cant take losses on 401ks.
We thought about withdrawing it all but the tax penalty would be huge. They tax like income tax and we would be hit like crazy.
There is talk of getting rid of the minimum distribution rules and they could give us a break with taxes.
We are retired, just did, and I cannot believe they would take retired people’s funds,,usually they exempt us.
They might lure young ones,,dumb young ones.
If I had it to do over, I would not invest in a k,,I would invest with after tax money. People I knew were doing this in the early 80’s.
Good luck to you. I have a lot of sympathy for the newly retired, as well as the folks like my dad who just turned 70 1/2. I can’t really afford to take the hit withdrawing my 401k either, but I will do it before I let the government get it. I have about 10 yrs til retirement, and I am beginning to think I need to start making post tax investments so I have something to retire on. Of course, the government will then find a way to get their claws on that as well, being as I am one of the evil rich. ( You could have fooled me, but the great Obama tells me I am rich so I must be/
come on folks....if they try to do this, this means war!.....I am 55 and need to keep working but I would rather take a huge hit than have this evil govt take MY money, money that I have scrimped to save for many years....and its not like its a huge amount...but its MINE.
I moved my 401k to BB&T Short Term US Treasury Bonds and Vanguard Total Bond fund when the dow started dropping (only 2 conservative options I’m allowed to choose from). I’m fortunately down less than 10% since the peak in Oct of last year.