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Message
Are retirement funds going to eventually be Cyprus'ed?
Posted on 5/12/13 at 9:34 pm
Posted on 5/12/13 at 9:34 pm
I just discovered this Board amongst the bunch and am looking forward to visiting.
To topic, I'm a 40 yr old with a pretty decent amount of retirement in an IRA rollover. The math on federal obligations over the next 20 yrs doesn't work and I personally believe things will be very nasty ...exactly when I'm trying to shore up retirement. Also, there have been comments made in DC about retirement funds being a target.
I've entertained the idea of taking the penalties to get my $$ out of the system and invest in rental units...free and clear. The return actually isn't that bad even considering the penalties and no borrowing is needed.
Am I crazy? Please talk me down....
To topic, I'm a 40 yr old with a pretty decent amount of retirement in an IRA rollover. The math on federal obligations over the next 20 yrs doesn't work and I personally believe things will be very nasty ...exactly when I'm trying to shore up retirement. Also, there have been comments made in DC about retirement funds being a target.
I've entertained the idea of taking the penalties to get my $$ out of the system and invest in rental units...free and clear. The return actually isn't that bad even considering the penalties and no borrowing is needed.
Am I crazy? Please talk me down....
This post was edited on 5/12/13 at 9:36 pm
9
Posted on 5/12/13 at 9:40 pm to SquatchDawg
Bitcoin and Duct tape is your only hope
Posted on 5/12/13 at 9:40 pm to SquatchDawg
Doesn't make sense to pull out of retirement funds until it is starting to heat up even more.
Also remember that the majority of the voting public is more advanced in age and there is no way congress is going to take away and tax their retirement funds.
People would go batshit crazy
Also remember that the majority of the voting public is more advanced in age and there is no way congress is going to take away and tax their retirement funds.
People would go batshit crazy
Posted on 5/12/13 at 9:47 pm to Vols&Shaft83
I doubt the guy in your sig would think the concept of the fed deciding to tax IRA balances for additional revenue was so far fetched. Who do you think the politicians would cater to? The mob or the ridiculously small percentage of people with retirement money?
Posted on 5/12/13 at 9:54 pm to SquatchDawg
Ammo and guns are a solid investment right now. I'd focus on that.
While jestful, its also serious
While jestful, its also serious
Posted on 5/12/13 at 9:57 pm to TigerTatorTots
That portion of my allocation is already overweight 
Posted on 5/12/13 at 9:58 pm to SquatchDawg
Posted on 5/12/13 at 10:03 pm to SquatchDawg
For the love of God don't pay massive penalties on that $ now because of a macro environment hunch you have.
I'll leave it at that.
I'll leave it at that.
Posted on 5/12/13 at 10:22 pm to SquatchDawg
When is seriously gets brought up you can start talking about it but right now it is extremely early to even begin thining about pulling money out.
Posted on 5/12/13 at 10:52 pm to SquatchDawg
quote:
and I personally believe things will be very nasty
Just to add my thoughts. I am of the belief that if financial armageddon is coming then your money isn't going to be safe basically anywhere so you might as well stay the course.
Posted on 5/12/13 at 10:55 pm to jso0003
quote:
macro environment hunch
I get it. Trust me...if I wasn't religiously dedicated to traditional allocation and retirement strategies I wouldn't be where I'm at now.
However, its no secret that medicare, SS and state/federal pension future costs are getting into numbers that are impossible to meet. This isn't macro hunch but rather a mathematical fact.
At what point do we factor this into investment strategies rather than let normalcy bias lull us into thinking past trends will continue forever?
Posted on 5/12/13 at 11:03 pm to Teddy Ruxpin
There's a difference between Armageddon and a paradigm shift in investment strategies. I'm only a generation removed from rational adults who believed in zero debt and not trusting banks.
I'm just starting to become concerned about people who have had their earnings suddenly "disappeared" iI.e. Cyprus and MF Global.
I'm just starting to become concerned about people who have had their earnings suddenly "disappeared" iI.e. Cyprus and MF Global.
Posted on 5/12/13 at 11:21 pm to SquatchDawg
quote:
I'm just starting to become concerned about people who have had their earnings suddenly "disappeared" iI.e. Cyprus and MF Global.
It just sounds like to me the type of scenario you are talking about isn't going to leave much money around for people to rent your houses is all I am saying.
Posted on 5/13/13 at 2:58 am to SquatchDawg
Isn't the threshold being discussed a minimum of $3,000,000 in the 401k plan?
If you have 3 BIG ones, you don't need Money Talk.
If you have 3 BIG ones, you don't need Money Talk.
Posted on 5/13/13 at 10:22 am to SquatchDawg
Do not take your funds out for rental property purposes. Look into a Self-Directed IRA.
Posted on 5/13/13 at 10:45 am to Teddy Ruxpin
quote:
It just sounds like to me the type of scenario you are talking about isn't going to leave much money around for people to rent your houses is all I am saying.
Shelter will always be a basic need. And I guess the thought is, at least he would own some tangible assets as oppose to watching his net worth disappear into thin air.
Posted on 5/13/13 at 2:45 pm to SquatchDawg
I'm curious to know what is your understanding of what, exactly, happened in Cyprus, and why?
Posted on 5/13/13 at 2:57 pm to GenesChin
quote:
Cyprus'ed
quote:
When is seriously gets brought up
Yeah, it's not like the government would declare bank holidays or anything so you couldn't get your money out once you knew it was "serious".
Posted on 5/13/13 at 3:28 pm to SquatchDawg
quote:
Are retirement funds going to eventually be Cyprus'ed?
Unlikely. As bad as the situation is in the USA, it is NOWWHERE near as bad as Cyprus.
For starters, we actually have other industries besides tourism and olive oil. Plus we got the mighty dollar, its in bad shape, but its the most healthy AIDS patient in the AIDS ward.
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