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+--- Thread: Will those afraid Obama is going to take their 401k going to hurt the market by pulling their money out? (/thread-57258.html)
Will those afraid Obama is going to take their 401k going to hurt the market by pulling their money out? - Eye of Sauron - 01-24-2013 01:24 PM
Some of my coworkers are scared that Obama is going to take all the 401k money from everyone and use it to fund social security later. I dont know anything about that.
But wouldn't millions of people pulling their money out of 401k hurt the market even further?
- SmartA$$ - 01-24-2013 01:32 PM
Obama isn't going to take 401k money. That's a rumor started by a few communist nut jobs who don't think that anyone should be allowed to save money.
But to answer your actual question, yes it would hurt the market. People would scramble to get their money out, despite the penalties and losses from the market, they would want to just get whatever cash they could get.
But, like I said, its not going to happen. That money belongs to the people who have the 401k plans, and the government can't take it.
- Derek - 01-24-2013 01:32 PM
Listen.
NO PRESIDENT can take your 401 (k). This a deferred retirement plan.
NO POLITICIAN can take that away from you.
This is simply a bold lie.
- ou_sooner_football - 01-24-2013 01:32 PM
The main problem with the market is banks withholding loans. The bailout is basically sitting with the banks and some banks are actually buying other banks instead of making loans. This is key to the market. Plus I think the drop in the NYMEX will help the economy. America is 70 percent driven on consumer spending(pwr). Low oil prices could revamp the market if the banks will make loans.
- svmainus - 01-24-2013 01:32 PM
I have already lost 1/4 of my 401K...in just the last two quarters. That is why 1 out of 5 people have already removed their 401Ks...I did not but 1 out of 5 have - and I expect that to grow. Bush did that (and Clinton helped him before that) - not Obama...but yes, it's going to get worse before he can make it better.
- Phantomvolcano510 - 01-24-2013 01:32 PM
Little thing called the Constitution prevents them from taking your 401k. Read up on it. And no, millions of people can't pull their money out of it nor have them...anyone who says otherwise is LYING! ERISA law prevents people from taking in-service withdrawals except in the case of hardship. And being afraid of UNREALIZED losses is not a reason. They can take a distribution if they quit, are fired, die, become disabled...but 20% of the people haven't done that.
And no..millions leaving doesn't hurt the market when trillions stay.
- weepy - 01-24-2013 01:32 PM
There are some ideas in the works. Look at the following site.
http://www.carolinajournal.com/articles/display_story.html?id=5081
The consequences would be bad.