"Boater" wrote in message
...
Eisboch wrote:
"Boater" wrote in message
...
Ahhh 401k's.... Too bad about those.



That's one of the reasons why many people are having trouble being forced
to ante up tax dollars to
save GM and it's union in their current form and contractual
relationships. The "majority" are watching their own retirement
investments tank, and are concerned about their jobs, their families,
their financial stability.


If you are still employed where your 401k is located and operating, is
there a mechanism to withdraw those funds without withholding or tax
penalty, and put them into another sort of tax deferred account, some sort
of IRA, where you have some say over where the funds are invested?
I wouldn't trust "the market" with my retirement funds, but I might trust
a federally insurance bank or banks.


I don't know. I don't have a 401K. I know that they may be "rolled over"
when you change employment, but I don't know how it all works. But that's
not the current problem. The problem is that those *with* 401K type plans
who have been faithfully contributing for their retirement nest egg have
seen the values of their portfolios drop by 20,30 or even 40 percent in the
past few months. Many can no longer afford to retire, let alone help bail
out GM and a union member's generous employment benefits. Again, this
represents the vast *majority* of people, typically working for small
businesses.

Eisboch