14 votes

I told ya so

A few years back someone on the DP asked the question about 40lk's, Ira's etc. I said do not get into it. the government has executive orders on the books signed by President Reagan that will allow the Government to confiscate those funds after they declare an economic emergency. JZNEFF.... that holier-than-thou economic genius told the poor kid to go ahead and start his 401k and that I didn't know what I was talking about.

If you have a 401k or any other type of retirement program you are better off to close it and pay the penalty. Once this whole house of cards collapses, all your retirement will be confiscated and worthless. 30 year government bonds will be put in your account on exchange.

Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.

Last January 18th, in a little noticed interviewof Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] 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." That thought generates some skepticism, as aptly expressed by the Richard Terrellcartoon published by American Thinker.

Read more: http://www.americanthinker.com/2013/02/the_feds_want_your_re...
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Has anyone

found a way to get out of the 401k without quitting there job? I stopped contributing last year, but I can't get all my money out. I've been fighting with my HR department and they say it can't be done.

It is a contract. Read it.

The IRS rules (voluntary requests?) state you may (do all sorts of things) including losing 10% of your investment upon early withdrawal.

[IRS takes their penalty they assess you off the top. That is their way of leaving you with 90% of what you earn so you may pay taxes you (supposedly) owe.]

Buried deep in their rules is, "You may take out regular distributions with out penalty."

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

robot999's picture

Good point

however to answer the actual Question, what method would be used by an employed person to take the money out? Remember 401k funds are typically managed by a fund manager (like Fidelity etc.), and they block you from taking your money out if you're employed.

Any other recommendations? This is a HUGE question that gets asked often but (to my knowledge) is never fully answered.

"Government is the entertainment division of the military-industrial complex". - Frank Zappa

Yesterday there was a thread about "has a blogger changed your

mind" and while I was already dabbling in silver when I woke up, I would like to point out that yes, SIERRAHPBT told me so, and because I listened, I was able to put a well on my land last spring, less than 5 years after being pretty much wiped out.
Sierra turned me on to Jim Sinclair and GATA, who led to David Morgan and Eric Sprott... and we started stacking at about $11. I told everyone I knew that anything under $20 was a bargain, and that I would be a buyer at anything under $50. We mostly bought an ounce here and there, and converted our 2 ounces of gold to silver at something like 83:1 - maybe our best metals move ever.
It is not too late. If you can hold on to it for a couple years, you will be OK, you just can't get hung up in the day's trading, or even the week or month. Silver is like the tail on gold, it swings wider but still follows along. They do this to keep the "volatile" reputation in tact in spite of the "big picture."
So here is your chance to listen to Sierra.
If it is not in your hand, it is not yours in the moment and "now" is really all you've got. Even if you insist on staying in FRNs, at least have them where YOU control the access to them.

Love or fear? Choose again with every breath.


Government only puts things in place to help itself.

Except for the Bill of Rights, governments have never, ever worked for the general welfare.

Government only helps its cronies.

Free includes debt-free!

Thou shalt not!

Congress shall not...

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