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Indeed, and by having the large sum you are hit harder with inflation.
Pulling it out causes additional penalties which are even more burdensome.
I've got 401k and minimal savings, risk relying on my job and stock pile tangible goods that do not devalue as easily. (ammo/guns/long-term storage foods/precious metals (very few metals as they are harder to trade))
The goal is to safeguard against the biggest known threat, which is inflation. The rest are waves that come and go, and are unpredictable.
thanks to blind luck, no penalty on withdrawals from my side. It's a life annuity payout from a deceased service member. Needless to say, im having a very hard time not being tempted to just say fuck it and pull it all out now
Those can be lucky, until inflation fucks it. My father has one, after a significant accident. It as a sizeable sum up front, but over the years it's come down to living in poverty if not for family aid.
His body was wrecked, and as he aged the value of the money was less and his ability to perform was worse.
Build the income while you can, stock up on what's needed long term and dedicate your time to helping the next generation grow up good and proper imo.
I still remember the FA guy laughing why someone would NOT put it into a ROTH as if they were retarded. But then these same fucks come back with a ton of rules and stipulations on what you can do, etc. Like fuck you, its MY money, i w ill do with it what i want. I dont need some pompous blowhard telling me how i should bankrupt myself to serve ZOG
In my case, inflation didnt fuck it, down bucking markets did. It went up to around 900,000 and then careened into the 400,000 mark. I eventually liquidated the parts that were doing poorly and held as cash. For now the markets havent bounced or anything, so its been stuck at the same level for a year or so
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