California 401k Owners Get HUGE (Bad) News

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[freedomisEexpensive-]

My portfolio of 200k is not increasing any more than 5% and we seem to be facing a massive crash now. I cant tell where the market is headed, or perhaps I should just sell off and avoid the panic.

[jimbrown]

Just one more reason, on top of a million other reasons, to leave this state.

[johng]

Californians with hefty deferred-tax plans, once you retire, move to Nevada or another state with no state income tax. Now you can withdraw and never pay the state tax you deferred. Perfectly legal, US Supreme Court has ruled on it after California tried to claw back $$ from fleeing former residents. 😊

[cwheremonster]

Finally… something I can speak on with experience, inside knowledge, and years of watch8ng the sausage get made in the state of California.

This slow creep of non-protected to deferred accounts has everything to do with the years of lobbying on behalf of the health care industry. Sounds crazy, right? Let’s say you were a single tax filing owner of a small business. Maybe you were an electrician. Maybe you were an engineer working in computer science as a 10-99 contractor. You could max out your 401k AND shelter the legal limit of 200% match. You sell your little business, or simply retire. Now you got ZERO taxable income. Maybe you get sick, cancer, accident, etc.. and the hospital gives YOU a $800, 000 bill. But wait, you got 1.8 million in your 401k. California needs to reward all these medical industry, hospital unions, and big pharma. Why?? Because there’s possibly over a million(s) people that pay NOTHING for the same level of care. Many are migrants.. many are asylum seekers, and many are just generational grifters. But they NEED our money to keep the Ponzi scheme alive. Your 15 year old child had emergency surgery after a bad car accident? You can’t pay? Let’s see if you got a 402k/457/IRA.

[a]

If you follow the law, they come after you for every penny in California. Yet if you don't care, you can squat in people's property for free without consequence and loot all you want. Got to love California.

[PhilSallaway]

Wow so much for the DemocRATS caring about the little Sic Em PAWblo Sic !

[bhinbayoucity]

Whats really scary is that what happens in CA will soon come to a state "near" you!!!😮😮😢😢

[markfrancis]

How could anyone want to live in Commiefornia. this just adds to the list.

[falcona]

What happens if you die, are 401k distributed to the beneficiaries subject to the creditors first then distributed?

[cooperthegreat]

Just the first step in them starting to tax retirement accounts.

[johngarceau]

Walz the Habitual Liar will try the same in Minnesota.

[stansumrall]

Just imagine that you have to be responsible for your debts? What kind of world is this. 😂

[bhinbayoucity]

Means VISA or MC can tap into your retirement $ whenever they feel necessary to get their $...😮😢

[billl]

Accelerating our plans to leave Commi-fornia as we speak.

[dontfighttheriptide]

Was proud to be born and raised in California, but left with little chance of ever returning. Taxes are crazy, politics are unredeemable, little to no homestead protection, little to no creditor protection on life insurance cash value and now this. Socialism, crime and corruption are ruining the state

[mark]

Run from California if you can. Equity is being used against the responsible. Maybe they can go after California state pensions too. If so the protection would be restored.

[mikehornick]

Raises questions: how much jeopardy if a suit is filed after you’ve moved to another state, and would it apply to deposits added afterward. Can I assume it would not be possible for plaintiffs to empty IRAs of tourists from other states in California on vacation who end up in a hospital?

[Eric-wipj]

iF YOU OWE MONEY WHY SHOULDN'T ALL YOUR ASSETS BE USED TO PAY OUTSTANDING DEBT.PAY YOUR BILLS!

[hugrule]

It just means bankruptcies will increase. That protection is federal law

[dllee]

wait are we arguing that people who run up debt are now having to pay it back if they have a bunch of money in a 401k?