Liquidation would be best
The classic retirement plan of 'accidentally' getting stuck in a wood-chipper so your loved one's get the insurance policy.
Wtf I thought you nuked your account. Glad your back
I've been buying specific top shelf PoW tokens with about ~20% of my monthly disposable income for over 10 years now.
I'm up.. 19,802% to date, or something ridiculous if you aggregate the entire spectrum over the 10 year.
I kept a 401k with a ~5% matched contribution from the 2010's. It's in the red.
Last house I bought with a ERC-20 smart contract. Same thing with a rare car. FIAT currency bucks I would be averaging just under six figures last 10 years, before bills and taxes.
What is retirement? This shit changes every 5-10 years now.
Loan from a MakerDAO vault? I saw that shit just recently, borrow at just 1% if you put up crypto collateral.
Having a retirement account is, and has always been, fucking retarded.
You aren't saving money on taxes. You are just deferring taxes until some point in the future when you will most likely be earning more money, not less, because as you get older, your skill level goes up and therefore so does your income.
In addition, tax rates don't really seem to go down very often, do they? You'll put money away today and tax rates 20 or 30 years from now will be higher than they are today. You'll just end up paying more taxes on your money in the future.
Also, do you really want to put your money into an account so that you can gamble in the manipulated stock market? So that Vanguard can take 1% of your money in fund management fees every year? So that the compounding growth of your money can get interrupted every time the market takes a nosedive?
Fuck that. If you have money in a qualified retirement account, move it into a fixed, deferred annuity with a reputable, mutual insurance company where you can earn a guaranteed rate of return that will compound over time and never, ever go down. No need to liquidate or pay taxes and penalties. Just let it sit and grow.
That's how you save money. You don't gamble your future in the stock market. If you want to gamble, do it with other money that you're not planning to retire on.
If you're still earning money, you should also look into the Infinite Banking Concept and you'll see how to build wealth the correct way, and recapture some of the interest that you lose every time you spend money or take out a loan from a bank.
It depends on your age but if it can be avoided then you should never sell when people are this fearful, as this is precisely the time when you should be accumulating.
And stocks have traditionally done well (by comparison) during times of high inflation. Think Weimar or Venezuela.
And the hedge funds and big tech (i.e. Google / Alphabet) are snapping up as much as they can right now. They are trying to "own the world".
Also the fed said that they are moving into "quantitive tightening" but it's not true as they have not changed their balance sheets and are continuing to buy the debt.
In Australia our government is starting to let people cash out their super. During covid you could cash out 10k before and after the financial year. Also they are proposing the idea of using your super to put a deposit on your first house. This will be a devastating blow to a person that is young now when they go to retire. It suggests to me that they expect major gains in the stock markets in coming years.
So my recommendation is that no, you shouldn't pull your retirement accounts, not yet. Once they have shaken enough weak hands from the market then it's going to bounce back harder than ever and ((( they ))) would love nothing more than to buy your retirement plan at a massive discount right now.
you should never sell when people are this fearful, as this is precisely the time when you should be accumulating.
Good advice, but people find it so hard to go against their instincts, which tell them to run for the hills. I'm standing pat, with the expectation that the economy will eventually bounce back, and that my very good stocks and funds will weather the storm.
Roll your IRA into a self managed one. Have the current custodian write a check FBO and mail it to the brokerage of your choice that features a self managed IRA option. Etrade has this option for example.
When a Democrat takes office things like uranium are a good bet. I believe gates and buffet are investing in mini nuclear reactors that they want all over the country. Oil ETFs will pay off. Palladium, rhodium, miners for things like lithium. All great pay offs.
Wheat ETFs are a good choice. The bread and pasta in the grocery stores are from last years crop. When this dismal crop is harvested you'll see a spike in wheat.
Those vaccine stocks made beaucoup bucks prior to the Pfizer announcement taking the cake. Those were great trades. Literally googled "what vaccine stocks is Bill Gates invested in" and added those to my portfolio. Sold about three weeks prior to Pfizer announcement so I didnt call the top but got out clean with a lot to show. Those trades wont be made by anyone but you and there are still trades to play. Your computerized-"managed" retirement account is buy and hold. There is no one to take advantage of an actionable trade.
I regularly make 20% a day with a simple portfolio that's stacked for current conditions. Buying "blue chip" stocks and hoping you can just watch your portfolio grow while you sip margaritas on the beach doesn't work anymore. Not saying that you do that but some people approach trading this way. Like old advice ala Jim Roger's wont work anymore. I check my accounts once a week and make trades less frequent than that. When news breaks that is profitable I make a play.
I dont know your financial situation but having a deed to your house and not a mortgage is a better option or I would prioritize as being up at the top. I'd aim for being liquid; no car payments, mortgages, credit card debt. The only exception I would say is acquiring resource rich land that allows for self sufficiency. That's worth a mortgage so long as you can afford it and pay it off quick.
If you are going to stock pile maybe start adding items to your grocery list. We aren't issued ration cards yet so theres a plus. I do know a few guys that lost in excess of $180k on their 401ks and they wont be able to recoup those losses before they retire. Some did cash out because they said fuck it.
Whatever choice you make I hope it's in your best interest and that it benefits you and your family. Good luck.
How do you make 20% per day?
20% a day? 1.2365 = 7.96×10²⁸ Wouldn't even be reading this forum, just swimming in gold.
Can't do it 24/7 unless its crypto. Forex is 6 days a week. But then you run into liquidity issues at large amounts.
Probably spends it all on hookers and blow, only trades once a week or month.
That is what I was thinking.
I closed mine. Figured putting it toward a house is a better retirement plan than letting that fucker circle the drain while I keep renting.
That was my conclusion ten years ago.
I just stopped putting money in mine. Fucker is has been down 15% since Putin went to go kill so nazis.
Visit a nursing home. Just once. But spend 4 hours there. You can spend more if you wish too (you won't)
Death is forgiveness. You will understand if you've ever been to one. They're torture centers.
Stop prolonging death and live LIFE now.
it never did
the retirement account is the carrot they dangle in front of you to keep you from complaining about bank bailouts, money printing, and all of the other shams in the Wall St - Fed Reserve System
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