Posted on 01/13/2009 1:02:58 PM PST by NewJerseyJoe
Any FReepers planning to cash out what's left of your 401k accounts before his messiah-ness is coronated? Even with (a) reduced value of 401ks currently, (b) taxability, and (c) early withdrawal penalty, it could be a good idea -- especially considering that some Dems in Congress have already talked about "safeguarding" (i.e., confiscating) our hard-earned money.
I may borrow out of mine. I cant cash it out.
I plan on keeping my money in PayPal. Then when I go overseas and find a place, I’ll open a bank account and transfer my assets to the new account.
The early withdrawl penality is too hefty for me.
I lost 1.9% in 2008, not exactly panic time.
And if PayPal goes bankrupt, you lose all of it and become a creditor.
There’ll be a Retroactive Confiscation Tax anyway.
Oh you kid! I hit that point 4 years ago.
Our banker says to bet on 4.25 percent mortgage interest on a refi after Bambi takes office.
Good idea. I’ll become a creditor and terrorize people for a living.
Buy tillable land, seeds, guns and ammo.
Ah, you’ve seen the slow destruction of the ol’ USA then too!
While the Keystone Kops in DC are still trying to figure out where the first installment of the "bailout" went, just as they prepare to throw another few hundred "billions" down the rathole, certain questions remain.
Important questions which haven't even been asked (that I know of), let alone answered.
The most impportant being, what are the tax consequences of losing 25 to 60% of the value of your 401(k)? This is particularly critical for those alreading drawing out of their hard-earned funds.
Anyone out there have a clue?
Does that qualify the victims for a piece of the "bailout?"
So many questions, so little information and so many crooks still running things.
“Buy tillable land, seeds, guns and ammo.”
Don’t forget your gold... and building materials too.
If you want to terrorize PayPal and eBay, by all means, go for it. LOL.
Seriously, though, don't keep your money in a PayPal account. It's not smart.
Looks like you’re “gonna party like it 1999”.
Good advice or buy a home on some little island drink margaritas and sit on the beach and read, go fishing.......
Not forever, just as a holding place until I open my new account. Then I’ll move it all into the bank account.
I already have the steps planned out and I know it sounds unpatriotic, but I do not feel safe with Obama in office. For a woman, I have to take things into consideration that a lot of other men don’t.
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