Finally liquidated my 401k and SEP IRA

[outtamojo]

“After months of debating I took a huge step this past week and decided that I have no use for a retirement account in a market like this”

Market like what?

“… paying the taxes and penalties will leave me in a much better position than trying to bet on stocks and bonds”

Huh? Could you have moved to cash/money market and still left it tax sheltered?

“…so my idea is to actually utilize this money and create short term wealth through various RE avenues.”

Didn’t you just tell someone to do themselves a favor and rent or did I misunderstand something?

“I suppose if I was in my 40’s or 50’s my mindset would be completely different. ”

Being in your early 30’s, you’ll be in your 40’s in the blink of an eye.

[sdduuuude]

Did you just turn the investments into cash and leave the cash in a rollover IRA? Or did you pull it all out of the “retirement” umbrella and pay the taxes ?

I did the former in Sept. 2008, but I kept everything in the “retirement money” bucket.

[sdduuuude]

Did you just turn the investments into cash and leave the cash in a rollover IRA? Or did you pull it all out of the “retirement” umbrella and pay the taxes ?

I did the former in Sept. 2008, but I kept everything in the “retirement money” bucket.

[sdduuuude]

Did you just turn the investments into cash and leave the cash in a rollover IRA? Or did you pull it all out of the “retirement” umbrella and pay the taxes ?

I did the former in Sept. 2008, but I kept everything in the “retirement money” bucket.

[sdduuuude]

Did you just turn the investments into cash and leave the cash in a rollover IRA? Or did you pull it all out of the “retirement” umbrella and pay the taxes ?

I did the former in Sept. 2008, but I kept everything in the “retirement money” bucket.

[sdduuuude]

Did you just turn the investments into cash and leave the cash in a rollover IRA? Or did you pull it all out of the “retirement” umbrella and pay the taxes ?

I did the former in Sept. 2008, but I kept everything in the “retirement money” bucket.

[blahblahblah]

I have considered it because I think there’s a good chance that at least some of that money will get confiscated in the future. Also I’m starting to suspect that it is a little naive to give your money to Wall Street thinking that it will magically grow and you’ll retire on it some day. After nearly 20 years of having a 401K, I’ve seen it’s balance take a huge hit a couple of times (2000 and 2008). So it looks so far to me that every 8-10 years I’m going to lose a ton. Yes I’m probably a crappy investor and yes everyone here on piggington is a super-genius and doesn’t have this problem. But with these big shocks every decade or so, it becomes difficult to imagine being able to retire on this money. Sometimes I think it might be smarter to just pull it out, pay the penalties, and buy a house or a business something close by that I can keep an eye on. I’m sure this is a very bad thing to do according to all the financial experts, which is another reason I suspect that I may need to do it.

[blahblahblah]

I have considered it because I think there’s a good chance that at least some of that money will get confiscated in the future. Also I’m starting to suspect that it is a little naive to give your money to Wall Street thinking that it will magically grow and you’ll retire on it some day. After nearly 20 years of having a 401K, I’ve seen it’s balance take a huge hit a couple of times (2000 and 2008). So it looks so far to me that every 8-10 years I’m going to lose a ton. Yes I’m probably a crappy investor and yes everyone here on piggington is a super-genius and doesn’t have this problem. But with these big shocks every decade or so, it becomes difficult to imagine being able to retire on this money. Sometimes I think it might be smarter to just pull it out, pay the penalties, and buy a house or a business something close by that I can keep an eye on. I’m sure this is a very bad thing to do according to all the financial experts, which is another reason I suspect that I may need to do it.

[blahblahblah]

I have considered it because I think there’s a good chance that at least some of that money will get confiscated in the future. Also I’m starting to suspect that it is a little naive to give your money to Wall Street thinking that it will magically grow and you’ll retire on it some day. After nearly 20 years of having a 401K, I’ve seen it’s balance take a huge hit a couple of times (2000 and 2008). So it looks so far to me that every 8-10 years I’m going to lose a ton. Yes I’m probably a crappy investor and yes everyone here on piggington is a super-genius and doesn’t have this problem. But with these big shocks every decade or so, it becomes difficult to imagine being able to retire on this money. Sometimes I think it might be smarter to just pull it out, pay the penalties, and buy a house or a business something close by that I can keep an eye on. I’m sure this is a very bad thing to do according to all the financial experts, which is another reason I suspect that I may need to do it.

[blahblahblah]

I have considered it because I think there’s a good chance that at least some of that money will get confiscated in the future. Also I’m starting to suspect that it is a little naive to give your money to Wall Street thinking that it will magically grow and you’ll retire on it some day. After nearly 20 years of having a 401K, I’ve seen it’s balance take a huge hit a couple of times (2000 and 2008). So it looks so far to me that every 8-10 years I’m going to lose a ton. Yes I’m probably a crappy investor and yes everyone here on piggington is a super-genius and doesn’t have this problem. But with these big shocks every decade or so, it becomes difficult to imagine being able to retire on this money. Sometimes I think it might be smarter to just pull it out, pay the penalties, and buy a house or a business something close by that I can keep an eye on. I’m sure this is a very bad thing to do according to all the financial experts, which is another reason I suspect that I may need to do it.

[blahblahblah]

I have considered it because I think there’s a good chance that at least some of that money will get confiscated in the future. Also I’m starting to suspect that it is a little naive to give your money to Wall Street thinking that it will magically grow and you’ll retire on it some day. After nearly 20 years of having a 401K, I’ve seen it’s balance take a huge hit a couple of times (2000 and 2008). So it looks so far to me that every 8-10 years I’m going to lose a ton. Yes I’m probably a crappy investor and yes everyone here on piggington is a super-genius and doesn’t have this problem. But with these big shocks every decade or so, it becomes difficult to imagine being able to retire on this money. Sometimes I think it might be smarter to just pull it out, pay the penalties, and buy a house or a business something close by that I can keep an eye on. I’m sure this is a very bad thing to do according to all the financial experts, which is another reason I suspect that I may need to do it.

[scaredyclassic]

housing prices cannot dip more than another 20%, the dow cannot possibly go below 4,000, gold cannot possibly go about $1,200 per ounce, america cannot possibly not be the most powerful country int he world, the dollar cannot possibly not be the world’s reserve currency, and on average, retirement accounts are a no-brainer way to amass a large nest egg over time.

Or not.

[scaredyclassic]

housing prices cannot dip more than another 20%, the dow cannot possibly go below 4,000, gold cannot possibly go about $1,200 per ounce, america cannot possibly not be the most powerful country int he world, the dollar cannot possibly not be the world’s reserve currency, and on average, retirement accounts are a no-brainer way to amass a large nest egg over time.

Or not.

[scaredyclassic]

housing prices cannot dip more than another 20%, the dow cannot possibly go below 4,000, gold cannot possibly go about $1,200 per ounce, america cannot possibly not be the most powerful country int he world, the dollar cannot possibly not be the world’s reserve currency, and on average, retirement accounts are a no-brainer way to amass a large nest egg over time.

Or not.

[scaredyclassic]

housing prices cannot dip more than another 20%, the dow cannot possibly go below 4,000, gold cannot possibly go about $1,200 per ounce, america cannot possibly not be the most powerful country int he world, the dollar cannot possibly not be the world’s reserve currency, and on average, retirement accounts are a no-brainer way to amass a large nest egg over time.

Or not.

[Author]

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