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Wed Dec 5, 2012, 07:57 PM

Our FRiends are about to discover that RW fear-mongering actually has a cost...

I am old enough to cash out my IRA. Should I do it now for tax purposes?

Posted on December 5, 2012 7:40:34 PM EST by Joe the Pimpernel

I turned 60 this year. I have a conventional and Roth IRA. The Roth obviously is tax free. I intend to work until the day I die, if God grants me the favor. Should I take the tax hit on the conventional IRA this year before the tax hikes kick in and cash it all out, or some of it?

Part of why I want to do this is so that if Ubama decides to nationalize 401(k)s and IRAs, he can't get me.


http://freerepublic.com/focus/f-bloggers/2966029/posts

6 replies, 1583 views

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Reply Our FRiends are about to discover that RW fear-mongering actually has a cost... (Original post)
brooklynite Dec 2012 OP
upaloopa Dec 2012 #1
Pakid Dec 2012 #2
yellowcanine Dec 2012 #3
yellowcanine Dec 2012 #4
NewJeffCT Dec 2012 #6
Johnny2X2X Dec 2012 #5

Response to brooklynite (Original post)

Wed Dec 5, 2012, 08:01 PM

1. Here is a person who can't think for himself.

He believes wing but bullshit and has to have someone make investing decisions for him. I doubt he has the investments

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Response to brooklynite (Original post)

Thu Dec 6, 2012, 08:44 AM

2. Sad part

I really do think that these people are this stupid. The bad part is people this stupid also get to vote and that gives them a say in how we run this nation and even in my life and that is a real problem. Now unlike these people who advocate taking away my right to vote I am happy to let them vote but sure do wish they would get a brain before the next election.

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Response to brooklynite (Original post)

Thu Dec 6, 2012, 09:05 AM

3. Someone working full time who cashes out an IRA at 60 is going to lose a lot of money.

Not only will they take a big tax hit but they likely will lose some future gains unless they put the money right back into mutual funds. And in that case they also lose money to transaction and broker fees. And someone who does this is also susceptible to any of the myriad of gold and silver coin scams advertised on right wing websites. This is a high price to pay for tin foil hat teabaggery. Some of them are also likely to piss off their wives over this and then they get to pay for a divorce also.

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Response to brooklynite (Original post)

Thu Dec 6, 2012, 09:14 AM

4. Here is my favorite response.........

To: Vendome
Iím wondering if you could take money out, after age 60, and avoid any income tax by using it pay off your mortgage or your HELOC....or say, invest in a small business ( like a old pickup with a snow plow)
21 posted on Wed Dec 05 2012 20:39:07 GMT-0500 (Eastern Standard Time) by cherry




What a numnuts. Thinks paying off a mortgage or home equity line decreases your income tax liability. It doesn't, it increases it because you lose the interest deduction.

And he is advising a 60 year old to buy an old pickup with a snow plow!
He has obviously never plowed snow or owned an old pickup or owned a small business. Old pickups with snow plows break down in short order if they are used for any serious snow plowing. Plus you get hardly any depreciation on an old pickup. To top that off, plowing snow, particularly with a pick up, is hard work. It is a back killer - not something someone wants to take on at 60.

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Response to yellowcanine (Reply #4)

Thu Dec 6, 2012, 03:48 PM

6. then, when he kills his back

He can get disability income until he's eligible for Medicare, and then keep complaining about Demon-crats putting their gubmint hands on his Medicare.

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Response to brooklynite (Original post)

Thu Dec 6, 2012, 11:24 AM

5. LEt him

If he's so stupid as to believe the garbage he hears, I don't feel one bit sorry for him should he get soaked by cashing out his retirement early.

Ignorance has consequences. Maybe after losing a large chuck of his nest egg for no real reason he will start to question things a little.

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