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.
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.
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.
Roll it over into an IRA and then you can invest in precious metals that are held in a secure location.
I think it is illegal to offer advice about this subject without a lic.
The big events happened last September through November. This is just the aftermath.
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
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.
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.
What ever happened to Zero’s promise/idea that we should be able to withdraw our money penalty free for 2008 & 2009???
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.
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?