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 joebxr |
| November 23, 2015, 2:18pm |
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Why "take it out" - why not just never put it in? Your nephew cashed in his 401k, for cash? Cha-Ching - he just paid nearly 40% in taxes, before he ever got paid (Merrill Lynch tried the same trick with me, instead I rolled it over till I'm able to take it out tax free). Foolish 
Tax free 401K withdrawal...explain. Not aware this is possible! Penalties for withdrawals prior to (I believe) 59-1/2, but thought ALL withdrawals were taxable, since they were pre-tax contributions. |
| JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! 
JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!! |
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| bumblethru |
| November 23, 2015, 3:09pm |
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Why "take it out" - why not just never put it in? Your nephew cashed in his 401k, for cash? Cha-Ching - he just paid nearly 40% in taxes, before he ever got paid (Merrill Lynch tried the same trick with me, instead I rolled it over till I'm able to take it out tax free). Foolish
we don't 'put in' anymore and haven't for along time now. we are just taking out what we 'did' put in. unless you invest in 'high risk'....your interest income is squat. did it, done it...lost tooooo much! the government is artificially inflating the stocks by doing what they do best....print worthless money. it will be a 'time will tell' on how long the government will be able to afford doing that....we are already $18+trillion in debt! it's a gamble either way...but at least I know that what we get in cash....we keep 100% of it. |
| When the INSANE are running the ASYLUM
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche “How fortunate for those in power that people never think.”
Adolph Hitler |
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| Libertarian4life |
| November 24, 2015, 3:59am |
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A bank used to be a place to hold your money so you didn't have to hold the physical cash, and it paid interest that would at least keep up with the rate of inflation. That way, you didn't have to store cash in your house, so if your house was broken into or there was a fire, you wouldn't lose your life savings. Now you have to give your money to wall street investors, hope they invest wisely and don't lose it in a crash like in 2008. AND...If you need your 401K savings before your retirement date, you will have to pay Uncle Sam taxes and penalties that eliminate any gains you may have made in the market.
So basically Wall Street, Banks, and the Federal Government controls your finances.
Banks are needed for people who get paid with checks. The checks get deposited and virtual money appears in your account. It's just an electronic data transfer. I enjoy using the credit union on Broadway. Absolutely free bill pay, no fees, no interest, just free transfer of electronic funds. They will even write a check and mail it to Box Of Rocks if you type his name,amount and address in to the form. The bank then sends a paper check to him for free. No postage, no processing fees, nothing. I seldom carry very much cash at all. As far as large withdrawals, I have withdrawn over $4,000 in cash several times and never had a problem. |
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| bumblethru |
| November 24, 2015, 8:08am |
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credit unions are far better to do banking with.
interest rates are no better...but the benefits far outweigh traditional banks. |
| When the INSANE are running the ASYLUM
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche “How fortunate for those in power that people never think.”
Adolph Hitler |
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| DemocraticVoiceOfReason |
| November 24, 2015, 8:17am |
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Technically, it is NOT against the law to put currency or coins in a safety deposit box.
Some banks have a policy against storing currency or coins in safety deposit boxes but that is an internally generated rule . |
| George Amedore & Christian Klueg for NYS Senate 2016
Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground."
Lyndon Baines Johnson |
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| HarryP |
| November 24, 2015, 12:40pm |
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Cash kept in a safe-deposit box is not insured by the federal government under Federal Deposit Insurance Corp., or FDIC rules. |
| We are advised NOT to judge ALL Muslims by the actions of a few lunatics, but we are encouraged to judge ALL gun owners by the actions of a few lunatics. Funny how that works. |
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| bumblethru |
| November 24, 2015, 12:53pm |
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Cash kept in a safe-deposit box is not insured by the federal government under Federal Deposit Insurance Corp., or FDIC rules.
insured against what? |
| When the INSANE are running the ASYLUM
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche “How fortunate for those in power that people never think.”
Adolph Hitler |
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| HarryP |
| November 24, 2015, 12:58pm |
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| We are advised NOT to judge ALL Muslims by the actions of a few lunatics, but we are encouraged to judge ALL gun owners by the actions of a few lunatics. Funny how that works. |
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| bumblethru |
| November 24, 2015, 3:25pm |
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Quoted Text
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.
FDIC insurance covers all deposit accounts, including:
Checking accounts
Savings accounts
Money market deposit accounts
Certificates of deposit
FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Every dollar in a bank is placed in a stock of some sort/invested. So if the market crashed tomorrow, and the bank loses our/your money in the gamble...the FDIC is going to replenish it....all of it?? And does the FDIC, like every other insurance company 'invest' the money? What happens to the FDIC's funds if the market crashes? just askin' |
| When the INSANE are running the ASYLUM
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche “How fortunate for those in power that people never think.”
Adolph Hitler |
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| Box A Rox |
| November 24, 2015, 3:52pm |
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Every dollar in a bank is placed in a stock of some sort/invested.
So if the market crashed tomorrow, and the bank loses our/your money in the gamble...the FDIC is going to replenish it....all of it??
And does the FDIC, like every other insurance company 'invest' the money?
What happens to the FDIC's funds if the market crashes?
just askin'
Amazing! Bumbler has lived on this earth his/her whole life and has no idea how things work. |
| The modern conservative is engaged in one of man's oldest exercises in moral
philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
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| HarryP |
| November 24, 2015, 8:55pm |
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Amazing! Bumbler has lived on this earth his/her whole life and has no idea how things work.
Everything's a "bumblespiracy"  |
| We are advised NOT to judge ALL Muslims by the actions of a few lunatics, but we are encouraged to judge ALL gun owners by the actions of a few lunatics. Funny how that works. |
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| Box A Rox |
| November 24, 2015, 8:59pm |
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Everything's a "bumblespiracy"
AWESOME!!! A Bumblespiracy!!! |
| The modern conservative is engaged in one of man's oldest exercises in moral
philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
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