I no longer am involved with I.R.A.s and 401Ks but my wife is and will be 59 1/2 on June 27th, this year. We are considering removing all of it and taking the tax hit (but no penalty) at that time. The “Bush tax cuts” expire at the end of this year and that’s going to be devastating to us so called “rich people”.
“Rich” is defined by liberals as anyone who has a paying job or one who has worked all his/her working life to accumulate money to take them through their old age. To them, it’s only fair to take some of our “vast wealth” and give it to the have nots who have worked not, in their entire lives and in some cases it goes all the way back for several generations.
Babies born in the Lyndon Johnson era, now pushing 50 years old have been on welfare their entire lives and some have children, grand children and even great grand children who are in the same situation. Never worked a day in their lives but now they “deserve” some of mine and my wife’s hard earned and saved money. Screw them, let them starve if they won’t work.
I am 59.5 on Jan 11th 2013, I am SOL.
“I no longer am involved with I.R.A.s and 401Ks but my wife is and will be 59 1/2 on June 27th, this year. We are considering removing all of it and taking the tax hit (but no penalty) at that time. The “Bush tax cuts” expire at the end of this year and that’s going to be devastating to us so called “rich people”............”
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Think about that clearly before you do that. That would just be playing into their hands giving them immediate taxes. If you end up deciding to do pull your money from your IRAs & 401Ks and pay the taxes now, you might be better off long-term by transferring those funds to a ROTH IRA (at least FUTURE withdrawals from the Roth would be tax free). But, again, that is something you should study thoroughly before doing.