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1 posted on 01/13/2009 1:02:58 PM PST by NewJerseyJoe
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To: NewJerseyJoe

I may borrow out of mine. I cant cash it out.


2 posted on 01/13/2009 1:04:47 PM PST by ColdSteelTalon (NOBAMA 2008)
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To: NewJerseyJoe

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.


3 posted on 01/13/2009 1:04:47 PM PST by Niuhuru (Fine, here's my gun, but let me give you the bullets first. I'll send them to you through the barrel)
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To: NewJerseyJoe

The early withdrawl penality is too hefty for me.


4 posted on 01/13/2009 1:05:06 PM PST by Cementjungle
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To: NewJerseyJoe
In February I'll be the right age so as not to get penalized (any further).
5 posted on 01/13/2009 1:05:27 PM PST by elpinta (Insured by Walther, Glock, Smith & Wesson. Protected with 7.62 & 12 ga.)
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To: NewJerseyJoe

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


6 posted on 01/13/2009 1:05:43 PM PST by Graybeard58
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To: NewJerseyJoe
I've thought about it. But, what do you do with the money? Do you keep it under the mattress? Maybe some freepers can provide advice.
12 posted on 01/13/2009 1:08:33 PM PST by SamiGirl
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To: NewJerseyJoe
Dumb idea.

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.

15 posted on 01/13/2009 1:13:59 PM PST by Publius6961 (Change is not a plan; Hope is not a strategy.)
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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: 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: 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: 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: 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: 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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To: NewJerseyJoe
Not me- I've got 25 years to ride it out. I'm trying to tell myself that right now the losses are just on paper- I have the same number of shares that just aren't worth as much. They'd become real losses if I were to cash out. Plus, I'd take the ten percent penalty on top of my tax rate. So, I'd be looking at only getting 65% of the 60% that I have left- that would really compound the damage!

Actually, with share prices so low (I'm mainly in a target-retirement year fund), I'm keeping my 401K contributions as a double-digit percentage as I'm buying a lot more shares every paycheck than I was last spring. I've reduced my contribution a bit- I'm now picking up some company stock through an ESOP at a 15% discount of what is currently splitting the difference between the 52 week hi and low.

Of course, I don't know if this is a good idea and I never, ever stay at Holiday Inn Express hotels.
43 posted on 01/13/2009 2:05:22 PM PST by philled ("I prefer messy democracy to the stability of tyrants." -- Howar Ziad, Iraqi Ambassador to Canada)
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To: NewJerseyJoe

I lost 35% last year, so at age 38 I’m investing more than last year. I figure everything is on sale, right? I’ll get more shares. (Already got the guns, ammo, food, and water.)

I do worry about the government trying to sieze it , though. If that doesn’t cause a revolution, nothing will.


46 posted on 01/13/2009 2:41:44 PM PST by Terpin (Missing: One very clever and insightful tagline. Reward for safe return!)
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To: NewJerseyJoe

What ever happened to Zero’s promise/idea that we should be able to withdraw our money penalty free for 2008 & 2009???


47 posted on 01/13/2009 2:42:07 PM PST by edge10 (Obama lied, babies died!)
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To: NewJerseyJoe

As an observation, many business and governments have been holding back on decisions because there is “free money” coming. I think there will be a good short term feeling of it working as the money is released and spring comes around(spring is always better for the economy). Notice, I said short term, then we will need another “fix”.

A poster on another site from the forestry service says they are being asked what unfunded projects are on the table. The money will give a short term fix.

Our gov in his state of union address said we will put together a tough budget but it was clear he expects “gravy” money from Obama.


51 posted on 01/13/2009 3:20:48 PM PST by PeterPrinciple ( Seeking the truth here folks.)
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To: NewJerseyJoe

2017 is coming and nothing will stop it (when social security hits high water and starts cashing in its bonds).

My 401k, military retirement, and social security will not survive that event, even if they all survive the 111th Congress.

So why bother?


58 posted on 01/13/2009 5:43:38 PM PST by markomalley (Extra ecclesiam nulla salus)
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To: NewJerseyJoe

www.usretirementrevolution.com


59 posted on 01/13/2009 5:46:07 PM PST by nufsed
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