ST Alpha - "Yeah come on Havens, surely you would come out of it financially ahead cashing in in August, suffer the penalties and avoid a large share of the crash -- nm" (Reading a Post)

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In response to "It's crazy to cash out a 401(k) before you retire, because then you get hit with an assload of taxes and penalties" by Mr. Havens

Yeah come on Havens, surely you would come out of it financially ahead cashing in in August, suffer the penalties and avoid a large share of the crash -- nm

Posted by Loyola Nov 13 '08, 09:49

(No message)

Responses:

you wouldn't even need to cash it out, just move it into more stable cash- and bond-based funds - znufrii Nov 13, 09:54 3
- Which I don't want to do. I want to be able to put away several thousand dollars a year in a relatively safe and secure place - Mr. Havens Nov 13, 10:07 2
  - nor I. If anything, for me, now is the time to increase my risk profile. -- nm - znufrii Nov 13, 10:09 1
    - i've actually been putting a few hundred dollars a paycheck into my RSP account the last 6 weeks or so. - Andie - 41 shopping days till X-mas Nov 13, 10:11
No, because I was not retiring in August. I'm not concerned with short-term gains or loses -- nm - Mr. Havens Nov 13, 09:50 9
- It does seem like a vehicle to allow ordinary Americans put away their cash and enact such early withdrawl penalties so as to make any application of - Loyola Nov 13, 09:56 8
  - I think you are thinking a 401(k) is one thing, when it's something completely different - Mr. Havens Nov 13, 10:01
  - You're not tied to the sinking ship here even without invoking the penalties. - Will Hunting Nov 13, 09:58 2
    - Ok thanks. -- nm - Loyola Nov 13, 10:02 1
      - he's, like, the 8th person who has said that to you. -- nm - Andie - 41 shopping days till X-mas Nov 13, 10:05
  - it's a mechanism to encourage people to be able to save for their own retirement, and thus be less of a burden on the government or corporate pensions -- nm - znufrii Nov 13, 09:57 2
    - Just to promote critical thinking, do you think the US government created this scheme out of concern for your financial well being when you reach - Loyola Nov 13, 09:59 1
      - why do you think it's a scheme? (i know here, in Canada, anything i contribute to my RSP (same sort of thing) i don't pay tax on in that year. - Andie - 41 shopping days till X-mas Nov 13, 10:01
  - you do realize this is only for retirement plans? no-one is saying that about other investments? -- nm - Andie - 41 shopping days till X-mas Nov 13, 09:57

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