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05-01-2010, 11:16 AM
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#41
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gone traveling
Join Date: May 2008
Posts: 3,864
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they will have to pry it from my cold, dead hands... 
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05-01-2010, 11:19 AM
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#42
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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 Quote:
Originally Posted by W2R
Ha ha! In your backyard, with the rattlesnakes, scorpions, and prickly pear? No way.
Other than that, I have no reason to keep money anywhere but in the bank. |
My backyard is better than any bank, as nobody would even suspect your stash is there. I will provide photos to show how these coffee cans are securely buried. I have no rattlesnakes nor scorpions, but why would these be bad? They would be cost-free guardians of your treasure! I will even raise some, just for you.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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05-01-2010, 11:53 AM
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#43
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Full time employment: Posting here.
Join Date: Mar 2007
Location: Anchorage
Posts: 731
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No way am I using my backyard as a repository. My next-door neighbor owns a backhoe!
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05-03-2010, 07:58 AM
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#44
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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The government already owns 25% of my 401(k). They are just letting me hold it for now. 
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05-03-2010, 08:34 AM
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#45
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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As of now, same here, but I'm planning on reducing their ownership to 15% when I retire. 
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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05-03-2010, 11:57 AM
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#46
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gone traveling
Join Date: May 2008
Posts: 3,864
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Quote:
Originally Posted by Nords
Why would the govt confiscate 401(k)s when they can just tax the heck out of them?
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Consider the possibility of incremental confiscation- where the taxes on withdrawals exceed the interest earned on the balance.
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05-03-2010, 12:06 PM
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#47
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Austin
Posts: 1,142
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I never worried about outright confiscation, but I did worry about paying higher taxes on my 401(k) upon withdrawal than I would pay in a regular taxable account, so I didn't always max out my 401(k). Typical of me, I waffled back and forth. Hey, during the Bush II years, we were looking at historically low income tax rates and still had very high debt, so higher taxes in the future seemed like a pretty good bet.
So far, it hasn't worked out that way. My 2009 tax rate was ridiculously low.
Still, it is not to late for them to fix that.
__________________
Start by admitting
from cradle to tomb
it isn't that long a stay.
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05-03-2010, 12:09 PM
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#48
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by IndependentlyPoor
I never worried about outright confiscation, but I did worry about paying higher taxes on my 401(k) upon withdrawal than I would pay in a regular taxable account, so I didn't always max out my 401(k). Typical of me, I waffled back and forth. Hey, during the Bush II years, we were looking at historically low income tax rates and still had very high debt, so higher taxes in the future seemed like a pretty good bet.
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There's no way they would ever be so transparent as to do an outright takeaway.
I do fear that at some point, the value of your retirement accounts may be used as one way to means-test Social Security.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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05-03-2010, 12:29 PM
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#49
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Austin
Posts: 1,142
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Quote:
Originally Posted by ziggy29
There's no way they would ever be so transparent as to do an outright takeaway.
I do fear that at some point, the value of your retirement accounts may be used as one way to means-test Social Security.
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Dang. I hadn't though of that. You had to go and ruin my day didn't cha?
__________________
Start by admitting
from cradle to tomb
it isn't that long a stay.
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05-04-2010, 03:05 PM
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#50
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Talk about hiding your stash in the attic  , I just remember that I already posted a story of a man doing just that, and ending up with disastrous results.
You can read about it here.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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05-04-2010, 06:16 PM
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#51
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 291
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I think they would start WW3 indirectly somehow to keep the bond vigilante's away 
Greece is just an experiment to see how much "Austerity" their gonna be able to get away with for now...
__________________
FIRED at 39 in 2008...
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05-04-2010, 10:02 PM
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#52
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,844
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If they confiscated all the 401K money it would only cover the deficit for 2 or 3 years, then what would the government do? And that wouldn't even be any help for state governments.
__________________
But then what do I really know?
https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
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05-04-2010, 11:00 PM
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#53
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by Running_Man
If they confiscated all the 401K money it would only cover the deficit for 2 or 3 years...
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Really! What a sobering fact, that what the citizenry takes a life to save, the government can spend in that short amount of time!
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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