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Cyprus. Now what...I have a 401K. What is the best way to get OUT?
ME ^ | 3/20/2013 | ME

Posted on 03/20/2013 8:22:44 AM PDT by mikelets456

Okay, I don't want to get into it too much but I feel I've been doing all I can to prepare for the impending collapse except a safe and effective way to pull out 1/2 my money from my 401K. However, I'm concerned about: A) The penalties and taxes. B) This will kick me up to "millionaire" status if I pull out half. C) I want to put most of that to get my Mortgage down and pay off any other debt and buy some more "tangibles"

What is the best way to do this? I've already maxed out on my 401K loan.

I really feel that the money in the market will either be gone by the time I retire (20 years) or be worthless. I really want to put most into my house and get my Mortgage to the point where I could work at McDonald's to pay it off. However, I'm concerned about the points above...any suggestions how, why and what's the best advice?


TOPICS: Business/Economy; Chit/Chat; Miscellaneous
KEYWORDS: 401k; cyprus; out; taxes
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To: Rio

Yes, through my company and I’m 100% vested.


41 posted on 03/20/2013 11:15:53 AM PDT by mikelets456
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To: Pan_Yan

***The worst thing you can do with your money is take advise from anonymous strangers on the Internet.****
______________________________________________________

How about getting advice on advice from anonymous strangers on the internet?


42 posted on 03/20/2013 11:23:34 AM PDT by mikelets456
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To: mikelets456
How about getting advice on advice from anonymous strangers on the internet?

Don't take it.

43 posted on 03/20/2013 11:24:57 AM PDT by Pan_Yan (I love it when spell check selects every single word in my post.)
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To: t1b8zs

40 different answers that are good and I’ll sift through them. I came here 4-5 years ago and asked for advice on Gold and Silver.
I got similar answers but I heeded the warning after warning and I’m glad I did....these people were spot on! Bought at $12 an ounce on much silver. However, I waited a bit too long on gold as I did not have the money at the time.
I was convinced when someone mentioned Hastelloy “C” at the time because our company sells some of that.

Look at Tantalum as well...used quite a bit in industry (motherboards, chemical corrosion,etc).

I need to research all this as I’m very concerned that OUR government, in the end, will simply tax it (take it) soon. They’re getting very bold and soon it will be common place to admit they hate this country, it’s evil investors and people owning private property. This will happen when all collapses...we (the investors/tangible asset holders) will be the evil ones.


44 posted on 03/20/2013 11:31:14 AM PDT by mikelets456
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To: knarf

“It is ALL in the future ... the money of the real estate ... so right now ... what do you want money for ?”

To get the hell out of this country and get a shack on the beach somewhere sunny. Of course, I could get a shack somewhere right now, but I’d prefer to have a nice shack, on a nice beach, so that’s why I’m saving.


45 posted on 03/20/2013 12:55:13 PM PDT by Boogieman
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To: Be Free

Very true, but of course, that all works on the assumption that you will see a positive return on investment, over the long run. If that trend doesn’t continue, or inflation overtakes the returns consistently, then you might have been better off just spending it as soon as you got your hands on it.


46 posted on 03/20/2013 12:57:48 PM PDT by Boogieman
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To: justlurking
"just turn some into cash, but leave it in the account....."

So this doesn't really mean "cash" as in wads of dollar bills in my hands.

47 posted on 03/20/2013 3:01:28 PM PDT by fulltlt
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To: fulltlt
So this doesn't really mean "cash" as in wads of dollar bills in my hands.

No, it means a cash position, equivalent to money in your bank account, instead of being invested in securities that may vary in value.

48 posted on 03/20/2013 3:54:06 PM PDT by justlurking (tagline removed, as demanded by Admin Moderator)
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To: Lonesome in Massachussets

bttt


49 posted on 03/21/2013 2:45:55 PM PDT by petercooper
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Comment #50 Removed by Moderator

To: Pan_Yan

Mike could have gone on Craig’s list and asked for a financial adviser. >;O


51 posted on 03/21/2013 6:56:26 PM PDT by Daffynition (The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. — D.H.)
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