Study Shows More Americans Are Raiding 401(k) Accounts To Pay Bills
6 Replies to “It’s Probably Nothing”
They might as well get know,while it is still worth something,before the Chimp in Chief makes it completely worthless,or steals it.
Same applies to Canada, assets the government can identify, they will confiscate.
What they do not know exists, they cannot screw up.
My prediction is less wealth and wealth production will exist on paper every year.
Good thing Harper ditched the long form census, I was running out of creative truths.
Only government would promise complete confidentiality and threaten to prosecute if you lie, in the same paragraph.
How might they check the veracity of my claims, without blowing my privacy all to hell?
Those of us who were working in the 70s, know whats coming if we are lucky, insane inflation.
If unlucky, Zimbabwe mon.
All part of Obama’s plan.
A couple guys at work tapped into their 401k’s when they reached age 59 and 1/2. HR takes 28% off the top for taxes, so this is kind of a desperate move. Early withdrawal from 401k’s and IRA’s is more likely now because so many folks think the government will raid the funds eventually. I am almost to that age myself, and in all my years I have never seen people so cynical and downright scared of the US government.
In Canada they are called RRSP anyway I don’t believe in them.
Most of us outside government’s are paid, open market wages, which are small.
There are a lot of assumptions
1) You will never have financial difficulty and need the money, if you do you will be losing money cashing them in (believe me I know).
2)You will not get raises and inherit money in the future, as this will put you in a higher tax bracket
3)Government will not raise taxes, as your only deferring the taxes paid, to a future date.Hopefully when your retired and earning less, but taxes have now gone up a couple 100 percent.
4)Government will never look at the trillions of dollars sitting there, as 3/4 of the population is retiring and they have no way to pay for it.With a stroke of a pen they can tell you to use that up, before we give you your pension (already there are rumors that this is exactly what they have in mind). This would mean all your savings is now worth zero, and they know where it is, its registered.
5)Most of these plans are run by crooks, that make you pay all kind of fees in the end you wont even make the inflation rate (or they steel it from you, like they did me).
To me I think this is a stupid investment strategy,the ultra rich don’t pay taxes they hide it. The upper middle class get a break until the day they take it all from you.The middle class and poor make little so why play this game, just pay your taxes now.
The simple reason is that they need to. Ponder that 7.7% official unemployment number, it’s touted as the best since 2008. How is it calculated? Basically it’s those who are still counted as being in the labor force – that is employed within the last couple of years, and still looing for work. What’s not in the count? Those who first lost their jobs in 2008, 2009, 2010… That distorts the real problem of the 89 million people in this country who aren’t working.
Those who had IRAs and 401Ks are using the money to pay off debt so they can survive on welfare, Social Security, charity, or whatever else they can get. They aren’t unemployed, they just aren’t working anymore.
They might as well get know,while it is still worth something,before the Chimp in Chief makes it completely worthless,or steals it.
Same applies to Canada, assets the government can identify, they will confiscate.
What they do not know exists, they cannot screw up.
My prediction is less wealth and wealth production will exist on paper every year.
Good thing Harper ditched the long form census, I was running out of creative truths.
Only government would promise complete confidentiality and threaten to prosecute if you lie, in the same paragraph.
How might they check the veracity of my claims, without blowing my privacy all to hell?
Those of us who were working in the 70s, know whats coming if we are lucky, insane inflation.
If unlucky, Zimbabwe mon.
All part of Obama’s plan.
A couple guys at work tapped into their 401k’s when they reached age 59 and 1/2. HR takes 28% off the top for taxes, so this is kind of a desperate move. Early withdrawal from 401k’s and IRA’s is more likely now because so many folks think the government will raid the funds eventually. I am almost to that age myself, and in all my years I have never seen people so cynical and downright scared of the US government.
In Canada they are called RRSP anyway I don’t believe in them.
Most of us outside government’s are paid, open market wages, which are small.
There are a lot of assumptions
1) You will never have financial difficulty and need the money, if you do you will be losing money cashing them in (believe me I know).
2)You will not get raises and inherit money in the future, as this will put you in a higher tax bracket
3)Government will not raise taxes, as your only deferring the taxes paid, to a future date.Hopefully when your retired and earning less, but taxes have now gone up a couple 100 percent.
4)Government will never look at the trillions of dollars sitting there, as 3/4 of the population is retiring and they have no way to pay for it.With a stroke of a pen they can tell you to use that up, before we give you your pension (already there are rumors that this is exactly what they have in mind). This would mean all your savings is now worth zero, and they know where it is, its registered.
5)Most of these plans are run by crooks, that make you pay all kind of fees in the end you wont even make the inflation rate (or they steel it from you, like they did me).
To me I think this is a stupid investment strategy,the ultra rich don’t pay taxes they hide it. The upper middle class get a break until the day they take it all from you.The middle class and poor make little so why play this game, just pay your taxes now.
The simple reason is that they need to. Ponder that 7.7% official unemployment number, it’s touted as the best since 2008. How is it calculated? Basically it’s those who are still counted as being in the labor force – that is employed within the last couple of years, and still looing for work. What’s not in the count? Those who first lost their jobs in 2008, 2009, 2010… That distorts the real problem of the 89 million people in this country who aren’t working.
Those who had IRAs and 401Ks are using the money to pay off debt so they can survive on welfare, Social Security, charity, or whatever else they can get. They aren’t unemployed, they just aren’t working anymore.