I’ve already stopped contributions and I’m now contemplating taking enough cash out of my IRA’s and 401K to become debt free. Even paying the penalty and the tax on the money I withdraw isn’t a big concern to me. Obama potentially nationalizing my 401 is my biggest concern.
I’m worried about the nationalization most too. I saw this coming and moved to cash in January ‘08.
We are DINKs (double income, no kids) with NO debt so our tax burden is horrendous. We’ve loved the 401K for it’s ability to hide money from taxes (for now).
If they take it they will have signed our death warrant in our old age. I will not sit still for that, I’d rather fight on my feet than die on my knees when I’m old and eating cat food because they squandered the half-mill DH and I have saved up so far.
LQ