witchy1
7th November 2010, 06:30
Hi all, apologies in advance if this has already been covered - and Im sure many of you are already aware. Without being a "Chicken Little" I thought I should share with you what little knowledge I have (from the financial sites / not wall street ones) in an effort to assist Avalonians when pre-empting the pending financial crises - I have this tid-bit to share:
In a nutshell, under the GRA system government would seize private 401(k) accounts (http://www.humanevents.com/article.php?id=36823), setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
It appears precious metals should be brought with the funds. However as one poster at the site explains:
The govt will confiscate your gold and silver and pay you pennies on the dollar for it. Don’t forget, starting next year if you buy 600 or more dollars of gold and silver, a 1099 will be sent to the Feds so they can track your ownership
http://www.shtfplan.com/headline-news/senate-hearing-seizure-of-401k-accounts-may-be-reality-soon_10112010
The funds wont like you withdrawing your funds however the way round this is evidently according to another poster:
"Hardship withdraws are easy to get. Patrick, you have to say you are going to school, or your financial well being will be damaged if you don’t get your money. I got mine. Bought some gold and a fireplace for my house"
The 72-T strategy to avoid the early withdrawal penalty.
If you are still working and pull money out of your 401(k) before 59.5, you will almost certainly pay a 10% early withdrawal penalty plus income taxes on the money that you take out. You might be able to make early withdrawals with the help of IRS rule 72T. Rule 72T, based on life expectancy let’s you schedule fixed income withdrawals for five years or until you reach 59.5, whichever is longer. It let’s you receive six equal payments according to IRS calculations.
IMO - If everyone tries to withdraw, there probably wont be enough physical money for everyone to take it out (So first up best dressed). However when they do get hold of it, there wont be enough for everyone anyway
"The Sh** hits the fan" site above has lots of information that can assist for what may be in front of us all.
In a nutshell, under the GRA system government would seize private 401(k) accounts (http://www.humanevents.com/article.php?id=36823), setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
It appears precious metals should be brought with the funds. However as one poster at the site explains:
The govt will confiscate your gold and silver and pay you pennies on the dollar for it. Don’t forget, starting next year if you buy 600 or more dollars of gold and silver, a 1099 will be sent to the Feds so they can track your ownership
http://www.shtfplan.com/headline-news/senate-hearing-seizure-of-401k-accounts-may-be-reality-soon_10112010
The funds wont like you withdrawing your funds however the way round this is evidently according to another poster:
"Hardship withdraws are easy to get. Patrick, you have to say you are going to school, or your financial well being will be damaged if you don’t get your money. I got mine. Bought some gold and a fireplace for my house"
The 72-T strategy to avoid the early withdrawal penalty.
If you are still working and pull money out of your 401(k) before 59.5, you will almost certainly pay a 10% early withdrawal penalty plus income taxes on the money that you take out. You might be able to make early withdrawals with the help of IRS rule 72T. Rule 72T, based on life expectancy let’s you schedule fixed income withdrawals for five years or until you reach 59.5, whichever is longer. It let’s you receive six equal payments according to IRS calculations.
IMO - If everyone tries to withdraw, there probably wont be enough physical money for everyone to take it out (So first up best dressed). However when they do get hold of it, there wont be enough for everyone anyway
"The Sh** hits the fan" site above has lots of information that can assist for what may be in front of us all.