Count me out. I started the process of liquidation today. The bank has to mail me forms to fill out. Once they get them back, the deal is done. No taxes or penalties are taken out until tax time. It'll be up to me to report the money by April 15 and pay any tax and penalty for premature withdrawal. I'm more than fine with that.
The banker dood mentioned that the RATS may remove the tax exempt status on these accounts. He also thought that the total confiscation of the loot would be met with huge resistance from account holders (kinda like the bank bailout scam - eh?) RATS will do what they want to do.
I can't afford to wait for the RATS to spring some cutoff date on 401Ks where owners will no longer have access to their own loot. Without the tax exemption, the plan no longer works for me. I'm done.
My wife, who will be 69 next year will be rolling over all but $1,000 from her still active 401k to her FIDO Ira. Which will go into Bank CDs as soon as it is rolled over.
She still will contribute bi monthly to her K and receive the matching contributions from her employers until the tax deferral is killed.
I sent a note, re the possible dropping of the Federal guarantee on the money market funds in December(where my wife has all of her 401k) to her personnel director. Apparently, that got several people in her organization thinking about what to do with what they have left. Many over 59.5 will be consulting with their tax consultants re options.
The slaughter of 401l’s has been on the back burner of lib think tanks for years.
Certain key words phrases have been used by them and their trolls here on FR.
Like investments in our 401ks is not savings, which is one of their main thrusts.
Means testing re social security and probably now with the rollover from 401k’s to the Fed Retirement/Social Security paper bs, will become more than a buzz phrase.
We need to stay on top of these events and monitor and decode their verbage very closely.