16 votes

Get out of your 401k's NOW

■ It’s Coming: The Government Wants to'Help Manage' Retirement Accounts: THEY WILL TAKE YOUR IRA's, RETIREMENT PLANS AND ALL TAX-DEFERED ACCOUNTS-AMAZING THAT ALL THESE ACCOUNTS EQUAL THE BUDGET DEFICIT-THE PROCEEDS ARE GOING TO BE PLUNDERED!

Been telling people this for 5 years now. Morons say to keep them.. If you do you will lose it all!

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.

http://www.reuters.com/article/2013/02/03/usa-taxes-obama-id...

http://www.wnd.com/2012/11/now-obama-wants-your-401k/#8uQm6K...

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"They wouldn't dare?!" Why does CEDE & Co. own your retirement?

Why does CEDE & Co. own your stocks, bonds, annuities, retirement, & other financial accounts?

Why does CEDE & Co. own $40 trillion? You thought what you bought was your property?

Why has this already happened & nobody told me?

Search: DailyPaul+CEDE

Extra credit, where none is due: Hypothecate

Happy hunting.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Ignore the JZ's

and keep speaking...

you people

who are saying, "I cant believe they'd . . . ."

must not have 401ks cause its already just about gone.
Are you seriously stupid enough to think the congress/senate who YOU think are dumb, would do it in plain sight??

I have 300k+ in a 401k w/ Vanguard and am going to stop putting another penny into it.

I CANNOT get my money WITHOUT showing hardship(no job, cancer, etc.).
I didnt say get it and pay the steep penalties
I CANNOT get it with out agreeing to get it via a loan and paying it back monthly.
So, how long till we cant even get that?

Jackson County Georgia

War is an instrument entirely inefficient toward redressing wrong; and multiplies, instead of indemnifying losses.
Thomas Jefferson

Same here. I can't get mine either until I retire.

JP Morgan told me that even tho I've been laid off my job, I can't get my money out unless I actually retire.

They sure as hell were happy to take my money but have little interest on giving any of my OWN MONEY back.

They blame it on the IRS saying that's the rule.

And the IRS can claim that since you haven't paid taxes on 401K money yet, it's technically still their money to do with as they like.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

TwelveOhOne's picture

I got mine out

Was with Fidelity. "I'm buying a house, need the down payment." Took 100%, they withheld nothing. I'll have the 10% penalty and ~30% taxes to pay next year. But it's in my hands, now -- a great feeling.

I love you. I'm sorry. Please forgive me. Thank you.
http://fija.org - Fully Informed Jury Association
http://jsjinc.net - Jin Shin Jyutsu (energy healing)

Cyril's picture

I confirm it's already not as easy as one may wish/think.

I confirm it's already not as easy as one may wish/think. I'll stop here.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

and my idiot neo-con friend...

...was listening to Bob Brinker, who he said; said he owns owns no gold in his portfolio, and says 40% of silver goes into industrial use; I guess he was in the mood to "get my goat"...to which I said "so what! do you have ANY savings at all?"(he doesn't - like most people making $14/hour these days)

These paper dollars will soon be wallpaper, and all the naysayers can go down with the ship...

Cyril's picture

Bah. You have your conscience.

Bah. You have your conscience.

He/they won't be able to tell that you didn't warn anybody.

That's how I get away with it/myself in front people who insist on not listening anything, after a while.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

If true, it would crash the market

I am not paying penalties and taxes to take money out of my retirement account on the worry that something might happen. If the government tries to force people to invest in treasuries, or any other method to get their hands on retirement account money, it will destroy the value of the retirement accounts in the process. The market would crash with all the money taken out of stocks.

The government does lots of stupid stuff, so they may do it anyway. I'm just going to bet that they don't.

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis

you're paying taxes

you're paying taxes regardless if you take it out now or later....probably MUCH higher later...with the possibility you'll get Corzined at some point. I'd much rather pay the 10% penalty now than the Corzine death penalty later.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

Highly Unlikely

Why would they risk pissing people off (including the bankers) when they can just print w/ impunity? They will get your money, but they don't have to steal your 401k to do it. Printing is easier than stealing. Also, we are not Argentina...yet.

they don't have to take it

they don't have to take it for your dollars to become worthless.

You keep your paper dollar denominated investments, and I'll hold physical gold and silver. We'll see which goes to zero first.

;)

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

you just don't get it....

you just don't get it....

why?

i think i do get it. my opinion is you would get much more resistance to this than you are seeing with the recent gun legislation. Self Defense is critical, but so is eating. Too many old people (me included and i am not old) would see this as a risk to being able to eat in old age. i think there would be major resistance. and, they don't have to steal your money anyway. They can just print it and get your money via inflation b/c 90% of the folks wont know how to protect themselves.

So, instead of suggesting that folks take the tax hit and penalty on their life savings (and in some case those taxes and penalties could be as high as 50%) lets talk about some suggestions.

Since you seem like a smart guy and perhaps this line of debate will be helpful for others- what can you tell me about self directed IRAs? They can be used for assets like real estate and bullion. Are you familiar with these? if so, do you know anything about the LLC tied to these? I am trying to learn and I think the sovereign man writes about these often. I would like to understand what they are, the advantages, and risks associated with them. From what i understand some self directed IRAs will also store your bullion in places like Hong Kong. This seems to me a prudent step to protect IRAs from the risk the OP describes.

thanks for any info.

Trustees

If my trustee does anything with my money other than what I instruct it to do, they'll be in a world of hurt.

I cannot imagine any politician being so stupid as to anger everyone with a 401k. They don't have the guts to cut spending, and they're having a battle over taxes, so outright theft would be out of the question.

I can see them changing the rules going forward, but they have no right to make anything ex post facto--and I'll feel free to ignore it if they do.

Further, I cannot imagine the brokerages on Wall Street would let this happen: they may be in bed with politicians, but even they must know that giving control of what to buy, to the politicians, is a threat to themselves.

Of course, whatever you're invested in, they may run into the ground (although inflation tends to be a pretty big obstacle to any permanent price reductions). I have a self-directed Roth IRA because I don't want to pay any tax on the increased price of gold/silver.

You should be careful about "giving investment advice," because there may be penalties even though you have a right to do it.

What do you think? http://consequeries.com/

This is what's messed up about the economy

It used to be: save money. Piggy bank. Even for retirement, CDs, maybe a couple of bonds, still, save money in a savings account. There's your retirement fund.

Okay, stocks exploded, and inflation.

Now what?

Well, I'm old enough that even when I was a kid they still said: save money.

Nowadays, why? In case you become unemployed? As if. The system promotes unemployment, incentivizes business to not hire, incentivizes the unemployed to take EBT.

The interest rate in a checking account is about 0.01% not even exaggerating.

It's absurd, why doesn't any see that?

Oh yeah, because the nice news man said the housing market was, "just about recovering". Yep, perpetual home growth again because that's the norm and evidence to the contrary was a bump in the road caused by excess liberty.....

And 401k's are pushed so hard, almost shoved down our throats. Good idea in theory, but when I retire in 20+ years, AS IF.

The Great 401k Hoax - Great book.

$4 delivered from Amazon
http://www.amazon.com/gp/offer-listing/0738208523/ref=sr_1_1...

9-11 was a panda job.

Help me convince

My wife. Where do you put the money? Anyone

I cashed out 40% of mine

In 2006 (about the time I started learning from Dr. Paul) I bought Silver and Gold in all denominations ,and shapes and sizes. The Gold is up 300% the Silver is up 400% whereas the balance of the 401K lost 40% so I rolled it into bonds and there it sits today.If it all goes away,I'm still Golden.I have never sold an ounce ,but I've added to my "Metals" holdings year over year as I could afford.

We have about 10%

Of our wealth in silver, no gold. What's your opinion on gold IRA's? Will they be stolen also?

if you can't touch it... you

if you can't touch it... you don't own it...

If my only choices were

Either remain in a 401K or roll into a Gold IRA I wouldn't hesitate moving into the IRA. I've been hearing the whole "They're going to take 401K's" warning for many years,but I've seen little reliable evidence to the fact, However we are in desperate times. With the DOW appearing to be in the same position (14,000) as it was in 2007 before the crash, that worries me more at the immediate time. I am very much the novice when it comes to investing in anything and really lucked into my metals investments (mostly thanks to the good Dr.) Since my initial investment,I've bought some metals (mostly Silver) very cheaply,but I also bought at $47.00 an ounce.My dollar cost average however is still in great shape overall. I look at it as more of an insurance policy than anything else. You probably know the old adage that goes "If you don't hold it, You don't own it." Good luck in your decisions.

Cyril's picture

In ANYTHING that is tangible. With real value.

In ANYTHING that is tangible. With real value. Preferably not perishable too quickly.

There is a sort of paper/cotton artifacts you can exclude already.

Guess which.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

I would buy as many 90% US

I would buy as many 90% US silver dimes as you can buy. stash, hide them at your house. That is what I would do with that money.

that's a plan right there.

that's a plan right there.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul