This presentation warns that Congress is going after 401k, IRA and Roth IRA accounts by significantly taxing withdraws from retirement accounts. He says that Congress has changed the laws that safeguarded these types of retirement savings and with their new law, the old laws will no longer apply and upon withdrawing from our 401K, IRA and Roth IRA accounts, there will be a whopping new tax. It seems that the government has been planning to do this for awhile, as they have encouraged us to save for our retirement in theses funds by making them very appealing for just that.
There are TRILLIONS of dollars collected/accumulated in these accounts and the government wants their share of it. In the tease, Bob explains this part clearly, buy he doesn’t actually quote the bill that he claims does this so I wonder what it plainly said . . .
Anybody know anything about this Bob Carlson claim and what’s really going on?
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That’s just speculative fearmongering, as far as I can tell — yes, with our massive and growing budget deficits the assumption should probably be that taxes will be far higher in the future than they are today, but there are no specific tax increases on retirement withdrawals that I know about. There’s a good summary here of recent proposed and enacted changes: https://www.elderlawanswers.com/new-law-set-to-make-big-changes-to-retirement-plans-17502
This is very helpful, thank you Stock Gumshoe!
This legislation, called the SECURE Act, was signed into law just before Christmas 2020 and applies to both traditional and Roth IRAs as well as 401(k)s. Not clear if any new or higher taxes on withdrawals are included, but limitations are placed on the time for withdrawals by your heirs (presumably your children) – they must withdraw all the funds within 10 years as opposed to the previous lifetime withdrawal period. This does NOT apply to a surviving spouse as your heir. The law also raises the age at which RMDs are required from 70.5 years to 72 years, and now allows contributions to the plan beyond age 70 if the owner is still employed. Quite possibly there are other provisions affecting retirement accounts, but this is all the information I’ve found thus far.
Why I always check he likes of Stock Gumshoe and Snopes before I believe almost ANYTHING halfway controversial these days. If you watched the video, you would wonder how Bob Carlson can stand/sit there with a straight face and outright LIE to you. Yes, there has been one mighty enabler over the past four years, but when push comes to shove, greed rules.
Found this old piece (May, 2019) in Forbes written by the same Bob Carlson, sounding a much less alarming tone, possibly because he won’t make an additional dime by sounding the alarm on this forum:
https://www.forbes.com/sites/bobcarlson/2019/05/26/congress-is-making-big-changes-in-retirement-planning/?sh=5930968f227d
Indeed, SECURE has been signed into law in December of 2020; this piece in Wikipedia says nothing about raiding our retirement money in whatever form with new taxes.
https://en.wikipedia.org/wiki/SECURE_Act_of_2019
Most provisions work FOR us, not against us (later age to contribute and RMDs, higher %…); only possible exception is that those who inherit such money now have ‘only’ 10 years to withdraw, instead of the previous no limit.
Anyone know what the “Second Social Security Check” touted by Bob Carlson is?