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I love the guy in the article who took a $100,000 tax hit to move to Switzerland to escape a global nuclear war.....
Actually, there are many people now cashing out their IRAs and 401(k)s because they expect the gubmint to nationalize retirement funds (invest them into US bonds "for our own "protection" from a stock market crash) as they have done in Argentina and Poland (and speaking about, elsewhere). I cashed out my own a few years back. Between that and "bail-ins", looks like a lot of gubmints want a lot of our money. YMMV.
I think some things people should be preparing for is dodging Obamacare and distancing their wealth from banks, IRS and credit cards. All the while maintaining excellent health.
Actually, there are many people now cashing out their IRAs and 401(k)s because they expect the gubmint to nationalize retirement funds (invest them into US bonds "for our own "protection" from a stock market crash) as they have done in Argentina and Poland (and speaking about, elsewhere). I cashed out my own a few years back. Between that and "bail-ins", looks like a lot of gubmints want a lot of our money. YMMV.
Which could easily happen. Who's to stop them? The media is an extension of the government. The majority of people now look to government as the godhead and great provider.
The government can do pretty much whatever it wants. They may get a little flak along the way, but just as with this shutdown fiasco, in the end any opposition caves and they simply sweep the floors (us) any way they see fit. Too bad the anti-trust laws that were enacted to prevent monopolies all those years ago didn't consider that the government itself is the worst of the monopolies. Corporate monopolies exert their control through unfair competitive advantage; government monopolies exert their control through tyranny. I like neither, but prefer the former. Because with the former, I can still say no, in theory, without becoming an outlaw.
Actually, there are many people now cashing out their IRAs and 401(k)s because they expect the gubmint to nationalize retirement funds (invest them into US bonds "for our own "protection" from a stock market crash) as they have done in Argentina and Poland (and speaking about, elsewhere). I cashed out my own a few years back. Between that and "bail-ins", looks like a lot of gubmints want a lot of our money. YMMV.
So, in the process, based on an unproven expectation you took a huge tax hit. In order to not have them take your money, you gave them a large portion of your money. Smart
Actually, there are many people now cashing out their IRAs and 401(k)s because they expect the gubmint to nationalize retirement funds (invest them into US bonds "for our own "protection" from a stock market crash) as they have done in Argentina and Poland (and speaking about, elsewhere). I cashed out my own a few years back. Between that and "bail-ins", looks like a lot of gubmints want a lot of our money. YMMV.
Moving the investment into another asset such as land that can support you is a good idea. I diversified my investments into hard assets as well to prevent the loss of all my savings.
My parents are also in the process of moving money around to avoid the death taxes that will occur when they pass so we aren't saddled with huge tax liabilities for assets that the taxes were already paid for over many years.
With this government you have to protect yourself from them, or you could stand to loose it all.
Which could easily happen. Who's to stop them? The media is an extension of the government. The majority of people now look to government as the godhead and great provider.
The government can do pretty much whatever it wants. They may get a little flak along the way, but just as with this shutdown fiasco, in the end any opposition caves and they simply sweep the floors (us) any way they see fit. Too bad the anti-trust laws that were enacted to prevent monopolies all those years ago didn't consider that the government itself is the worst of the monopolies. Corporate monopolies exert their control through unfair competitive advantage; government monopolies exert their control through tyranny. I like neither, but prefer the former. Because with the former, I can still say no, in theory, without becoming an outlaw.
I agree, and corporate monopolies don't have the force of law and law enfocement on their side to just take what they want, but the government monopoly has the IRS, all kinds of law enforcement, and currently an apparent distain for due process.
So, in the process, based on an unproven expectation you took a huge tax hit. In order to not have them take your money, you gave them a large portion of your money. Smart
No, it was NOT a "huge tax hit." The money was in a Roth IRA, which had already had taxes paid on it. And since I was over age 59 and 1/2, there was no penalty. The cash was used, in part, to purchase our 33-acre Maine retreat acreage. I have distrusted banks and the gubmint since I was a young fellow, when there was apparently no reason for my doing so. Now there is, so I did. Not sorry.
No, it was NOT a "huge tax hit." The money was in a Roth IRA, which had already had taxes paid on it. And since I was over age 59 and 1/2, there was no penalty. The cash was used, in part, to purchase our 33-acre Maine retreat acreage. I have distrusted banks and the gubmint since I was a young fellow, when there was apparently no reason for my doing so. Now there is, so I did. Not sorry.
Well for you that may have worked out (good!). However, giving someone advice to cash out their 401K tomorrow because the government MAY take it, is (sorry to say it) stupid. They face a heavy tax penalty based on something that may be a complete non-issue and most likely will not happen.
No, it was NOT a "huge tax hit." The money was in a Roth IRA, which had already had taxes paid on it. And since I was over age 59 and 1/2, there was no penalty. The cash was used, in part, to purchase our 33-acre Maine retreat acreage. I have distrusted banks and the gubmint since I was a young fellow, when there was apparently no reason for my doing so. Now there is, so I did. Not sorry.
Showed a lot of foresight there Nor'Eastah
Sometimes a little paranoia is a good thing, especially when it leads you to plan for the future so you don't have to depend on a "benevolent" government to honor the laws and protect your assets.
What self sufficiency is all about, making sure your family is taken care of.
Good for you! Too bad others can't or won't learn that lesson.
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