each new tier making it take longer to become vested, and they’ve bumped it to then you have to work for 30 years before you are eligible to withdraw. We have all of these limousine boomers who have been retired for coming up on 20 years now (who also built equity buying their 20k homes) getting paid more than full-time workers, enjoying free health care, free household medical supplies, free gym memberships, senior discounts pretty much anywhere- they’re living VERY well. The problem is everybody else working right now is paying for it. I’m not for tossing granny out into the street but they are taking too much as it is from a class of workers where half cannot afford rent on a one-bedroom apartment. Now they’re talking about taking away COLA from these workers while continuing to give COLA to long-time retirees. Not that most young workers will ever be able to afford to ever retire anyway, but this brings us back to the beginning- WHY CONTRIBUTE?

>>58121965
No fucking chance. According to tax law you can’t retroactively change the status of a contribution. Meaning a post tax contribution can’t be turned into pre tax. You’d lose out on all of the benefits of the contributions being deducted from your taxes for decades.

>>58121228
HAHAHAHAHAH

>>58123823
>according to tax law
kek. they will just change the law or pass some mandatory "totally not a tax" surcharge (hello, obamacare penalty)
social security withdrawals were untaxed ... and then they just changed the law.

>>58121423
>Some people have hundreds of millions in their Roth IRAs because of this.
now this is an actual reason. anons should Google Peter Thiel's Roth IRA (he deposited PayPal stock at essentially 0 cost basis and that grew to billions)

>>58121228
401ks too. We have an never ending supply of 3rd worlders invading our country and reproducing within its borders for generations with no concept of saving for retirement. Something like 75% of hispanics have no retirement savings. Your retirement account will be seen as racist wealth hording and will be raided by ZOG to pay for their pet spics not because they care about them but poisoning white society is what ZOG really cares about.

>>58121228

At the end of the day, you don't own anything tangible OP. The government can always tax you out of your house, confiscate your assets, do a bank bail-in, etc.

The only thing you own is your memories and even those will fade away one day. Enjoy experiencing life now, while you still can. Don't stress out about things you have no control over.

Here's a creepy movie for you to watch tonight; https://youtu.be/d42lSci6VHg

>>58121228
the same chances that my shitcoins created in satoshisync have to become famous