Is Maxing Out Your 401(k) Enough?

Townhall.com ^ | April 21, 2010 | Carrie Schwab Pomerantz

[MrB]

I’m looking a lot more at “nearer term” security than at long term security.

I don’t think “long term” is going to exist.

[AbolishCSEU]

Not if the obamabots are getting ready to grab your 401K or IRA savings. And they are.

[WKUHilltopper]

I’d be putting that money in beans and ammo. Something that you can use. There won’t be any such thing as a 401k in the future, especially when the feds steal it and use the money to buy crap banks. Cigarettes would be good for barter.

[glorgau]

According to this, I’m forked.

[MrB]

Anything but cash at this point.
Cash will not have any value when hyperinflation hits.

[Nervous Tick]

>> I don’t think “long term” is going to exist.

No, but “eternal” is. I’m focused there. The rest is gravy.

[ecomcon]

Obama is Marxing out everything.

[TheThirdRuffian]

Anyone under 60 that is counting on Social Security is a fool.

[theDentist]

Maxing is nice, but it’s not enough... here’s why. Aside from taxes on the monies when you begin withdrawal at 70-1/2 y.o., there is going to be a tidal wave of baby boomers beginning to retire at about the same time, which means all those securities will be on the market to sell at once... so their prices will begin to drop and will steadily decrease as more and more folks retire. So even if your 401K and IRAs are worth a cool million now, in 20 years they may be 1/3rd of that price.

[Genoa]

I figure Mrs. Genoa and I are out of here sometime between now and 2017.

[bobsatwork]

Cash out your 401k. Use that and all your other savings to convince a bank to give you a mortgage on a house you can't possibly afford. Quit your job, lose any healthcare coverage you may have. Furnish your house by maxing out multiple credit cards. Convert to islam. Go crying to the government. You're set for life.

[MrB]

Mathew 25
13”Therefore keep watch, because you do not know the day or the hour.

Yes, and I know this isn’t a value I’m supposed to pursue,
but I seek to protect my family from unnecessary hardship
while we’re “keeping watch”.

[Trajan88]

But if there’s a seller there’s a buyer? These stocks will be owned by someone(s)/something(s) or bought back by the companies?

[throwback]

That's my fear. If they have to inflate the debt away by devaluing the dollar by 50%, my $500k 401k that I piled up for 30 years is halved in the few years of a Marxist administration at the end. Also Roth's always bugged me, because it's like the government encouraging you to give them more money now on the promise you won't have to pay them later. I don't trust any promises from these clowns anymore.

[ontap]

First thing to do is rid yourself of as much debt as you can, I’m in the process of doing that right now and I can tell you the feeling is good.

[rhombus]

Most of the prediction tools assume you will need 80% of your present income for retirement. These predictions don’t take into account moving to cheaper places after retiring from jobs in higher expense places.

[xzins]

We took a big step in getting out of the market this year, and all we’ve got left is very conservative. Lost half last year, and I sincerely believe the current uptick is destined for a major correction or another collapse.

The lack of jobs is a ticking time bomb.

[Thrownatbirth]

Thank God I have an Employee-Owned Stock Option Plan (ESOP) with my company in addition to a 401K. People here actually retire at 59 1/2. I just don’t see how you can do it with a 401K alone.

[The Sons of Liberty]

I don’t think “long term” is going to exist.

I'm saving, but with every dollar saved, I wonder what the future value of it will be, and if I wouldn't be better off using it to purchase items now.