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Disturbing Trend -- and Worse to Come [Hardship withdrawals from 401(k)'s at record high]
American Thinker ^ | August 21, 2010 | Eileen F. Toplansky

Posted on 08/21/2010 5:22:10 PM PDT by 2ndDivisionVet

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To: 2ndDivisionVet
Socialism - Obama style or any other - is the worst thing that can happen to the middle and working classes. The high unemployment creates a client welfare class totally dependent on the political commissars.
61 posted on 08/21/2010 8:23:34 PM PDT by JimSEA
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To: 2ndDivisionVet

REMEMBER NOVEMBER!!! Folks, vote on election day to destroy the entire Democrat Party and....with it anti-American, POTUS Barack Hussein Obama!!! November is coming fast!!! And.....remember there is no such thing or being as a good Democrat!!!


62 posted on 08/21/2010 8:25:34 PM PDT by JLAGRAYFOX
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To: TopQuark
...these are not "hardship withdrawals" but I-don't-care-about-the-future withdrawals...

People - the ones on the edge - and some further in - are starting to give up...

63 posted on 08/21/2010 8:36:22 PM PDT by GOPJ ("Obama" in Farsi means "He is with us" www.answerbag.com/q_view/1074020#ixzz0x0JiHNFD :combat_boots)
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To: 2ndDivisionVet

NerO-bama


64 posted on 08/21/2010 8:42:13 PM PDT by Scott from the Left Coast
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To: meyer
So what comes after the house is paid off?

No more house payments?

65 posted on 08/21/2010 8:44:57 PM PDT by Libloather (Teapublican, PROUD birther, mobster, pro-lifer, anti-warmer, enemy of the state, extremist....)
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To: businessprofessor

So where are we supposed to hide our money, and I don’t mean in an illegal way. I have been thinking about getting out of the market for months, precisely because of this possibility.


66 posted on 08/21/2010 8:50:00 PM PDT by GnuHere
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To: 2ndDivisionVet

I’ve predicted that this would happen and that the “unexpected” funds to the government through the taxes and penalty would be a very slight aid toward the deficit.

I’ve also predicted that it wouldn’t be nearly enough and as far back as 2008 predicted that the government will confiscate all private retirement (401Ks and IRAs) and roll them in to SS.

People thought I was crazy when I made that prediction, but the Statists are kicking the idea around with such velocity that it is already becoming commonly accepted as a very real possibility.

If any bank is TBTF, then SS and/or Medicare is much more so.

I still stand by the prediction.


67 posted on 08/21/2010 8:52:19 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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To: 2ndDivisionVet; cripplecreek
Methinks it is time to cash-out the 401-K.

Sometime soon, the zer0 will lock them up ......................... FRegards

68 posted on 08/21/2010 8:52:47 PM PDT by gonzo ( Buy more ammo, dammit! You should already have the firearms .................. FRegards)
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To: OrangeHoof

1) If you take out a loan and are employed, the money comes back out of your payroll and goes back into the plan - as does the interest on the loan - since you are essentially borrowing money from yourself. Yes, it hurts your nest egg temporarily and over the long run, but it isn’t fatal as long as you stay employed and the debt gets paid.

Yes. We did that 10 - 15 years ago to pay off credit cards and came out with more money each paycheck. Best thing we ever did.


69 posted on 08/21/2010 8:55:22 PM PDT by Busta Rhymes
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To: raybbr

Here ya go. Our old friend, economist Teresa Ghilarducci of the New School is in here too.

http://www.sacbee.com/2010/08/20/2970854/dont-blame-pension-woes-on-unions.html


70 posted on 08/21/2010 9:02:58 PM PDT by Roccus (......and then there were none.)
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To: raybbr

I can’t answer for him, but I believe the impulse is that people don’t believe they are going to be able to retire. So they use those funds to get by today, figuring they’ll just keep working and paying as they go for as long as possible.

The stupid and the greedy are those who stop paying their mortgages and then just blow that money they used to spend on their mortgages for toys and other wasteful purposes (which, incidentally, is contributing to the anemic sustainment of some retail numbers, though even they are through the floor).

If you’re going to do strategically default on a mortgage, at least put that money into something that will sustain you when financial Armageddon strikes.


71 posted on 08/21/2010 9:03:45 PM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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To: gonzo
Methinks it is time to cash-out the 401-K.

I took out half between the election and Hussein's Immaculation. Just finished off the other half.

72 posted on 08/21/2010 9:06:44 PM PDT by Libloather (Teapublican, PROUD birther, mobster, pro-lifer, anti-warmer, enemy of the state, extremist....)
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To: Busta Rhymes

I too took out loans because I am barely making it. I took money from my 401k and it is being paid back by deductions in my paycheck. Since I just requested my second loan I won’t be able to take out anymore. Though the way things are going and I may hit a bigger hardship and may stop contributing and maybe withdraw everything if I can.

I dam sure know I will not have those Democraps lay one finger on my hard earn money.


73 posted on 08/21/2010 9:10:20 PM PDT by Patriot Babe
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To: 2ndDivisionVet

What do you want me to say?

This Nov most of the current Congress will get re-elected in easy ballot fights.

I guess Americans like high taxes and government corruption.


74 posted on 08/21/2010 9:18:28 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: Patriot Babe

They’re just striping what little money/investments the middle class has...


75 posted on 08/21/2010 9:19:52 PM PDT by dragnet2
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To: 2ndDivisionVet; M. Espinola
Steve Wynn, a casino resort/real-estate developer who has been credited with spearheading the dramatic resurgence and expansion of the Las Vegas Strip, talks about the Fall of America.

Steve Wynn Takes On Washington

Wynn is obviously very angry with the children who are in charge of our govt. King 0 parties in Marthas' Vineyard and gobbles ice cream on vacation. Bernanke wants to dump more $ Billions or $ Trillions into the economy. Pathetic crooks want to play more money games.

76 posted on 08/21/2010 9:20:00 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: CapnJack
You are better off putting your extra money in a Passbook Savings account.

Why do you think the Government is more likely to steal retirement savings instead of regular savings?

77 posted on 08/21/2010 9:22:56 PM PDT by Doe Eyes
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To: Patriot Babe

I don’t blame you.

Right now people are doing what they have to to survive. It’s not about spending and fun. It’s about having a roof over your head and having food in your belly.


78 posted on 08/21/2010 9:34:53 PM PDT by Busta Rhymes
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To: GnuHere

I do not think that the Democrat bill will pass. The bill provides an alternative to traditional 401K plans. I think that the rats would like to like eventually make the alternative plan mandatory. In the short term, the Democrat bill is no threat.

I would not be influenced by the introduction of this bill. Asset allocation decsisions at least in the short term should not be influenced by this proposed bill.


79 posted on 08/21/2010 10:17:45 PM PDT by businessprofessor
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To: TopQuark
...no other recourse?

For those who can't do both, saving for a rainy day tops that big-screen TV or the pricey vacation or the car with all the luxury extras. To those who can't resist the latest goodies, I say, "Quit whining---no sympathy here."

80 posted on 08/21/2010 11:08:04 PM PDT by IIntense
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