Posted on 02/01/2010 1:24:06 PM PST by Cheap_Hessian
No. You can get that from an insurance company now. You can get income riders on indexed annuities that are 8% growth on the income part. The nice thing about insurance companies is they are regulated by states that do a good job. Insurance companies also held up in the depression when banks failed.
Poundstone - I am not trying to be nasty here but don’t thank God for that nice federal pension - thank me and all the other hardworking Americans out there who will be working their butts off to accomodate your pension - which I imagine is quite nice - government pensions of all kinds are out of line and pose a great risk for the bankrupcy of this country. I wouldn’t depend on the government for your survival - who knows - it may be your federal pension on the chopping block next.
I would rather pull my funds from my IRA - take a loss with capital gains and invest on my own than be involved in a government run IRA ponzi scheme that wouuld be no better than the current social security debacle. I am 37 and will likely never see a dime in ss - someone tell me why is that fair?
Three-part response:
1. No.
2. Hell no.
3. Not in a million stinkin’ years.
bflr
Keepp your grimy hands off of my money!
Email:
e-ORI@dol.gov.
Include “RIN 1210-AB33” in the subject line of the message
My email is sent. I currently offer my employees dollar-for-dollar matching, up to the max allowed by law (they generally hit it, too, $16.5K or whatever it is).
I would cease offering a 401K plan if this went into effect.
What a money grab.
These people have lost their minds. so wrong-headed.
How about over their dead bodies? Sounds like a better plan than us dying.
In 1981, as an investigative reporter, I infiltrated a DSOC meeting (Democratic Socialist Organizing Committee) in the very shadow of our states capitol building.
the opening speaker, our state senate majority leader, (democrat), pulled a card out of his pocket and said:"I, like you, am a card carrying socialist, but we are not now strong enough to operate in the open," (Reagan had just been elected) "so our new strategy is - we're going to have to infiltrate and take over the democrat party."
they went on to outline the steps, from getting people into the ground floor of local groups and on up, 'get appointed to the state caucuses" ...and so on. None can now argue their success.
One of the final steps was: "We must control the retirement monies."
Well, here it comes, folks. Leaver you money in 401K/IRA's at your peril.
Take a hit now - or lose it all.
I think a lot of people might be so riled up by having their 401(k)s essentially seized that dead bodies doesn’t sound unlikely.
No, cash them out now. take the 20% penalty. It’s better than the government getting them.
Stashing cash (paper money) is not a good idea, if the house burns all you've got are ashes, or if inflation gets out of hand all you'd have is worthless paper.
Buy things of value like gem stones (not jewelry), silver in the form of pre1964 US coins (silver content 90%), "junk coins" for "melt value" not serious collectibles. Bullion silver and/or gold but keep the weight of each bar fairly small (10oz or so for silver and 5 to 10 grams for gold, if you've got everything tied up in a 1000oz bar you're going to have trouble converting it into milk and cookies, the nail that sticks up gets hammered down!). Keep some rolls of pre64 silver quarters and/or halves in your bug-out bag, store the rest in a secure location. Last but not least, buy ammo for whatever you have in your battery. Buy case lots if you can and check for the east block "tinned" ammo if you have an AK.
I'd stay away from bank safe deposit boxes as if there are bank problems you may have difficulties accessing your assets. If you have a deep closet you might consider installing a gun safe, then building a false wall in front of it, then finishing it off and hang cloths in front of it. If you have a "safe" or "panic" room in you home that would be a good place to keep your stash. Remember, you are not going to collect interest on the funds so allocated, you're betting that inflation is going to de-value paper money and thereby raise the price of your stored booty.
Regards,
GtG
PS You can also convert your mutual fund based 401K/403B funds into a gold or silver based IRA. You hold paper with a detailed inventory of what you own, you can add to it like any other IRA by transferring money into your account which causes a purchase. When you retire you withdraw money and the asset is sold at market value to cover your withdrawal. The metal actually is never in your hands however. If things get really nasty, that could be a problem but it does get you out of dollar valued securities and also addresses the secured storage issue. What you do is largely dependent on just how bad you expect things to get in the next several years.
Thank you.
this is why I stopped contributing last year..I'll pay bills instead..
besides all that....my 401k is what I intend to leave to my children....its my gift to them...
we'll pull out our money and pay the taxes and penalty if we have too...
class warfare....
for those saying about pulling your money out....nice idea but not only is there a penalty, there is also a tax, and then the question....where do you put it so the govt can't reach it?
class warfare....
for those saying about pulling your money out....nice idea but not only is there a penalty, there is also a tax, and then the question....where do you put it so the govt can't reach it?
later
ping
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