Forums: Discussions for entrepreneurs and small business.

Under normal circumstances I would never consider doing this. 

However, there is news chatter that congress may nationalize / government-ize private retirement accounts (go to a news site and search 401k).

Frankly, I would rather take the early withdrawal penalty and be in control of my own money than to let the government get their hands on it.  I am certain it would disappear and be replaced with worthless IOUs (see social security - of which at best I will see pennies on the dollar).

I post this here because I would probably use the money from my IRA (rollover account from a previous employers 401k plan) to fund my growing business.

I am a pure bootstrapper - if that makes a difference.

Thoughts?

Talk me down off the ledge? 

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

I`m going to be talking to a financial advisor and my accountant soon.

The objective is not simply to benefit my business but to avoid my hard earned savings from going down a government toilet (flushing sound here).

I know one can do a SEPP (substantially equal payment plan) and avoid penalties.  But, as I said, the idea is not just access to the money.  If it were not concern for nationalization this would never enter my mind.

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

My objective is simple: To not let the government control my 401k.  There is chatter that they have tossed around this very idea.

So - I am seriously considering pulling the entire amount of funds out to keep it safe from nationalization.

What I actually do with the money if I pull it out is another matter.

DoGood - It is just that -- chatter.  If you are concerned about what the govt it going to do, voice the concern to your Senator or Representative.  Get involved with your Senator or Representative.  They love to hear from their constituents.

My Senator is Joe Barton from TX.  I never hesitate to contact his office if I have a question.  His staff is wonderful about listening to what I have to say.

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http://www.slowcookermate.com
http://www.twitter.com/yslowcook

SlowCooker:

I contacted my reps before the bailout.  I got a polite form letter in response.

I frankly do not trust that it is just chatter. 

There is a resurgence in a program called "Bank on Yourself". This concept is an old one yet most consumers have never heard of it. The program utilizes a certain kind of dividend paying whole life policy to allow yourself the ability to "act" as your own bank. As with any investment of money there are risks but the whole topic of this forum is reducing risk. Look into this; I`d like to see comments good and bad.


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Keep on truckin`!

Oivo