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Originally Posted by Check Essential
(Post 904013)
You're right... that's disgusting. I sincerely apologize for that right there.
I shall now make amends. :) Here's a Fox News anchor and a cheerleader: http://www.obnoxiousfumes.com/wp-con...0/courtney.jpg http://lh4.ggpht.com/_9n3hp9td5Is/TH...10-08_087a.jpg Carl |
Originally Posted by Michael70776
(Post 904011)
As long as you pay the penalties, the IRS doesn't care if you withdraw the money from a 401k or an IRA.
Also, Don't be surprised if someone tries to come after the Roth IRA money someday. We're running out of things to tax. |
Originally Posted by Carl Spackler
(Post 904096)
It's gonna be great! I don't get many guests:
http://2.bp.blogspot.com/_bwAFktrNdN...400/cs_305.jpg I'm still working on the place. I got a lot of things on order...credit problems you know. Carl |
Originally Posted by Carl Spackler
(Post 904103)
There's no way I can have an open bar. Ferd's coming!
Carl But Carl.............the bad news is, I have time to recover Consider this my RSVP...........Ferd's in for Carl's party. Ferd PS Buzz, I got my invite.............get back on the grid, you hermit, so the black helicopters with Carl's invitation can find ya:D http://www.pedestrian.tv/uploads/ima...b143b/lost.jpg PPS I'm giving my LAX Capt the Asia tour (first time on Saipan). His homework assignment is "Lost in Translation"! |
Originally Posted by Michael70776
(Post 904011)
As long as you pay the penalties, the IRS doesn't care if you withdraw the money from a 401k or an IRA.
Originally Posted by Pineapple Guy
(Post 904015)
Nice try..... but still wrong.
You do take a 10% hit and you have to pay the taxes on it but otherwise you can do it.
Originally Posted by Michael70776
(Post 904027)
My money. The very fact that members of congress have discussed, however briefly, confiscating 401k money scares the hell out of me.
Originally Posted by Xray678
(Post 904058)
Hmm, maybe you also think Obama is not a US citizen?
Keep an eye out for black helicopters! First, December 07, 2001|From Bloomberg News, BUENOS AIRES — Argentina, which is defaulting on its debts, said it will seize $2.3 billion of retirement savings by forcing private pension funds to transfer the money to a state bank in exchange for Treasury bills. Second, http://edlabor.house.gov/testimony/2...hilarducci.pdf Okay, so if House testimony is boring, then see 3: Third, an article that helps summarize: House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should." Source: Would Obama, Dems Kill 401(k) Plans? - Capital Commerce (usnews.com) So it's not from left field, well it is, but actually it might be left of left field and people's problem was that she was invited and the idea entertained by George Miller for the purpose of generating tax income. Talk about killing the golden goose.
Originally Posted by Carl Spackler
(Post 904106)
Ah yes. Courtney is my favorite too. She knows what's important in the news:
Carl http://i938.photobucket.com/albums/a...g?t=1290262863 |
Originally Posted by TOGA LK
(Post 903863)
ALPA National
This^^^^ Oh YES!!! This^^^^^^^ That is THE best post EVER on L&G |
Originally Posted by GunshipGuy
(Post 904088)
Oh, Xray, you're so clever! You're right, what a stupid and baseless comment from Michael...why he just made that up. I mean, from your post it appears it's an idea that's never seen the light of day in Congress.
Errrrrrr..... http://www.investmentnews.com/article/20081007/REG/810079894 With savings rates going down, “what do we have to start to think about in Congress of whether or not we want to continue and invest that $80 billion for a policy that is not generating what we … say it should?” Mr. Miller said. Congress should let workers trade their 401(k) assets for guaranteed retirement accounts made up of government bonds, suggested Teresa Ghilarducci, an economics professor at The New School for Social Research in New York. When workers collected Social Security, the guaranteed retirement account would pay an inflation-adjusted annuity under her plan. “The way the government now encourages 401(k) plans is to spend $80 billion in tax breaks,” which goes to the highest-income earners, Ms. Ghilarducci said. That simply results in transferring money from taxed savings accounts to untaxed accounts, she said. “If we implement automatic [individual retirement accounts] or if we expand the 401(k) system, all we’re doing is adding to this inefficiency,” Ms. Ghilarducci said. Targeting Your 401(k) - WSJ.com The main liberal objection to 401(k)s seems to be that they let average Americans control their own investment decisions for retirement. As Shlomo Benartzi, a professor at UCLA's Anderson business school, told Mr. Miller's committee, "Individuals have a tendency to buy at the peak, and then panic when the markets drop and sell at the bottom." Better to have the government do this instead. |
Originally Posted by Carl Spackler
(Post 904096)
It's gonna be great! I don't get many guests:
http://2.bp.blogspot.com/_bwAFktrNdN...400/cs_305.jpg I'm still working on the place. I got a lot of things on order...credit problems you know. Carl |
Originally Posted by forgot to bid
(Post 904134)
You most certainly can close a 401K and cash it out.
You do take a 10% hit and you have to pay the taxes on it but otherwise you can do it. |
Originally Posted by Pineapple Guy
(Post 904140)
Wanna bet?
Want me to tell you how I did it this past summer? $2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day. I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500. My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses. It's a 10% penalty and they withhold taxes on it. |
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