In response to:

Fiscal Cliff Idea: How About We Tax Your 401k?

TS8 Wrote: Nov 29, 2012 7:55 PM
You wouldn't have a chance. The feds will just freeze and sieze all the money and start paying you an annuity they think will suffice. The best part will be when you die, the feds will just confiscate the remainder.

How do you feel about the government touching your private retirement account known as your 401k in order to "pay down the deficit?" Not so good? Already feel like the government has stolen your retirement through Social Security? Well get ready because taxing the 401k is floating around as an idea while the fiscal cliff talks on Capitol Hill continue.

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the...