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re: Are retirement funds going to eventually be Cyprus'ed?
Posted on 5/13/13 at 5:50 pm to Cold Cous Cous
Posted on 5/13/13 at 5:50 pm to Cold Cous Cous
quote:
I'm curious to know what is your understanding of what, exactly, happened in Cyprus, and why?
My understanding is that in order for the Bank of Cyprus to get bailed out by the EU the depositors above the "insured" threshold had to essentially fund part of the bailout. I'm assuming the bank was insolvent because their assets base was primarily in quasi defaulted Greek bonds and god only knows how leveraged those feeble asserts were. Unfortunately, those really in the know had advanced warning and were able to get their funds out prior to the bank holiday.
I used the term loosely for an action where a higher authority decides overnight that they need your money.
This post was edited on 5/13/13 at 5:58 pm
1
Posted on 5/13/13 at 5:52 pm to lsu13lsu
quote:
Do not take your funds out for rental property purposes. Look into a Self-Directed IRA.
I have..but I still see that as an asset within the system. Worse yet, if there's some type of taxing event it would be hard to pull liquidity out of real estate to pay the man.
quote:
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.
Exactly...also even rent at 50% of what you would like is still a positive return if you own them free and clear. My real fear is property taxes would become an issue.
This post was edited on 5/13/13 at 5:57 pm
Posted on 5/13/13 at 8:49 pm to SquatchDawg
Look man, if you want to start funneling new money into some alternative investments then that is fine.
But unless you're Mitt Romney with then $100 million IRA then don't freak out and take a 10% haircut just to rush into the incredibly crowded trade that is "rental slumlord"
But unless you're Mitt Romney with then $100 million IRA then don't freak out and take a 10% haircut just to rush into the incredibly crowded trade that is "rental slumlord"
Posted on 5/14/13 at 10:36 am to SquatchDawg
Gotcha. The reason I asked is because certain conspiracy theorist types seem to believe the Cyprus gov't seized the funds because their deficit was too high, and that this is a likely course for the US gov't to take in the future.
As to your specific question, I would think of it this way. Assuming there truly is some kind of runaway government funding crisis, what do you believe is more likely: (a) seizure of IRAs, or (b) increased property taxes.
As to your specific question, I would think of it this way. Assuming there truly is some kind of runaway government funding crisis, what do you believe is more likely: (a) seizure of IRAs, or (b) increased property taxes.
Posted on 5/14/13 at 11:35 am to Cold Cous Cous
That's an excellent point. Also, I keep coming back to the question of incurring a certain expense for a future uncertainty. I just haven't gotten the tin foil hat on tight enough to justify doing something that drastic.
The self directed IRA is a definite possibility though.
The self directed IRA is a definite possibility though.
Posted on 5/14/13 at 11:48 am to SquatchDawg
Really and truly, we don't have anyone to bail out the US so it is unlikely that there would be that kind of bargain as there was in Cyprus.
In the event the heat comes and they decide to tax IRA's that have already been taxed or just retirement accounts in general, they are more likely to target all asset bases rather than just securities.
In other words, they would likely hit the wealthy across the boards... say a minimum 10% tax on all assets. It would prevent well diversified investors from being able to protect themselves.
Just my opinion. Remember, they are more worried about class warfare than actual economics, heck- a 1% national sales tax dedicated to balancing the budget and deficit reduction would do much more for austerity than raising the tax bracket on top earners by 3%. However, they will never suggest something like this. Politicians prefer to gang up on whoever they can and the more selective the pain is, the more likely they are to get a broad base of support for it.
And lastly, if we really have Armageddon, who is going to protect or respect your personal property rights? That is to say that the government could demand you house people at certain prices etc etc. basically, I wouldn't think anything is safe if it really gets that bad.
In the event the heat comes and they decide to tax IRA's that have already been taxed or just retirement accounts in general, they are more likely to target all asset bases rather than just securities.
In other words, they would likely hit the wealthy across the boards... say a minimum 10% tax on all assets. It would prevent well diversified investors from being able to protect themselves.
Just my opinion. Remember, they are more worried about class warfare than actual economics, heck- a 1% national sales tax dedicated to balancing the budget and deficit reduction would do much more for austerity than raising the tax bracket on top earners by 3%. However, they will never suggest something like this. Politicians prefer to gang up on whoever they can and the more selective the pain is, the more likely they are to get a broad base of support for it.
And lastly, if we really have Armageddon, who is going to protect or respect your personal property rights? That is to say that the government could demand you house people at certain prices etc etc. basically, I wouldn't think anything is safe if it really gets that bad.
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