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Thread: Has anyone here cashed out their retirement accounts?

  1. #1

    Has anyone here cashed out their retirement accounts?

    As the specter of a systemic crisis becomes more and more plausible, I'm wondering if I should take the tax penalty and draw down or cash out my retirement accounts. Paying the penalty might be a great deal less of a hit than holding my account through a major crash.

    I filled out the forms to do this a few times, but always chickened out and shredded them.

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  3. #2
    You can buy metals with an IRA account. I don't know if that has to be held by a specific vault or whatnot, but seems better than GM stock.

  4. #3
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  5. #4
    Even if there is a major correction (or crash) it will be in nominal terms.

    And once that happens Bernanke will flood the markets with vast sums of fresh liquidity - which will erase those nominal losses in short order.

    So unless you are near retirement, you will recover - nominally speaking. And if you have your money in foreign stocks or at least American stocks with heavy foreign exposure - you should do ok.

    If you do cash out tho - and there is a crash - be quick to put the money back to work in something tangible. The people that will be wiped out the worst will be the ones holding bonds or cash.

  6. #5
    "Good companies will maintain their value even if our currency of trade is sharks teeth."

    -Warren Buffett
    Ron Paul: "Do you think gold is money?"
    Ben Bernanke: "No"
    ~July 7th, 2011

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