Judygranny, well put definately doing what you know is the best investment you can make. I think investing in the stock market with your excess money is a great way to get rid of it.Vanguard has a fund devoted to US Treasuries. While not fail-safe, it's much safer than stocks and doing quite well for now. It's vfiix. If you can't cash out, changing to that option might be the next-best thing. Canadians are in better shape, but we here in the US are a big drag on all the other countries.
As for silver and gold, I keep some, but prefer to stock on things that will be needed. Insulation in our house, some light bulbs, some propane for the lamps, some herbs for healing and seasoning, small bags and a scale for bartering same. Also oils and alcohol to prepare tinctures, etc for use. Think about what you know and invest in that: skills, tools, supplies, etc.
While there is a cost to early withdrawal, think of what you could lose through 30%, 40%, or 50% inflation. The penalties would be more than offset by investing in "stuff" before inflation kicks in.I woudl not draw down a 401k or other retirement plan - that will cost you a lot in penalty and taxes unless you are over 55..
Those are indeed two of the options but I think the third - to keep lying to the world- is more likely. Our government has never dealt with the debt and I doubt anyone can force them to now. I am not a prophet but I strongly suspect that the US will NOT default, and while inflation will continue as it has for most of our lifetime, I do not see hyper inflation as more likely than continued ever growing debt. I think the US will borrow more long term debt to meet any present obligations and continue business as usual, simultaneously raising taxes and handing out unemployment benefits.I'm no economist but the U.S. government really only has 2 options in regards to the massive debt it has incurred over the last 40 years; default on it's obligations or inflate it's way out.
I happen to agree. That is why I am planning on drawing mine out. Even with the penalties, I have enough to pay all my bills and taxes, and still have money left to do some work around the homestead. And I would feel better being out of debtWhile there is a cost to early withdrawal, think of what you could lose through 30%, 40%, or 50% inflation. The penalties would be more than offset by investing in "stuff" before inflation kicks in.
I'm no economist but the U.S. government really only has 2 options in regards to the massive debt it has incurred over the last 40 years; default on it's obligations or inflate it's way out. IMHO inflation will be the option they chose. But who really knows what will happen. :dunno:
I'll pile on and say that I've taken some out as well. I keep seeing prices going up on things but my salary remains the same. I'd like to have no debt and the provisions I need whereby I can go without having to spend much should there be a collapse of the dollar or the known/upcoming tax increase.I happen to agree. That is why I am planning on drawing mine out. Even with the penalties, I have enough to pay all my bills and taxes, and still have money left to do some work around the homestead. And I would feel better being out of debt