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How can you get out of a 401 k ?

Have tried 3 times to speak to my broker,,,,will not return calls. If it can not be removed does anyone see moving to a fund like merkx (heard about it here) as a real option. Close to retirement and worried.



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Ask that they add a treasury based fund to your choices

it is the safest bet for you money. So buy T bills short term like three months and keep rolling over until it is time to use the cash to buy some deflated real estate or something. Treasury bills are what the Chinese and the Japanese demand for the 2-3 Billion they lend the US every day.
The stock market will go down, hedge funds will go under. So just contact the 401K people and have them add the T Bill option. It will not cost them anything to do this.

00ps

Wrong post.

Bank Option

Stick to fixed rate bank options. Market volatility will kill your 401K.

Options available

1. Quit company so you can take the penalty and get your fiat dollars to convert into something hedged against currency devaluation. I considered becoming a contractor for my company. Had to weight the cost of losing benefits. Didn't choose this.

2. Move into a fund that is better protected against stocks/currency volitility

3. Loan yourself money from your own 401K (like someone said above) and invest that fiat money in something better. This is what I ended up doing. Great in many ways. First it gives you back control now to invest/store in no brainer things. Second you get the interest back that you owe yourself. Third your debt to yourself is being monetized as the currency devalues further.

Note of caution: Only do the loan if you are in a state of mind where you consider the penalties / fees no big deal. If you lose your job that loan to yourself comes due within like 60 days or something. If you cannot pay it back you are treated as if you withdrew early from your 401K and thus will have to pay the high fees/taxes. I didn't care since that is what I wanted to do anyway but was precluded from doing so since I still work for the company.

Good luck.

robot999's picture

I have tried

to get out of my 401k for the last week. I was told "As long as you are actively employed with (removed) and under the age of 591/2, you may not elect to close your account and request a distribution of your vested account balance."

They go on to say that all i can do is a "Hardship" withdraw. I'm going to keep fighting, but in my case (yours may differ, although I'm being told its IRS rules) it looks like what we've been told that you can withdraw with a 10% penalty (plus taxes) is not true!!!
Next, I'm going to my lawyer.
This f*****g sucks!
Say YES to Dr. NO

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

back in 1999 when the market

back in 1999 when the market tanked, we cashed in all of our 401ks and paid off our mortgage. paid the taxes and penalties. don't know why they are saying you can't. keep pushing.

________________________________
the lesser of two evils is still evil

Meeting with a Principal

Representative later this week. They are coming to our office. I have experience negative returns this entire year. Any suggestions on how to grill them?

I posted asking about

my mother and father last night convincing them to pull out.

Apparently, VANGUARD is telling them that there is NOTHING that they can do. As long as my father works for that company they can't do anything. They borrowed against it last year and are paying it back but still have a decent sum in it.

They are telling her that unless he quits, he can't touch the money. They just have to watch it dwindle to nothing. It's shameful.

Transfer it all into the 401k money market fund, most have them

Capital preservation, get out of stocks.

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RON PAUL 2012

just make sure it ias TREASURY based fund

or you will probably lose it all...

Is the treasury

even safe anymore? It just seems everything is set up to have a huge domino effect to topple.

This is the same thing

we were told about my husband's 401(k). It makes me so angry. We scrimped by saving 10% of each check to go to 401(k) and have watched it shrink by 12% since Jan. 1st.

Short term cash reserves

Use them. It's what they're there for.

"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition." -- Thomas Jefferson

get out while you can...

take the penalty........

Eastern Oregon is Ron Paul Country!

this is the problem... all

this is the problem... all paper intsruments are NOT liquid... when the masses run for the exits your screwed! just keep trying to contact or go over his head!

Is this the trap i believe it to be

Gold ira's You let them buy and store your bullion ,,What happens when the fed confiscates your gold or silver

You Can "Borrow" It From Yourself Without Quitting

You can apply for a loan from yourself without quitting. You may not be able to take all of it out, but it is one way to take some out and use it elsewhere. You do have to pay it back out of payroll deductions or pay the penalties.

IMissLiberty

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

Thats the question i want to ask this

Account is from a previous employer 100% mine the other is mine also

You can take the 401(k)

from your previous employer and roll it into a traditional IRA (no penalty or taxes this way). I just did this and rolled it to EuroPacific invested in foreign stocks.

it's your money

Call the broker's number and ask for the branch manager. Ask how to accomplish what you want. If that's a dead end, see if there is an 800 number on your statement or in your prospectus to the company that holds/manages your plan.

Actually its NOT your money

as a 401K is a government program, and the money is the government's. If the markets crash, it would be no problem for the government to come out with a new law that all 401K's can only invest in T bills, and early withdrawl carries a 100% early withdrawl tax. 401K's are an emergency fund for the US Government.

----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

How is your 401K money the governments?

Do you have a link? Would like to learn more...

"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition." -- Thomas Jefferson

The Government is indebt

far beyond what we can all pay. And WE THE PEOPLE are subjects of the US Government, per the 14th ammendment. The Government owns EVERYTHING you have, your labor, your investments, every inch of land. Need a link? Read the constitution, read your deed of trust if you've a mortgage, or your deed if you "own" your land lien free. You are a "tenant". At any moment Congress could levy a 100% tax on everything you earn, tax your savings 100% as it is income, previously earned but not FULLY taxed. That 14th ammendment, you know, the one that came right after the slaves were freed that made us ALL subjects of the United States. All money that is created under our system is DEBT. The 14th ammendment requires us to pay the debt of the government. WE owe the government every dollar created, therefore THEY OWN all the money, we own all the DEBT.

Read the 14th ammendment, sections 1, 4, and 5, VERY carefully. You are a subject of the USA, termed "citizen". Every time you sign a tax return, you sign an oath that states "under penalty of perjury" this establishes jurisdiction. Most of us have established jurisdiction in several other ways too.

----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

and its a 2 trillion dollar

and its a 2 trillion dollar emergency fund.. executive orders on the books allow the president to convert the money in these funds to 30 year government bonds! don't believe me folks, look it up... great post txredneck!

all that is true

however, for now, it IS his money and he has access to it if he does it diligently and properly.

Of course

He won't return your calls, because he's got another 100 callers asking him the same thing, his boss probably just advised him to "ignore" those calls.

=======
RON PAUL 2012

I doubt it

I manage hundreds of family investment accounts and not one, nobody has asked me to liquidate or cash out. I have had a dozen calls over the past couple of months from clients looking for buying opportunities as the market has fallen. He's probably procrastinating because account liquidation is not what he wants to hear or act upon.

Here at DP there are some wacky prognosticators peddling their beliefs - very be careful with what you do with your life savings. Much of what is being touted is irreversible.

Good for you!

So glad to hear a sensible response. I hate to see people come here for financial advice...no offense to the others, but really, would you take financial advice from someone whose real name you don't even know?

"Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition." -- Thomas Jefferson

In most 401K(s), you can shift the target of your

fund's assets, at least your portion of the fund(s). In that case, I would find some funds that are primarily invested in hard assets and harder currencies (swiss franc for instance).

_________________________________________
"An economy built on fiat money is a society on its way to ashes."

bump

thanks in advance