The people calling themselves the Irish government announced yesterday that they will be raiding private pensions to fund their failing government. This will happen all over the western world (including the US) because they are all bankrupt. The Irish government is not unique.
http://read.bi/IrishPensionRaid
You should view this as a real threat to your retirement money held in government sanctioned tax-deferred accounts such as the IRAs and 401(k) in the US. Trillions of dollars in retirement accounts are sitting right in front of money starved politicians. At first they will tax some more of it, then they will confiscate it and give you a promise of a government annuity. These plans are already being discussed in the US government.
You should have 20-30% of you non-home net worth in precious metals. The other 70-80% should be diversified away from the US dollar and US government sanctioned retirement accounts.
I’m trying to get my vested money out of my 401(k) plan. Fidelity told me I couldn’t get the money unless I was fired or I quit my job according to my company’s plan rules. I reiterated to the Fidelity representative that I was willing to pay the penalties and taxes to get access now. They said I couldn’t. At that moment I learned that the money I was saving in my 401(k) really isn’t mine. There is the illusion of control, but I have no access and the government can change the rules in the future to keep me from getting access to it.
The numbers point the inevitable bankruptcy of the US government due to Social Security and Medicare unfunded liabilities. European governments are going bust first for the same reasons. This is your wake up call.
I’m looking into converting it to some other type of account like an IRA rollover to get it out of the clutches of Fidelity. Then I could pay the penalties and taxes to get it in my possession. The remainder after taxes and penalties can be used for my high dividend stock portfolio.
You should consider stopping your contributions to so-called tax sheltered retirement accounts and save that capital in some other way. If you do this, you must still save your capital and invest it in high dividend stocks, rental real estate, precious metals, and/or consumer goods that you will consume in the future. Don’t blow it. Save for the days ahead when the government welfare ponzi schemes come unraveled.
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