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Re: Anyone taking the 10% penalty and cashing out 401k or …

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  • Tue, Dec 22, 2009 - 08:24pm

    #57
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Anyone taking the 10% penalty and cashing out 401k or …

[quote=Mom-2-3-kids]

Great post!  I’ve been searching for opinions on this for months.  I feel that everyone around me still has their head in the sand.  Sometimes makes me think that I am the one who is crazy.  Anyone else feel that way?  We are such a minority here.  At least I feel that wasa in south central, Pennsylvania.

Any way,  I want some opinions on this.  I have $$ in an IRA that I want to cash out.   Would it be smart to take out 1/2 now … before 2009 is over…..then take out the remainder in 2010??  Would that make more sense to break up the tax over 2 years and possible stay in a lower bracket? 

The Bush Tax cuts are THROUGH 2010, right?

AND…

For those who are “stocking up on needed supplies” with their cash…..

Can you share that information of what you are actually stocking up on?  Any recommendations?

Being a mom of 3 young kids, I need to take action and stop “hoping” that all will be fine.

Thanks!

~S

[/quote]

Hey Mom –

Welcome to the site.

Here are a few links to threads that might come in handy in your planning efforts.

https://www.peakprosperity.com/forum/food-storage-lessons-learned-and-recommendations/19518

https://www.peakprosperity.com/forum/consolidated-list-links-existing-preparation-threads/27912

Lots of good info – don’t be overwhelmed by the list or get frustrated.  The fact that you are even asking the questions puts you far ahead of the vast majority of people.

Good to hear you have broken the “hopium” habit as well!

Again, welcome and good luck with your preps.