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401Ks Hit by Withdrawal Freeze

Discussion in 'U.S. Politics' started by asur, May 17, 2009.

  1. asur

    asur New Member

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    Is Obama now setting his sights on the money that rich folk have in 401K's?
    It's hard to say but it seems he may have to confiscate this money somehow and soon.

    In any case now that many investors are realizing the stock market will tank,
    they are trying to withdraw and get that money before it's too late.

    The Wall Street Journal reports that 401(k) investors are finding that they can’t get their money.

    “When Ed Dursky was laid off from his job at a manufacturing company in March, he couldn’t withdraw $40,000 from his 401(k) retirement account…”

    “I hate to be whiny,” said Mr. Dursky, “ but it is my money,”

    Turns out that the money you put into the 401(k) can be locked up a lot longer than you’d like. Most plans allow investors to borrow from their own accounts and some even allow outright withdrawal of matched funds—with the requisite 10% penalty and income tax. The only way to get all of it, however, has been to terminate employment…but now even that’s not good enough.

    If a rush to the exists did occur that alone could make things interesting as the money isn't their anymore in reality.

    Hmm, is this what they call CHANGE!
     
  2. Andy

    Andy Well-Known Member

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    Where's the ACLU now? Isn't a right to your own money something the constitution protects? Oh wait, that's only if you are in government.
     
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