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BUD 28

What will happen if 401K holders take their money out to cut their losses? Would the brokerage

houses collapse or would the market just go further in the tank? Is this something we should worry about?
Russ:

Not only would withdrewls be taxable income, they would alson be subject to a 10% penalty.....for the average person, that would be about 25% of their value going to the government....not a good deal...

BUD 28:

Would it be taxable if they stayed with the same broker and went to a money market account? I think it would also be wise to keep buying stock for a dollar
averaging benefit.

Russ:

no....they woul be considereed as a withdrawl...

Porkenstein AKA Pork, Porky, Porkens:

Russ is right. You are going to wind up losing upwards of 40% of the money if you take it out of a sheltered account.

Porkenstein AKA Pork, Porky, Porkens:

A couple of things:
The stock market would nosedive if enough people did this.
Tax receipts would skyrocket from all the penalties and taxes they collect the next year.

Scottiejames03:

It definately wouldn't help... but if I had money in a 401k I would get it out of there and into my safe! =)

Porkenstein AKA Pork, Porky, Porkens:

You would take a guaranteed 40% loss on your money rather than leave it in a market that has nowhere to go but up? Doesn't sound like a good idea.

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