"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.

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.

"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

Eisboch wrote:
"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



I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.

"Boater" wrote in message
...


I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.


That's a question asked everyday on the various financial planning TV and
radio talk shows.
Without exception, all the "experts" advise people to leave their
investments alone.
They sometimes recommend shifting to less risky, lower yield type
investments, but they all say *DO NOT* take your money out.

I don't know. I keep mine in a hidden mattress.

Eisboch

Eisboch wrote:
"Boater" wrote in message
...
I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.


That's a question asked everyday on the various financial planning TV and
radio talk shows.
Without exception, all the "experts" advise people to leave their
investments alone.
They sometimes recommend shifting to less risky, lower yield type
investments, but they all say *DO NOT* take your money out.

I don't know. I keep mine in a hidden mattress.

Eisboch




You do that, too?

"Eisboch" wrote in message
...

"Boater" wrote in message
...


I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.


That's a question asked everyday on the various financial planning TV and
radio talk shows.
Without exception, all the "experts" advise people to leave their
investments alone.
They sometimes recommend shifting to less risky, lower yield type
investments, but they all say *DO NOT* take your money out.

I don't know. I keep mine in a hidden mattress.

Eisboch


Being a somewhat cynical person, I wonder whos' best interests those
financial people are looking after...the poor sap who sees his investment
shrinking with every monthy report...or the system they've set up with their
rich fee structure.

Don White wrote:
"Eisboch" wrote in message
...
"Boater" wrote in message
...
I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.

That's a question asked everyday on the various financial planning TV and
radio talk shows.
Without exception, all the "experts" advise people to leave their
investments alone.
They sometimes recommend shifting to less risky, lower yield type
investments, but they all say *DO NOT* take your money out.

I don't know. I keep mine in a hidden mattress.

Eisboch


Being a somewhat cynical person, I wonder whos' best interests those
financial people are looking after...the poor sap who sees his investment
shrinking with every monthy report...or the system they've set up with their
rich fee structure.




Gee, that's a toughie! :)

Fee's'R'Us.

Same sort of advice you'll get from "financial advisers" who sell
product. They're going to sell you the products that generate fees for
them.

"Boater" wrote in message
...
Eisboch wrote:
"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

I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.

You know congress isn't going to bail out peoples 401k plan, but GM &
Chrysler is OK.

This smacks of Venezuela corruption. Chrysler for example, bought by
Cerberus, stripped out the cash and good parts, repackages the turkey and
congress bails it out at tax payers expense. And which bank was it that got
loan money and then went and bought a Spanish bank?

Americans should be protesting. Sounds like voters no longer mater a damn.

On Mon, 08 Dec 2008 09:10:55 -0500, Boater
wrote:

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.

Some 401k plans allow for a portion to be rolled out into a qualified
plan - which means no taxes/penalties - after certain age/employment
requirements are met. They vary widely, but I'd venture to say most
require you leave employment.
This is how the stock market got so inflated - you lock in as many of
the Ponzi captives as you can.
Any equity trading IRA will have no guarantees, but there are FDIC
insured IRA CD's. That's what I put my retirement money in when I got
a portion out before retirement, then all after retirement.
I immediately tripled my returns in the free market.
In the captive 401k my only "safe" option was the money market fund
which offered littler return.
BTW, one of the first financial bailout actions by the feds was to
guarantee 401k money market funds at 1.00 par value.
Money markets can go negative. If they did there would be no safe
haven in 401k's and that would have been a *real* disaster.
I think Obama's team - maybe Clinton's - mentioned allowing
non-penalized withdrawals from 401k's as an option for those facing
mortgage foreclosure, and Wall Street had a **** fit at the
suggestion.

--Vic