Comments on: McCain & Obama Propose IRA & 401(k) Rule Changes

By: Fosters

Fosters — Wed, 08 Jul 2009 01:57:25 +0000

Hopeful this bill will past soon, most people that I work with realy need some assistance from there 401k. This money was put aside for retirement, but when you need it now, then you should be able to use it now.

By: Fosters

Fosters — Thu, 25 Jun 2009 03:12:59 +0000

I think this is a GREAT idea, becauce I have been working for 22 yr. During these years I have bought my family land to build homes. But now my job have cut back on my Hours. So I am in need for My 401K money to remain in my home. Thank please continual to give UP DATES.

By: Coleman

Coleman — Sat, 28 Mar 2009 04:44:06 +0000

I think people need to be able to obtain monies they have contributed to in these hard times, even with penalties it is better then 14% credit cards will charge us. I have had the same job for 36 years and now unemployment. I need to be able to use some of that money, besides I have lost more from my 401k in the last few months then any taxes I will ever pay on the remainder

By: jenni

jenni — Thu, 19 Feb 2009 03:51:23 +0000

sorry for the typos-lol

By: jenni

jenni — Thu, 19 Feb 2009 03:50:37 +0000

My husband lost his job about a year ago. We have an old home that needed some emergency fixing and two old cars that have broke down alot and cant afford new cars rite now. We are 10,000 dollars in credit card debt because of these emergency situations! I dont think it would be a bad thing to take $10 grand from and ira account to pay off this debt so i can still afford my house payment and put food on the table. Not all people who have credit card debt is because of foolish spending.

By: Biff Yuppie

Biff Yuppie — Tue, 30 Dec 2008 16:07:12 +0000

The point we started discussing is McCain- Obama plans regarding 401k withdrawal without penalty. I heard that 55% of 401k accounts have loans on them. If the borrower defaults on the loan, the balance will be used to pay off the loan leaving the “saver” with nothing. Liquidating assets to pay off debit only hurts lenders.

The problem seems to be meeting rent or mortgage payments, auto – home – and insurance payments, fuel payments, grocery and other expenses without using credit.

People (Spouses, governments, etc.) need to learn that credit is the problem, not the answer!
BY

By: SJ

SJ — Tue, 30 Dec 2008 15:43:51 +0000

This is true unless you have a very large income. $50k in credit card debt is something that you will spend the rest of your life under. This is a good life lesson that you should share with everyone to save them from it.

By: Biff Yuppie

Biff Yuppie — Tue, 30 Dec 2008 15:38:21 +0000

Retirement? An impossible dream at best so why bother. Most likely I will work to my dying day unless the Lotto fairy is good to me.
BY

By: jim

jim — Tue, 30 Dec 2008 02:23:59 +0000

It’s a trade-off and one that many people are starting to consider. The only downside of 401k savings is that you’ll have to pay taxes plus a 10% penalty, which can hurt. But you are putting it towards some pretty nasty debt so it’s not like you’re taking it on a spending spree. There’s nothing wrong, except you put your retirement in jeopardy (which may be worth it if you can take a big bite out of your cc debt).

By: Biff Yuppie

Biff Yuppie — Mon, 29 Dec 2008 23:50:41 +0000

I am an average guy with average debt & savings.
50k credit card debit($1,200.00 mo payments)
20k 401k savings

If I took most of my 401k money & paid off credit card debt & shredded the cards,I would have about $500.00 a month to save & pay off the rest of my cc-debit.

What is wrong with that?
Biff

By: SJ

SJ — Mon, 08 Dec 2008 16:35:02 +0000

Does anyone believe that their 401k will not be under government control in the next 10 years no matter what we do today?

By: Eleanor

Eleanor — Sat, 08 Nov 2008 15:47:06 +0000

I hope the suspension of the mandatory withdrawal at age 70 1/2 is put forward. This would allow people who don’t need the money to let their money build up again and also would keep more money in the stock market and help it to find the bottom. Anything coming out of the market in the near future is not desirable.

By: B etsy

B etsy — Thu, 06 Nov 2008 22:39:31 +0000

Having stocks at age 70.5 plus is not stupid, if you know what you are doing. Do you suddenly turn stupid at 70.5 and don’t know anything anymore about investing and owning securities.
No one should tell you when to withdraw 401 or IRA money, securites, etc. It is yours, and the government is proposing to liquidate those accounts, dump your hard earned investments into a cess pool of social security, guarantee you an annual return of 3%, and you can liquidate back to the August level of the market Value?
Wow what a deal, that way you get to pay the government top value, and taxes on a larger amount Phooey to the plan.

By: Timmy

Timmy — Wed, 05 Nov 2008 03:44:55 +0000

The fact that the government dare penalize us on money that we have earned being withdrawn is a crime. Its MY money! It came from MY WAGES! I should be able to do whatever I want whenever I want with it and not have additional taxes added to the income tax I will already pay on it.

If you spend all your retirement money ahead of time on useless crap than you should just have to scrap your golf time and vacations when you get old. Just because you are allowed to use your money doesnt mean you have to.

What if you want to take it and put it in an FDIC insured account or a security or fund that your employer sponsored plan doesn’t offer? What if you come across a great opportunity to buy a business or a piece of real estate?

By: Bob

Bob — Wed, 29 Oct 2008 21:29:34 +0000

I can only see taking early withdrawals from your 401k in the situation were there is an emergency in the household. But a vacation or other large purchase to satisfy ones ego will just continue the poor spending practices of Americans. I remember when I worked and saved while others spent everything they earned on good times and material things. These are many of the people complaining today and asking the government for a bailout.