Financial Information
Should everyone pull their money out of retirement funds?
Question : Should everyone pull their money out of retirement funds?
Apparently, the Democrats including Barack Obama, have every intention to put the country so deeply in debt that they can justify seizing 401K and IRA retirement accounts. Should we take the immediate tax consequences by pulling the money out of these funds now so we can at least keep the bulk of it? After all, 60% is better than nothing.
retirement funds
Best answer:
Answer by Wes
No. Only those whom think they stand to lose
I have passingly considered the threat of which you speak. The plan as I have seen it floated would be to exchange our self-directed accounts for shares in accounts managed by the government. It would essentially be personal social security accounts.
The appropriate response long ago should have been to cease paying taxes. By extension, one could withdraw the retirement account funds and simply not pay the taxes on them. I’m afraid that the early withdrawal penalty would be assessed before you got a check.
There is risk in this course. Truthfully, large numbers of people would have to engage in such a tax revolt before we could hope to be safe.
If you think that the government has not right to seize you retirement account, why do you think it has a right to anything else that it seizes?