Get your money out - NOW! Get out! Get out! Get out!
Pay the tax penalty and buy hard assets. If you can’t roll around naked on your assets, the government has an easy task seizing them because it is likely all in a bank, credit union, or brokerage.
I hope I can hold out until a jan/feb layoff, then I’m out. Despise is the strongest word I can use with these people. If they try this, it’s going to make the healthcare bill look like the scout picnic it was.
“less affluent Americans”? That would be me. So, all of you on here who have 401ks or IRAs, just give me your money now and let’s keep the government out of it. I hope people see the sarcasm.
But, here are a few questions:
If the government takes your IRAs and 401ks, do you have to pay all of the early withdrawal fees?
As I understand it, if everyone tried to cash in, OR the government tried to take it, the money’s not there.
“Get your money out - NOW! Get out! Get out! Get out!”
My company has a pretty hefty match so I will continue to take advantage of that. What folks close to retirement can do if they don’t want to liquidate their 401k is move much of it to a self-directed IRA. You would have more control. You can also invest much of it in munipal bonds and non-taxable instruments to help starve the bastards of taxes. Small step but every bit helps.