According to financial research firm ICI, total retirement assets in the Land of the Free now exceed $23 trillion.
$7.3 trillion of that is held in Individual Retirement Accounts (IRAs).
That’s an appetizing figure, especially for a government that just passed $19 trillion in debt and is in pressing need of new funding sources.
Even when you account for all federal assets (like national parks and aircraft carriers), the government’s “net financial position” according to its own accounting is negative $17.7 trillion.
And that number doesn’t include unfunded Social Security entitlements, which the government estimates is another $42 trillion.
The US national debt has increased by roughly $1 trillion annually over the past several years.
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Even if you were able to withdraw your money, the government would take their “fair” share. My fair share to close out my IRAs was 53% with taxes and penalties. It was one of the best decisions in my life.
David DeGerolamo
And why I never bothered to set one up.
How messed up is it that we are grateful to recover only 47% of our own money?
I did the same thing at the beginning of 2015. I figure the loss in total value sustained over the past 8 months is equal to the penalties paid. I put that money into my preps and precious metals. Silver and lead.
My wife has an IRA that she had before we where married. I tried to tell her to cash it in and put it towards something of value. She keeps saying no. Hack I even said cash it out and buy gold or silver and we will stash it somewhere safe.
Considering that many employers offer a considerable match to what is deposited in an IRA and that during good market conditions you can make a killing, I’m struggling to understand why you believe it was one of the best decisions you have made, unless you started a successful business with that money?
Short answer is that 47 percent of anything is better than 47 percent of nothing. Nothing is what you will end up with if you continue to put your faith in fiat paper backed by nothing more than the bankrupt federal government and it’s word alone.
Perhaps David will elaborate further, but that’s the fundamentals. Bank on it.
@AUDIOMIND, because the government will take, oops I mean steal it all, then you will have nothing.