When this happens, you will be powerless. It’s all electronic and will happen overnight. Take the 20% hit. 80% is more than zero.
If you want a scary read,
read “One Hour Meltdown”.
http://poorrichards-blog.blogspot.com/2012/11/the-one-hour-meltdown.html
If the banks go “holiday”, all electronic transactions are shut off INSTANTLY. Without cash, “no one can buy or sell”.
And those who cause the whole mess will have conveniently disappeared before anyone notices.
As McCarthy used to say: I have a list of communists.
I am over the penalty age so as soon as this looks like it is a for sure thing, I will just withdraw the funds and put them in tax accounts or other investments. Aside from the income tax on the taxable IRAs, they are not going to get one dime more and none of the principal.
In our lifetime, our nation has turned from one which was ethical and equitable into one that is predatory and immoral. I don’t know how else to put it. Perhaps I should have gone to Canada in 68 as some of those running the place obviously did.
Agree, they will do it before they announce it.
However, 50% - 55% is more what you will wind up with after taxes and penalties.