What are the odds that your retirement will be there for you

[OakRidgeStars]

That might depend on who you ask and which rock they are living under.

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From The Daily Beast

For over 100 years, the Studebaker Corporation made vehicles, from wagons for the Gold Rush to tracked vehicles for World War II. And of course, the cars that we mostly know them for: streamlined, a little stodgy, and very much of their era.

That's because their era ended, in 1963, when the company closed its South Bend plant. That wasn't a surprise; sales had been suffering for years, due to high costs and concerns over reliability. What was a surprise was the state of its pension fund, which was disastrously underfunded. No, wait--hold that rant about greedy bosses looting their pension plans unbeknownst to the innocent, victimized workers. The UAW, which represented Studebaker's employers (some of the highest paid in the auto industry, by the way), had not only allowed the company to stretch out its payments into the fund, but had arguably actually encouraged it, because the alternative was lower wages.

Read more: http://www.thedailybeast.com/articles/2 ... ement.html

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Related: More than 25% of Americans are raiding their 401k plans.

http://azstarnet.com/business/local/mor ... 118d9.html

[Reverenddel]

You think that's something? Check out CYPRUS! They're allowing a "one time raid" by the GOVERNMENT for 7% of retirement funds UNDER 100K, and 10% OVER that!

Thanks! Thanks Cyprus for giving OUR government a BRILLIANT idea on how to "Fund" their spending! Azzhatz!

http://money.cnn.com/2013/03/18/investi ... s-markets/

The European Union unveiled a €10 billion plan early Saturday to rescue Cyprus' outsized banking sector and avoid a default. Though the bailout is relatively small, the EU has required a one-time tax of 6.75% on bank deposits of less than €100,000, and 9.9% for those over that amount.

Cypriots rushed to ATMs as the country tried to win parliamentary support. While eurozone leaders stressed that Cyprus is a unique case, investors worry that depositors in other financially weak European nations might face similar bailout provisions in the future.

[gunderwood]

You think that's something? Check out CYPRUS! They're allowing a "one time raid" by the GOVERNMENT for 7% of retirement funds UNDER 100K, and 10% OVER that!

Thanks! Thanks Cyprus for giving OUR government a BRILLIANT idea on how to "Fund" their spending! Azzhatz!

http://money.cnn.com/2013/03/18/investi ... s-markets/

The European Union unveiled a €10 billion plan early Saturday to rescue Cyprus' outsized banking sector and avoid a default. Though the bailout is relatively small, the EU has required a one-time tax of 6.75% on bank deposits of less than €100,000, and 9.9% for those over that amount.

Cypriots rushed to ATMs as the country tried to win parliamentary support. While eurozone leaders stressed that Cyprus is a unique case, investors worry that depositors in other financially weak European nations might face similar bailout provisions in the future.

If they did that in the USA....

At those rates, you might was well pull out of the market. It's only income taxes and a 10% penalty. Most people don't have enough money in their 401k in the first place and if they're going to that extreme taxes are only going up. I have no doubt our masters would simply break the ex-post facto ban in the Constitution and make the law retroactive for before it was widely known. Thus, anyone one who tried to defy their power would pay income taxes, 10% penalty for withdrawal and the "one time" tax of ~10% (or whatever).

[ShotgunBlast]

Unless the government seizes my properties, the odds of my retirement being there for me is 100%.

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[crossfireltd]

Pulled most of my money out of banks awhile ago, I just keep a checking account to pay bills. For the interest that is given these days you are better off stashing it in your mattress.


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[SHMIV]

Retirement? Doubt I'll be able to pull that off...

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[Kreutz]

wtf is retirement?

I don't mind not being able to retire, truth be told retirement is a Marxist fantasy concept anyway.

Traditionally you worked until you couldn't anymore and your kids took care of you in your house while raising their kids and they took over the house when you died.

IIRC it wasn't unusual to find 3 or 4 generations in a house for much of human history. I also think this is still the case in some European, Asian, and Arab nations.

I'm content to see the concept of government redistributionist schemes masquerading as retirement vanish.

[Reverenddel]

"Redneck Retirement" plan... work till you die.

[gunderwood]

wtf is retirement?

I don't mind not being able to retire, truth be told retirement is a Marxist fantasy concept anyway.

Traditionally you worked until you couldn't anymore and your kids took care of you in your house while raising their kids and they took over the house when you died.

IIRC it wasn't unusual to find 3 or 4 generations in a house for much of human history. I also think this is still the case in some European, Asian, and Arab nations.

I'm content to see the concept of government redistributionist schemes masquerading as retirement vanish.

+1

[skeeterss0]

gonna work till I die. Then I'm gonna come back and haunt some lame ass politicians.

[GeneralG]

Pulled most of my money out of banks awhile ago, I just keep a checking account to pay bills. For the interest that is given these days you are better off stashing it in your mattress.


Sent from my SGH-T989 using Tapatalk 2

What protection do you have for the cash you kepp at home IE Safes, water and fireproofing. I have had a ton a buddies tell me to do the same thing, pull out your money and invest in gold and silver.

[GeneralG]

gonna work till I die. Then I'm gonna come back and haunt some lame ass politicians.

errrra DevilDog. We dont die we just regroup

[Gotlabs]

Im still trying to figure a way to live on my "retirement", if it is still there when I punch my card that last day. My self imposed welfare (GI Bill) will last three years also 150weeks of unemployment.

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[GeneralG]

Im still trying to figure a way to live on my "retirement", if it is still there when I punch my card that last day. My self imposed welfare (GI Bill) will last three years also 150weeks of unemployment.

[ Post made via Mobile Device ]

My retirement investment= Gold, Silver, Ammo, Guns, and a metal detector
I can always adapt to everything else

[SHMIV]

I haven't had a bank account in years. I have yet to find a bank that I consider to be trustworthy.

If I was going to stockpile anything, gold and silver would not be it.

I'd stockpile things that are immediately useful. For example, offering to trade gold for ammo from a guy who is cold and hungry probably won't get you far. But, a few books of matches for a few rounds might.

[ Post made via Mobile Device ]

[GeneralG]

I haven't had a bank account in years. I have yet to find a bank that I consider to be trustworthy.

If I was going to stockpile anything, gold and silver would not be it.

I'd stockpile things that are immediately useful. For example, offering to trade gold for ammo from a guy who is cold and hungry probably won't get you far. But, a few books of matches for a few rounds might.

[ Post made via Mobile Device ]

Good point, and to add that your immdiately usefull items should be stockpiled from your preps making you one very rich man

[TallEd]

I already spent my 401k moving back here from FL after the oil spill. Probably a good thing since it would be worth less than half of what I got out now. Ready to start some sort of new fund but no idea what would be a stable investment now... Social Security... if it still exists... which I doubt... isn't enough to live on anyway.

[SHMIV]

I met a guy, a while back, who retired at 60, started making money by picking up dog crap from peoples yards, then spent his daily earnings on beer and crack.

Not the best retirement plan, but better that what Uncle Sam is offering.

[ Post made via Mobile Device ]

[GeneralG]

I met a guy, a while back, who retired at 60, started making money by picking up dog crap from peoples yards, then spent his daily earnings on beer and crack.

Not the best retirement plan, but better that what Uncle Sam is offering.

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[Gotlabs]

Im hoping to homestead in SC. Live in a camper or van down by the river, sorry kids, to poor to offer free candy.

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