Everyone with a 401k or IRA should read this article. Excellent information!Submitted by go213mph on Sat, 12/08/2012 - 14:55
Just by chance I yanked my 401k money in 2008 and I looked like a genius but my reasons for cashing it in were unrelated to any "wisdom" on my part. So, I no longer have a 401k but the article below is a gold mine for those of you wondering what to do. Some of the suggestions surprised me but make sense. I highly reccommend anyone with a retirement account to take the time to read the article below.
Today the twin fake memes of a "Fiscal Cliff" and "Austerity" are combining to create a contrived excuse to tax and steal far more of your wealth and income, including your retirement benefits. The press is filled with articles and editorials like one recently at CNBC entitled "Amid Tax Talks, a cry of 'Save My 401(k)'."
Many retirement, offshore and political experts including Jeff Berwick, Larry Grossman and others are now warning how government revenue needs and austerity measures by the Obama Administration today threaten the private retirement system and benefits of millions of successful Americans. Back on January 28, 2010 I wrote a report entitled "The Coming Obama Retirement Trap Has Started," published at LewRockwell.com, republished in its entirety below, for your review.
Over the last few weeks I've been inundated with emails similar to this one:
In early 2010 you wrote an article called "Are you ready for the coming Obama retirement trap?"
Now, I find an article from National Seniors Council that there was a recent hearing sponsored by the Treasury and the Labor Department that marked the beginning of the Obama Administration's effort to nationalize the nation's pension system and to eliminate private retirement accounts including IRA's and 401k plans.
What is your thinking on this? Should one, even with a large IRA, consider cashing it in or doing something to keep it out of harm's way? Your response is appreciated.