Decisions, decisions. I have 60,000.$ in pension money, I can cash out now or wait ten years to retire. With a nuclear war, Y2K, urban race riots, economic collapse, what would you reccomend? Cash now or wait ten years when retirement comes. Fred

-- fred (fred@aol.com), December 12, 1999

Answers

You will be lucky to get your money in the short time we have left. Might as well chance it and leave it in. I would definitely get some paperwork proving you have that money though.

-- Rob (maxovrdrv51@hotmail.com), December 12, 1999.

Leave it in. If it goes poof, it wouldn't have been any help to you outside the bank either at that point.

-- kritter (kritter@adelphia.net), December 12, 1999.

If your extra cash is not in preps now better wait...

Buy now or bye later.... it is your choice.

-- Helium (Heliumavid@yahoo.com), December 12, 1999.

Hmmmm. The echoes are sounding a bit more tinny ..... With what I've seen posted and linked on this site and others, and the other reading/research accomplished over the last two years -- ALL OF WHICH GOES AGAINST MY GRAIN AND NATURAL INCLINATION -- coupled with (let me be frank) what I feel in my gut, I would opt for hard choices at this time: quit and take the cash-out, if you can accomplish a real cash- out before the new year.

-- SH (squirrel@huntr.com), December 12, 1999.

Gary North posted that you can cash in an IRA for 60 days without penalty. I don't know how your pension is managed, but I e-mailed my pension manager which is Virginia Retirement System (VRS in Richmond, VA) who told me this is accurate, and linked me with the necessary forms to download. 60 days after I cash that check, if I feel confident about the banking system, then I can return the loot to the account and they will credit as well the taxes they withheld incase I had not returned the funds.

I have nothing to lose by cashing in. I'm not good with finances, so I appologize if I misunderstood your position.

-- Hokie (nn@va.com), December 12, 1999.

Depends on how you really think it is going to be. What do YOU think is going to happen? If you think it is going to be bad and want to take it out you need to decide quick. I know is takes up to three weeks to get 401k money. If it is not bad and you have cashed out then you will have to look for work and invest the money in something else during the meantime. Make a decision now and live with your decison.

obo

-- Obo (susanwater@excite.com), December 12, 1999.

Fred,

Sounds like you are under age 59 1/2 and would pay income taxes AND the 10% excise tax if you cashed out.

What would you do if there were no nuclear war, urban race riots or economic collapse?

Your post doesn't disclose the type of plan you have. Is it a profit sharing plan or pension owed to you by the company? If the former, can you direct investments for your account? If a profit sharing (or 401k)and you have investment direction capabilities, you may want to sell your investments and go into a money market. If available, this may be a good way to get more safety while avoiding immediate taxation.

-- mike (maples@voy.net), December 12, 1999.

Don't be stupid. You know what that means.

-- for real (for@real.com), December 13, 1999.

Fred,

It isn't logical to disrupt your entire life based on an unknown. Think about how bad you will feel if little happens, and you still have to live with your friends and family.

I apologized to my family this weekend because I have insisted for an entire year that Y2K would be a 6. Now, I know it won't be, and apologizing was one of the most difficult, and humiliating, things I have ever done.

THE WORLD IS NOT GOING TO END

-- (Ladylogic@aol.com), December 13, 1999.

Fred,

The historical economists called the debt bubble "a monster of fantasy proportions" as far back as the late 1980s. Debt at all levels is now worse and that means exceedingly great travail .....soon. Crushing deflation is writ in stone and nothing within the ability of mankind will prevent this course from being carried out.

Although we prefer to see ourselves as making the world move we will rather be forced to succumb to the diamond sharp laws of economics. We have abused credit and now it will abuse us.

Debts are always repaid by either the lender or the creditor. Your pension fund is invested in stocks, bonds and other smart investments like credit card debt. Time will prove this to be worthless paper.

Be a year early rather than a minute late. Otherwise you will be numbered among those filled with fear and unable to cope.

-- earl (ejrobill@pcpostal.com), December 14, 1999.