You're Opinions On 401s, IRAs

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Blaine
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You're Opinions On 401s, IRAs

Post by Blaine »

I have a 401K with my ex-job, and it can stay there as long as I want, as far as I know. It's doing pretty good there (about 12% for the year) I'll probably so some research and roll it over into my own fund of some sort. Now, if the Market starts diving again, what would a reasonably safe place be for it? MicroSoft? I'm seriously thinking of splitting it up between MicroSoft, and Apple...how could you go wrong?
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Re: You're Opinions On 401s, IRAs

Post by walks with gun »

Don't know nuthin about 401K's but winchester marketed a nice little 401win. many years ago, as for the IRA you don't hear too much about them anymore, pretty peacefull in Ireland now. Hope this helps
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Re: You're Opinions On 401s, IRAs

Post by harry »

Apple closed at 675 a share yesterday, so unless you have a wad of cash I don't think it would do you much good. Buy stock in a Natural Gas company.
They have 5 or 6 coal fired power plant that will convert to NG soon, and several more in the future. When we get the demand in the winter combined with the new power plants NG will be over 6.00 (its at 2.80 or so right now). The company I work for gained 30.00 a share in 5 years and it split this summer. Just looked it up 8/07 to 8/12 up 88.08%
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Re: You're Opinions On 401s, IRAs

Post by jeepnik »

Blaine, I found out a long time ago that this sort of thing really is best left to experts. Try and find a Certified Financial Planner. The money will be well spent.
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Re: You're Opinions On 401s, IRAs

Post by tman »

401K's accounted for the greatest transfer of wealth from the lower middleclass to the 1/10 of the uber rich 1% :cry:
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Re: You're Opinions On 401s, IRAs

Post by tman »

401 WCF about the same as the .375WCF.
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Re: You're Opinions On 401s, IRAs

Post by Old Ironsights »

Get Out. ASAP.

Convert whatever you can to hard assets. Land, Mineral Rights, Gold, Silver, Lead, Freeze-dried food, whatever.

It won't be long before "retirement accounts" of whatever type are "nationalized"....
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Re: You're Opinions On 401s, IRAs

Post by natedontgo »

There was no shortage of financial planners putting their clients $ into Microsoft stock at or near the all time highs in 1999-2000. If not bailed yet,those people are still needing a double from todays close to get out even !! At some point down the road Apple's shareholders will likely see similiar misery.. A 50/50 allocation to these two "growth"stocks doesn't compute for retiement assets...But Microsofts current yield is more than one can collect from Investmet grade bonds unless one is willing to hold relatively long term bonds... That Govenment that's going to "nationilize" your IRA's and 401K"s would ,I suppose ,never think of taxing you off your land,or grabbing any returns from your mineral rights..There are ,no doubt,some stocks that can be bought for good effect at todays prices. Few,if any ,of those,are being promoted by the touts on either the buy or sell side of the investment industry.Nate
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Re: You're Opinions On 401s, IRAs

Post by Old Ironsights »

Well, all true, but look at it this way:

When the .gov natonalizes your fiat dollars into their fiat system, those "saved" dollars will just disappear. When the System finally collapses all of your fiat dollars go with it.

If you own real property/hard currency, they can only extort protection money from you until THEY collapse.

What is real is yours. Fiat money isn't real and goes away when the declaratory agency disappears...
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Re: You're Opinions On 401s, IRAs

Post by jshinal »

You are usually limited in how you can invest your 401k monies into 'hard' assets like silver or gold bullion in a depository. However you can spread your investments into other markets beside just the US and Europe. Depending on how long you have to retirement, you may still want to keep most of it in stock funds. I agree a Financial Planner can be very helpful. If you are a member of a credit union, they often offer 401k assistance as part of their member services. There are good online tools available. Your insurance agent may be a financial planner also.

I would not advise putting much of it into a single stock or two. Having it in funds that are invested in larger corporations (called large capitalization) tends to be more stable. Also bear in mind who will be cashing out retirement funds ahead of you - I don't want to be selling the same stuff the baby boomers are unloading.
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Re: You're Opinions On 401s, IRAs

Post by Old Ironsights »

My point was to get out of 401Ks all together.

They are only "tax free" for a while, and are subject to financial skulduggery.

Cash it in, take the tax hit and buy silver... or gold... or dirt. Anything that has real value.

Anything that isn't based upon .gov electronic/fiat manipulation.
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Re: You're Opinions On 401s, IRAs

Post by Blaine »

Old Ironsights wrote:My point was to get out of 401Ks all together.

They are only "tax free" for a while, and are subject to financial skulduggery.

Cash it in, take the tax hit and buy silver... or gold... or dirt. Anything that has real value.

Anything that isn't based upon .gov electronic/fiat manipulation.
When (I hope :roll: ) R&R are elected, I, and most other finance wonks, expect a huge market expansion for awhile. I am not doing anything until next year. Even with Ohbummer, I've studied the prospectuses, and chosen wisely.
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Re: You're Opinions On 401s, IRAs

Post by Idahoser »

inflation is a hidden tax. anything denominated in currency loses faster than it gains (even in a good economy).

There is simply no way EVERYBODY can make money in a casino, and that's exactly what stock markets are.

Our grandparents did not invest, they saved. Those dollar bills in the mattress were backed by money, so inflation was not the problem. Today, to get that effect, bypass the dollar and save what it used to be backed with.

if you don't hold it, you don't own it.
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Re: You're Opinions On 401s, IRAs

Post by bdhold »

roll the 401k into a good mutual fund to get it away from your former employer and you won't take a hit.
It was a great investment when he was contributing to it, but now you could look at it as padding his capital at your risk.

My American Funds earned 7% last year, which I was delighted with.
But with yours earning 12%, I would certainly leave it there.

I you're planning to retire soon, rolling it into an IRA CD even at low interest rate might be the safest (and still no hit).
Mutual funds typically take a buy-in fee hit over the first 3-5 years before you get full return.

Ditto on the financial planner advise. He makes money by earning you money.
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Re: You're Opinions On 401s, IRAs

Post by Blaine »

bulldog1935 wrote:roll the 401k into a good mutual fund to get it away from your former employer and you won't take a hit.
It was a great investment when he was contributing to it, but now you could look at it as padding his capital at your risk.

My American Funds earned 7% last year, which I was delighted with.
But with yours earning 12%, I would certainly leave it there.

I you're planning to retire soon, rolling it into an IRA CD even at low interest rate might be the safest (and still no hit).
Mutual funds typically take a buy-in fee hit over the first 3-5 years before you get full return.

Ditto on the financial planner advise. He makes money by earning you money.
I can look at trends, and prospectuses, and generally do pretty good. Boy, CDs don't pay stuff anymore, do they?
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Re: You're Opinions On 401s, IRAs

Post by Tycer »

Idahoser wrote:inflation is a hidden tax. anything denominated in currency loses faster than it gains (even in a good economy).

There is simply no way EVERYBODY can make money in a casino, and that's exactly what stock markets are.

Our grandparents did not invest, they saved. Those dollar bills in the mattress were backed by money, so inflation was not the problem. Today, to get that effect, bypass the dollar and save what it used to be backed with.

if you don't hold it, you don't own it.
Amen brother. at least 5% and more like 20% in a balanced portfolio. For a guy still in the markets, a chunk physical, a chunk PHYS, a chunk in GG or GORO, a third in cash or cash equivalents, and a third in dividend paying....
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Re: You're Opinions On 401s, IRAs

Post by GonnePhishin »

Old Ironsides : Get Out. ASAP.

Convert whatever you can to hard assets. Land, Mineral Rights, Gold, Silver, Lead, Freeze-dried food, whatever.

It won't be long before "retirement accounts" of whatever type are "nationalized"
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Re: You're Opinions On 401s, IRAs

Post by stretch »

Old Ironsides : Get Out. ASAP.

Convert whatever you can to hard assets. Land, Mineral Rights, Gold, Silver, Lead, Freeze-dried food, whatever.

It won't be long before "retirement accounts" of whatever type are "nationalized"
tman: 401K's accounted for the greatest transfer of wealth from the lower middleclass to the 1/10 of the uber rich 1%
The stock market is for big fish. Big fish eat little fish.

The big banks and the uber-rich are the ones making money in the stock market.
Note that they don't have to follow all of the same rules as "the little people" with
their 401K and IRA accounts. Note again who's making the big money.

-Stretch
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Re: You're Opinions On 401s, IRAs

Post by Bill in Oregon »

Blaine, I have mine in an IRA with Edward Jones. There have been some serious ups and downs the last couple of years, but I keep ending up in the "up" category. Now here's my secret strategy: in one month, I will be 59 1/2, and can withdraw without penalty. Sometime in late September, I will "invest" in a double rifle and scratch an item off my bucket list ...

:D
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Re: You're Opinions On 401s, IRAs

Post by Blaine »

Bill in Oregon wrote:Blaine, I have mine in an IRA with Edward Jones. There have been some serious ups and downs the last couple of years, but I keep ending up in the "up" category. Now here's my secret strategy: in one month, I will be 59 1/2, and can withdraw without penalty. Sometime in late September, I will "invest" in a double rifle and scratch an item off my bucket list ...

:D
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Re: You're Opinions On 401s, IRAs

Post by Booger Bill »

I probley should be the last to post on this subject. I am a gambler. I made a lot of money in my career as I had a well paying job for what I did, had a good union, never was laid off and the biggest factor was I worked every drop of overtime and all hollidays.
Honest, I am sure my 35 year average was between 65 to 70 hours a week! I had NO life! My pattern was to work maybe two months without a day off and then go on a 3 day blow out to vegas or reno for many years. After a short marrage I went through a exspendsive divorice and what I thought was a high child support. After child support I had to work 45 hours a week before any more hours just to eat! I never had over two holidays off in my 35 years as it paid triple time.
The ONLY thing I did right was to take full advantage of my 401K. I was in risky stuff and some of it paid off big time. At some point I looked at my situation. I was in my late 50s and haveing to work 60 hours to eat, yet I had what LOOKED to me, a fortune in the 401K! I retired the end of january 2000. I was almost 59 years old. 3 months later, march of 2,000, the stock market dumped. The way I remember it, I lost about 250 K, or about half of my retirement!
On top of that I got married again when I thought I never would. I married a destitute woman 17 years younger than me. My 401K has kind of been like the dogpatch ham that lil` abner kept eating and it would always grow back as he ate it. Remember that sunday comic cartoon? We aint rich but get by okay.
Had I not fully funded that 401K I would still be a lockheed guard working 70 hours a week at 71 years old! (If available)
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Re: You're Opinions On 401s, IRAs

Post by Mike D. »

My 401K is fairly large and now with Wells Fargo Advisers. Flopped my 401 from work when I retired in '04. Early inception ING funds guarantee 11%, so growing strong. No losses to speak of during Obummer's recession. :)
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Re: You're Opinions On 401s, IRAs

Post by JB »

BlaineG wrote:...what would a reasonably safe place be for it?
"Safe" has different meaning to everyone. A lot depends upon your age, how soon you'll need the money, will you be relying on this for the majority of your retirement or are we talking just a small portion, your personal adversity to risk, and several other factors. Not knowing the answers to these questions, I'd say a nice low fee mutual fund(s) IRA will be good bet. The type of fund, as in: bond, stock, blend, etc., depends upon your situation. I sure wouldn't put the majority of my retirement saving into any one company stock.
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Re: You're Opinions On 401s, IRAs

Post by Idahoser »

Mike D. wrote:My 401K is fairly large and now with Wells Fargo Advisers. Flopped my 401 from work when I retired in '04. Early inception ING funds guarantee 11%, so growing strong. No losses to speak of during Obummer's recession. :)
so basically you're keeping up with inflation.

For now.
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Re: You're Opinions On 401s, IRAs

Post by Old Ironsights »

401k plan of attack:
Posted by Ann Barnhardt - August 3, AD 2012 7:26 PM MST


1. STOP MAKING CONTRIBUTIONS if you haven't already.

2. Liquidate it. Pay the "penalty". Would you rather pay a penalty or have it all stolen? Or possibly replaced with a "government savings account" comprised of Treasury paper which will probably default or be confiscated long before you are ever allowed to "tap it", and will NOT be able to be passed to your heirs should you croak, but will instead be resorbed back into the collective? Oh, and don't bother whining to me about the "tax consequences". Paying income taxes to this satanic baby-killing Christ-hating government is now, absolutely MORTAL SIN. Why, why, why would you pay taxes?

3. If you can't liquidate it, take out a loan on the balance. Take out the maximum possible loan, and then set up the repayment schedule on the longest possible term.

Now, let's talk about all of you out there who are not permitted by your employer to liquidate your 401k. That decision rests with the PLAN ADMINISTRATOR, who is your employer, be it an individual or a board.

What kind soulless, psychopathic monster would refuse to let their own employees have access to their own money? What POSSIBLE reason could there be for a business owner or a board to refuse to fill out a few forms, sign at a few documents and just let people have their own money?

If your employer will not let you out of your 401k, you need to sit down and think long and hard about who you are working for, and why you are working for them, because they are, by definition, bad people.

Finally, what lesson can we learn from this? How about this: If you don't have access to something, if you cannot take physical possession of it, if all you have is someone telling you that they are taking care of your money, which you cannot touch or have access to - THEN IT ISN'T YOUR MONEY, AND IT NEVER WAS. In short, you have been conned.

If your employer won't let you liquidate your 401k, that means that your employer has CONNED YOU by telling you that they were paying you a wage of X, when in reality it was less than X by the amount of your 401k contribution amount. Go sit down and figure it out. Back out your 401K contributions off the top of your pay as if they never existed. THAT is your actual wage, if your employer refuses to let you out. Would you have ever agreed to work for that wage?

For those of you who come out on the other side of this collapse and war, you must always remember that if an asset is not FULLY liquid and available to you, then it isn't really yours at all, and you have to assume that all such arrangements are nefarious and must be rejected.

The 401k Confiscation: The Ghilarducci Plan Part 1


PREFACE: I originally posted this on May 6, 2010. Just for giggles, I looked up the gold and silver markets on May 6, 2010.

Gold: $1170 per ounce 5/6/2010, $1603 yesterday
Silver: $17.59 per ounce 5/6/2010, $27.78 yesterday

Just sayin'.

Let's start with citations first.

Teresa Ghilarducci's EPI Briefing Paper http://www.gpn.org/bp204/bp204.pdf

Copy and paste this URL into your browser for the HumanEvents.com article:

http://www.humanevents.com/article.php?id=36823

Where to begin, where to begin. Well, a long time ago an angel named Lucifer decided that he was going to rebel against God . . .

That might be a little too much back story, but you get the drift. Let's fast forward to November 20, 2007. The "Economic Policy Institute Agenda For Shared Prosperity" (which holds the dubious honor of having the most thoroughly COMMUNIST NAME IN THE HISTORY OF THE UNIVERSE) published its Briefing Paper #204, authored by flaming Marxist Teresa Ghilarducci.

Teresa is a member of the faculty at The New School in New York City, which is a Socialist University. Now, you might say, "Ann, ALL universities in this country could rightly be called "socialist" nowadays". True dat. But the New School makes Berkeley and Columbia look like Oral Roberts University and BYU by comparison. No, the New School is LITERALLY a socialist university. It was originally called the "University in Exile" and was begun by a bunch of Neo Marxist scholars who were thrown out of fascist Italy and Nazi Germany in the early 1930s. Yeah. Remember my post about how Marxists purge intellectuals? But the other, somewhat humourous angle is that these guys were such extreme Marxists that they made Hitler and Mussolini UNCOMFORTABLE. Wowzer. So, they emigrated to NYC, where they would Fit. Right. In. Dude.

So, Teresa is now a big wig at the "Too Freaky For Mussolini" (that kinda rhymes) New School. She writes this paper called "GUARANTEED RETIREMENT ACCOUNTS: Toward Retirement Income Security". That's the hotlink above. Nutshell? Federal government siezes all 401(k)s and IRAs and replaces them with US Treasury Bonds. In other words, you would be FORCED to effectively loan all of your retirement accounts to the government, and continue loaning 5% of your income to the regime MANDATORILY. This would now be called a GRA, or Government Retirement Account, administered by the Social Security administration. Your "contributions" to your GRA would be automatically deducted from your paycheck, just like SocSec. Participation would be mandatory, but in the purely voluntary sense of the word, you understand. (I haven't found the muslim exemption yet, but I'm sure they'll write that into the final bill. The government employee exemption is already there on page 17 of Teresa's paper.) You would not be able to tap your contributions under any circumstances. No early withdrawal, no loans. When you die, only a tiny fraction of your GRA balance would go to your heirs, and even then, it would be transferred into THEIR GRA accounts, which they could then not touch until retirement.

But the real point of this can be found on the top right of page 12 under the header "Why not simply expand Social Security?"

"If subsidies for 401(k) style plans and IRAs can be reallocated to Guaranteed Retirement Accounts, why not use this money to shore up and expand Social Security? This is certainly an option."

This is an admission that there is no "lockbox" in effect on the GRA money, and it would be a FLIPPING FREE FOR ALL. The 401(k) and IRA assets in the United States are currently pegged at over SIX TRILLION DOLLARS. The Obama regime would instantly "borrow" against that money and burn through it in the blink of an eye in the Ponzi Scheme method of SocSec. It is widely thought that the first group to be bailed out by GRA siezure money would be . . . wait for it, wait for it . . . unions. SEIU is massively underfunded on its retirement obligations. So, yes, the Obama regime would sieze YOUR retirement money and redistribute it to Andy Stern and the kids over at the SEIU to bail their corrupt, lying, cheating, scheming, communist butts out. No wonder Andy Stern is the most frequent visitor to the White House. Well, that is if you don't count Markus, who gets "that really smooth coke from Costa Rica". I'm talking "official" visitors, here.

Teresa recently was called before Congress to give testimony about her paper and this plan.

Vice President Joe Biden is on record floating this idea as recently as February 2010 in his "Middle Class Report". To be more accurate, Biden was told to "read these words that are written on this card, and if you read them real good, you can have an ice cream sammich!" At the same time, the Obama regime officially requested that the Departments of Labor and Treasury gather information on this scheme. This is all cited in the HumanEvents.com link above.

Finally, House Republican Leader John Boehner sent a letter on Monday night to Secretaries Solis (Department of Labor) and Geithner (Department of Treasury and Department of Needs to be Taken Out Back Behind The Woodshed and Have That Smirk Smacked Off His Lying Punk Face) saying, in essence, "back the (censored) off".

The bill for this is already being written, and TRUST that it isn't being written by anyone ACTUALLY in Congress. No, it is being written by flaming Communist Teresa Ghilarducci and her orcs over at The New School (too Freaky for Mussolini).

The regime, in the spirit of "never letting a good crisis go to waste" will use today's market action and any subsequent European defaults as the crisis]excuse to push this through in the same illegal reconciliation method as they used to push through ObamaCare. Afterall, the mean old stock market is just too risky. Mamma Obama has to protect all of you helpless, stupid economic units ahem I mean "workers", right?

My advice? Simple. GET YOUR MONEY OUT, OUT, OUT OF 401(K)s and IRAs NOW. Take the penalty. Pay the tax. Whatever. Just get your money home. Because if the regime gets its hands on it, YOU WILL NEVER SEE A SINGLE PENNY OF IT AGAIN. It will be gone forever. I have actually been preaching this for over a year now, but since I have lots of new readers, you need to hear this. I am dead serious when I say that the safest place for your wealth right now is in gold and silver coins buried in a mayonnaise jar in your back yard. DEAD SERIOUS. No joke. No funny ha ha. Dead. Serious.

Spread the word.

Teresa Ghilarducci on a Universal Pension System http://www.youtube.com/watch?v=s9UD5UEJGEA

Here is Teresa Ghilarducci herself explaining her scheme. She starts out claiming this is voluntary and then states at the 14:15 mark that it is mandatory. Remember, these are exactly the same people who said that ObamaCare would drop insurance premiums and that everyone could keep their existing insurance and doctor. These people are evil Marxist liars who will say ANYTHING in order to impose their fascist will. This is what Marxists do. They lie without conscience or hesitation.

If you can't stand to listen to this witch, fast forward to the 13:50 mark. Listen from 13:50 to 14:18.

"Obama is not the only entity that is looking at what a retirement reform system should look like in detail. In the last two years, myself and two other academics working alone, we have been working independently we are quite, sort of, pleased to find out that we've come to the same conclusion, um, have come to the conclusion that we need a mandatory, um, system."

Epilogue: MF Global, PFG Best, and now the Knight Capital "algo error". One of the reasons that the government is gleefully relishing in the disintegration of the financial markets is because they WANT people to BEG the government to "nationalize" and "guarantee" retirement accounts. They are building a dossier to argue that the markets aren't safe (but remember, the markets have disintegrated BECAUSE of the actions and responsorial inactions of the oligarchs and their bureaucrat cronies). That's what Communists do. This is the Cloward-Piven Strategy in full execution. Intentionally cause the system to collapse, then whip up the "useful idiots" into a frenzy, and finally seize total power AT THE INVITATION OF THE PEOPLE. The Russians BEGGED for Lenin and the Bolsheviks. They DEMANDED tyranny. The Germans BEGGED for the Third Reich and Hitler. They DEMANDED tyranny.

Before it is over here, the people of the United States, monumentally more stupid, godless and most especially HELPLESS, will BEG the government to take over their retirement accounts - to save them from the very market that the government has coordinated with the Bankster Oligarchs to destroy.

Get your money the hell out and USE IT TO PREPARE FOR COLLAPSE
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Re: You're Opinions On 401s, IRAs

Post by Yodar »

Hi Blaine G,
I have been there and done that. I retired in 2003 and moved my 401(K) account to a traditional IRA with the Vanguard investment management company and have been happy with the results. I am not an investment advisor so I cannot give you specific recommendations. All I can do is relate what I did. You can do whatever you want. I am going to assume you have not done this before. If you have and have a traditional IRA account already, then just roll the money into your existing account and be done with it.

A word of caution, the financial ”services” industry is full of sharks ready to take a bite out of your assets. Be leery of stock brokers, insurance salesmen, annuity salesmen, precious metals salesmen, and unqualified investment advisors and financial planners. With a little effort and study you can become your own financial expert and “shark proof”.

Here is what I did. First step was to log onto Vanguard’s website (www.vanguard.com), click on “Go to personal investor’s site”, and then click on “401(K) roll overs” There are forms there that I downloaded, filled out, got a signature guarantee, and mailed back to Vanguard. They took care of the rest. I had Vanguard put the money some place relatively low risk until I had decided how to invest it. I chose their Treasury money market fund.
After I had the money safely tucked away intact, I had to decide where to invest it. I did a lot of reading and listening to a money manager on the radio by the name of Bob Brinker. Mr. Brinker’s program is on Sunday afternoons during which he answers callers‘ questions and dispenses good advice to people who want to learn to be their own financial expert and avoid the sharks. By logging on to www.bobbriner.com, I found a wealth of information that proved to be very informative. There are several financial tutorials that one can follow on line, there is a list of radio stations that carry his program (the call letters of the ones that stream the program over the internet are highlighted in blue), there is an archive of past programs one can listen to on line, and a place one can order a back issue of his monthly newsletter Marketimer (there are model portfolios on the back page), and best of all a recommended reading list. I started with “Bogle On Mutual Funds” by John Bogle and continued to read books and listen to Mr. Brinker’s program until I felt confident enough to make my own investment decisions. I am glad I did.

Another word of caution, whatever you decide to do should be done as part of a comprehensive plan including wills, trusts, powers of attorney, disposition of personal property, insurances, mortgages, emergency funds, etc. You may wish to consult a trusted attorney.

Good luck.
flyfisher66048
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Re: You're Opinions On 401s, IRAs

Post by flyfisher66048 »

bulldog1935 wrote:

Ditto on the financial planner advise. He makes money by earning you money.

they make money based on what they get you to buy, not on how much money you earn. Most of them are just in relationship sales, and nothing more. How many people lost their rear ends in the last meltdown while their "financial advisor" told them to stay the course for the long haul. Most of them do not have a clue. Be very careful who you take finical advice from.
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Re: You're Opinions On 401s, IRAs

Post by Booger Bill »

There is NO sure thing. Everything in life is a gambel. You can get blindsided by a drunk driveing to prayer meeting. I have always been a gambler at heart. A friend hired in with me about the same time at lockheed back in 1965. At the time they had what was called the basic benifit plan. That was where the company put in $25 a quarter for $100s a year for all employees. We had the choice of bonds or some type safe securitys, or a mix. About 28 years later I and my buddy compared our plans with each other. I was 100% securitys, he was 100% bonds. He didnt have but a fraction in his account that I did.
All the "experts" will tell you to deversify. If we knew what the future was we all would be rich. I bought several home runs and lost my butt in many more. Years ago I bought some qualcom for $10s. It went to over $200 and dropped back, went up and back again. I bought abot $2,000s of "DIN" it is worth close to $10,000s. Years ago I bought 10 acres of a steep mountainside for $10,000s. I sold it 25 years later when I retired for $175,000s! Those things were my best investments. But I lost on many more.
You must save and work your money. Its bibical. There is a story in the bible where the good man of the house was going on a long journey. He gave each of his servants a bag of money to invest. He came home a year or few later. Some servants proudly showed him how much they gained. Maybe one or two lost. One servant confessed that he hid the money as he didnt want to chance loseing it. The master cursed him out. He took that servants money and gave to all the other servants!
You arent going to have all wins. You MUST take full advantage of what your company will match in a 401 K or similar. It is sure stupidity not to. Thats free money!
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Re: You're Opinions On 401s, IRAs

Post by O.S.O.K. »

Old Ironsights wrote:Get Out. ASAP.

Convert whatever you can to hard assets. Land, Mineral Rights, Gold, Silver, Lead, Freeze-dried food, whatever.

It won't be long before "retirement accounts" of whatever type are "nationalized"....
I agree - IF obumer wins a second term.

And I think that will not happen - and there's good reason:
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http://conservativebyte.com/2012/08/ele ... ince-1980/

Electoral College Model: Romney Landslide! Forecast Every Winner Since 1980
Image

More at the link.
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Now, having said that, I don't see how they will avoid the world wide economic depression all together - so it does make sense to protect your savings. I am taking what's left in my 401K out (will be a battle) and putting it into silver Eagles. Won't be a lot, but it'll be something that won't just go away in a puff of smoke.

Of course, ammo is another good thing to invest in :)
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Re: You're Opinions On 401s, IRAs

Post by retmech »

I was lucky when as a young man I went to Merril Lynch to buy some Ryder Rental stock ( I researched in 1965) and the advisor talked me out of it and sold me Detroit Edison instead. I lost over half the money that I put into Detroit Edison and Ryder climbed like a homesick angel in the same time frame. Time passed and while raising a family had no money to invest but when I did always remembered that lesson. I do my own research (I am as least as smart as half the idiots calling themselves advisors) and if I lose money I've got no one to blame except me. There is plenty of info out there to help you make decisions and reputable no load Mutual Fund companies with fair expenses. I'm a firm believer in handling your own investments.
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