Odds of me seeing my 401k

[fattboyzz]

Don't worry bout it....the govt will feed ya.

They be da mazza now

 

[Bushwick100]

My wife and I started our in 1990 through Vanguard , after the housing market crash in 2007, I took a beating. I told my wife, if our 401k, get 's over $200k, I'm taking everything over $200k else out. Well, under Trump it made it over. Paid my State n Federal taxes , it took my wife to a few vacations all 1st class. I'm like why ,I'm I leaving money to my selfish ass kids. My wife is like are we using anymore money against n, I told her under Joe Biden we won't make any money.

 

[yardboss1]

You will see some money in your 401k

The only issue with 401k retirement plans and companies that offer them is that they are defined contribution plans. The preferred retirement plans are a defined benefit plan your parents and a few Boomers currently enjoy but they are almost obsolete. Retire with one million dollars in your 401k account then you are a millionaire. If the market crashes and the values drops to $ 10,000 when you retire....oh well.

 

[Hayata]

Another thing about 401k is that it is taxed when you withdraw. So if you have "X" amount of money in your 401K, technically you don't because you'll be owing taxes on what you withdraw.

Same thing if you thought you were leaving a bunch of money to your kids in a 401k. Uncle Sugah gone take his before your kids get theirs'.

 

[dcline9163]

Another thing about 401k is that it is taxed when you withdraw. So if you have "X" amount of money in your 401K, technically you don't because you'll be owing taxes on what you withdraw.

Same thing if you thought you were leaving a bunch of money to your kids in a 401k. Uncle Sugah gone take his before your kids get theirs'.

Key to 401k's are that you're income is low when you retire so that it makes taxes low on the withdrawn 401 k. Mine is all in safe fund, no longer in stocks just monies. Will roll it over soon.

 

[BamaFan]

Like some have stated, the reason for my pessimism is our failing currency and I cant help but see a Cyprus type (but much more aggressive) bail-in coming. Just weighing whether or not to take 10% penalty now vs a possible complete confiscation. Not making any rash decisions. Just mulling it over.

Don't know how much you have but you may want to consider going to a self-directed account. Now is probably not the time to buy real estate but once it cools down you could buy a rental house, commercial property, or land using your retirement accounts. It's not impossible for the government to take your property but it can be a lot harder than taking your stocks or cash. There are very specific rules for self-directed accounts and you don't want to run afoul of them but they are not hard to follow. The spirit of the rule(s) is you can't buy something that benefits you today as it's supposed to be your retirement money (i.e., no coins, wine, collectible cars, art, etc.) and you can't self-deal like buying/selling to yourself, your kids, etc. I have used self directed IRA, 401K, Health Savings Account, and even Coverdell accounts for years with good success.

 

[IMDB]

I will retire next year Sept or Oct. I haven't looked at my company retirement or 401k in a while because of the ups and downs we've had in last couple of years, too stressful. I do know that the socialist democrats want the 401s and retirement funds really bad, it's why they are spending so much money right now with the excuse later that they have take control of the retirement funds to make it equal for everybody and buy more votes. That's why hr1 is so important to them.
I will continue to make plans for a decent retirement, but I have my doubts.

 

[optimist]

You have a better chance of seeing your own money than getting whatever scraps that Social Security might return to you (Remember both you and your employer were forced to pay into the system and if you die before retirement you forfeit it all).

There may be means testing in 10-15 years as SS becomes insolvent meaning if you were responsible and saved the government will decide you were "lucky" and don't need your confiscated money back.

The main thing is to stay the course and add as much as you can, every raise increase your contributions. Don't treat the 401k as a piggy bank and take loans or a hardship withdrawal (Normal tax and 10% penalty)

Never panic! When the market tanks like in 2008 think of it as a fire sale! Your money is buying more shares! Can't tell you how many employees try to catch a falling knife and sell low and jump back in and buy high when the market corrects. Dollar cost averaging and compound interest is your friend.

Got my ass kicked after planning for years in 2008 with Wall Street an my employment.I don't participate any more I just buy gold an silver.

 

[yardboss1]

That's why hr1 is so important to them.

My understanding is HR1 is a voting rights bill. How do you connect this to 401k's ?

 

[Spikey]

10%
It is clear that every economy is crashing worldwide with governments helping the collapse.
The cash you put in has already made corporations, namely Vanguard, a good profit on investing and you won't see a dime. They will keep that too.

If the govt doesn’t take it to keep it afloat. Already talk of doing that .