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Anyone planning to cash out (what's left of) 401k before Jan. 20? [vanity]
self | 1/13/09 | NewJerseyJoe

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.


TOPICS: Business/Economy; Government; Politics; Society
KEYWORDS: 401k; 401ktheft; economy; inauguration; obama
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To: SamiGirl
Do you keep it under the mattress? Maybe some freepers can provide advice.

That is a certain bad idea.
Massive inflation is inevitable. Not much more of a positive result than just holding fast.

21 posted on 01/13/2009 1:19:11 PM PST by Publius6961 (Change is not a plan; Hope is not a strategy.)
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To: SamiGirl
Buy and obtain delivery of physical Gold/Silver. Tell NO one that you have it. I wouldn't throw all of your money into it, but a certain percentage is always a good decision. Also keep some cash on hand.

Also as others have mentioned, non perishable foods and some water. I assume all of FReeperdom already has guns and ammo checked off so I will neglect that.

22 posted on 01/13/2009 1:21:52 PM PST by Xenophon450 ( The stain of freedom, he's washed it out... who’s rocking the cradle? I have no doubt...)
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To: NewJerseyJoe

If they move to make it mandatory to convert them to a government run program, then we might cash out. But the penalty plus taxes, at least this year, would be a big hit. We didn’t lose any $$$ so far, didn’t make any, but didn’t lose any because we had moved all our $$$ to a stable fund. So we’re taking a wait and see approach.


23 posted on 01/13/2009 1:22:25 PM PST by Dawn531
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To: NewJerseyJoe

Roll it over into an IRA and then you can invest in precious metals that are held in a secure location.


24 posted on 01/13/2009 1:23:27 PM PST by Blood of Tyrants (Obama is living proof that stupid people should not be allowed to vote.)
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To: mojitojoe
"Good advice or buy a home on some little island drink margaritas and sit on the beach and read, go fishing......."

Jimmy Buffett, is that you?

25 posted on 01/13/2009 1:24:30 PM PST by Jersey Republican Biker Chick (You cannot help the wage earner by pulling down the wage payer.)
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To: ColdSteelTalon
I may borrow out of mine. I cant cash it out.

I'm thinking the same thing too. I figure I can at least have some of it in my hands to use in the event they confiscate the rest.

26 posted on 01/13/2009 1:26:53 PM PST by OB1kNOb (Use it up, wear it out, make it do, or do without.)
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To: NewJerseyJoe

I think it is illegal to offer advice about this subject without a lic.


27 posted on 01/13/2009 1:30:34 PM PST by stockpirate (To each according to their needs, (bailout) from each according to their ability(bailout funds))
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To: Graybeard58

“I lost 1.9% in 2008, not exactly panic time.”

I lost 40%. Every time one of my securities come due, I covert it to cash.


28 posted on 01/13/2009 1:31:06 PM PST by EQAndyBuzz ("Control the information, you control the people.")
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To: Publius6961

Hyperinflation scares the heck out of me. Never thought I’d be event thinking about it.


29 posted on 01/13/2009 1:32:57 PM PST by SamiGirl
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To: NewJerseyJoe

The big events happened last September through November. This is just the aftermath.


30 posted on 01/13/2009 1:34:02 PM PST by Uncle Miltie (Most Animals protect their babies. Palestinians kill their babies.)
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To: Graybeard58

I gotta get seeds too? I got some healthy weeds growing, maybe I can learn to like them.


31 posted on 01/13/2009 1:35:24 PM PST by SamiGirl
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To: NewJerseyJoe

just got a note from my nephew who is running a hedge fund. he says they think things are gonna get really bad.

for what its worth


32 posted on 01/13/2009 1:37:04 PM PST by woofie
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To: Graybeard58

Done deal,now if the machine shop would finish with our ‘48 8n we’ll be set.


33 posted on 01/13/2009 1:44:16 PM PST by silentreignofheroes (If I had any further to go,I'd be there.)
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To: SamiGirl
But, what do you do with the money?
Most retirement accounts have multiple options, including one to invest your money in a fixed rate fund.
I pulled all my retirement money out of "the market" late last January, and put it all into such a fund.
While too many people saw double digit losses last year, my return was up over five percent. Five percent ain't much, but it's safe.
If you're older and/or adverse to risk, this may be what you're looking for. If you're still young, you have many years to recover and might want to just wait it out.
34 posted on 01/13/2009 1:47:48 PM PST by oh8eleven (RVN '67-'68)
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To: stockpirate

or at least a couple of drinks...


35 posted on 01/13/2009 1:50:28 PM PST by NEMDF
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To: SamiGirl
I was in the fortunate place earlier last year to retire. That was before the free fall started. I moved my 401k to a fixed guaranteed interest product with New York Life. I'm not necessarily recommending them but my insurance agent/planner recommended it. It's growing at the proper rate and I have not lost a dime of it. Check it out if you can move your money without penalty.

My annuities and IRA are a whole 'nother story. Yuck!

36 posted on 01/13/2009 1:51:52 PM PST by Sunshine Sister
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To: NewJerseyJoe

Why is Jan. 20th different from any other day. If Congress decides to make a law affecting your 401(k) retroactive, you’re screwed anyway. And if it doesn’t, then you should be keeping your eye on what bills are passing through Congress.


37 posted on 01/13/2009 1:55:59 PM PST by 1rudeboy
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To: stockpirate
It just may be.

However, it looks to me like everyone here is simply offering their own opinions.

FWIW, I believe you don't require “licensing” if you start an investment-type letter. I think that's already been settled in the courts.

But don't trust me on this. If you've a question, consult your attorney.

CA....

38 posted on 01/13/2009 1:56:10 PM PST by Chances Are (Whew! It seems I've at last found that silly grin!)
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To: Chances Are

Well now that last statement covered you.


39 posted on 01/13/2009 1:59:05 PM PST by stockpirate (To each according to their needs, (bailout) from each according to their ability(bailout funds))
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To: NewJerseyJoe
I took it all, and paid the taxes, in 2007 and early 2008.

Lookin' good.

40 posted on 01/13/2009 2:00:15 PM PST by Jim Noble (Long May Our Land Be Bright With Freedom's Holy Light)
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