Take your savings, cash on had, real estate & investments, Fink! DON’T YOU DARE TOUCH MY SMALL RETIREMENT FUND! It is bad enough that the dad gum worthless Congress changed the 401K distribution eligibility age from 70 to 73! Thought you’d kill us all off with the COVID VAXXX, eh?
I get your outrage. Not being a finance wizard myself I'm not sure how exactly Fink/Blackrock would take our pension and retirement investments to fund the rapid AI datacenter build out, but if anyone is in a position to be so callous I guess he is.
I'm confused about your second sentence regarding distribution eligibility. I know the IRS has something called the Minimum Required Distributions table. It is an age-based schedule that dictates the minimum fraction you must withdraw from a tax-deferred account such as a 401(k) Plan or Traditional IRA. The starting age is currently 73. The rules says that in the calendar you turn 73 the IRS compels you to withdraw - or "distribute" - no less than 1/26.5 th, or 3.774% of your account, based on its value on January 1 of that year. The required fraction increases every year until the ripe old age of 120, when it reaches 50%, and stays at 50%. The starting age used to be 70.5. For younger frogs such as myself the starting age is set to be 75, assuming the rules do not change from here to then.
There is another age at play, which is 59.5. Once you are older than 59.5 you can withdraw from an IRA without penalty. If you are younger than that then the IRS levies a penalty on your tax return (the jerks).
Bringing my point home, as far as I am aware no law prevents you from taking out money from your 401(k) at an earlier age. I think you're fine. On this one you can let go of the hyperventilating.
I called the 401k mgr and was told I could take a “loan” out as an emergency withdrawal but would not be eligible to start taking distributions until 73. When I signed up the age to take distributions was 70. He said Congress changed the age requirement.
That's really suspicious. I'm tempted to say he was lying to you deliberately so that you'll keep your money in their hands longer. Here you can read the IRS 401(k) resource guide - Plan participants - General distribution rules. It has sections on required minimum distributions, hardship distributions, and loan options. The official info lines up with what NotInFormation wrote.
As much as I can't stand that Dirty Rat Fink - crap articles that thrive on chaos would lead you to beLIEve he's just going to reach in and STEAL your savings without your authorization - He didn't actually say that, did he?No...he didn't
Instead, INTEREST BEARING ACCOUNTS like Savings and 401k etc - where you're paid interest - THOSE accounts, UNDER THE GUIDANCE/INTEREST OF THE INVESTMENT BROKER, MAY CHOOSE to invest in AI infrastructure as a potential investment strategy.
The reality is EXACTLY THIS: If traditional investments are returning around 2% and these AI companies REALLY want and need capital, they might return say, 5%. Are you honestly going to sit there and tell me you're going to forfeit 3% because of ethics, while your coworker and friends are making over twice the return you are? Get real. Everybody is a greedy whore... don't think you or the bank/401k manager isn't for a second...
Yes... let's bet all of the pension funds on the AI bubble.
After all... it worked so well for the Tech Bubble and the Dot-Com Bubble. When the bubble pops, you can always get a government bailout, right? Right?
Sure, Mr. Fink, I really really want to go back to work when I'm 65! You, sir, are a billionaire, so once YOU put up every single dime of wealth YOU possess and make a profit, then you can come and beg for my retirement. Until you are on the same wealth level as the people you are wanting to rob you will not get any traction with this stupid idea. Go beg for money from your billionaire buddies.
I will not be happy until the likes of Blackrock, Vanagard, State Street, and Blackstone are liquidated along with everything they own. This includes the World Economic Forum.
Take your savings, cash on had, real estate & investments, Fink! DON’T YOU DARE TOUCH MY SMALL RETIREMENT FUND! It is bad enough that the dad gum worthless Congress changed the 401K distribution eligibility age from 70 to 73! Thought you’d kill us all off with the COVID VAXXX, eh?
I get your outrage. Not being a finance wizard myself I'm not sure how exactly Fink/Blackrock would take our pension and retirement investments to fund the rapid AI datacenter build out, but if anyone is in a position to be so callous I guess he is.
I'm confused about your second sentence regarding distribution eligibility. I know the IRS has something called the Minimum Required Distributions table. It is an age-based schedule that dictates the minimum fraction you must withdraw from a tax-deferred account such as a 401(k) Plan or Traditional IRA. The starting age is currently 73. The rules says that in the calendar you turn 73 the IRS compels you to withdraw - or "distribute" - no less than 1/26.5 th, or 3.774% of your account, based on its value on January 1 of that year. The required fraction increases every year until the ripe old age of 120, when it reaches 50%, and stays at 50%. The starting age used to be 70.5. For younger frogs such as myself the starting age is set to be 75, assuming the rules do not change from here to then.
There is another age at play, which is 59.5. Once you are older than 59.5 you can withdraw from an IRA without penalty. If you are younger than that then the IRS levies a penalty on your tax return (the jerks).
Bringing my point home, as far as I am aware no law prevents you from taking out money from your 401(k) at an earlier age. I think you're fine. On this one you can let go of the hyperventilating.
I called the 401k mgr and was told I could take a “loan” out as an emergency withdrawal but would not be eligible to start taking distributions until 73. When I signed up the age to take distributions was 70. He said Congress changed the age requirement.
That's really suspicious. I'm tempted to say he was lying to you deliberately so that you'll keep your money in their hands longer. Here you can read the IRS 401(k) resource guide - Plan participants - General distribution rules. It has sections on required minimum distributions, hardship distributions, and loan options. The official info lines up with what NotInFormation wrote.
Spot on. The older age is when you must take something or pay a penalty, not when you may take something.
Before 59.5 there are hardship distributions (https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributions) or you could give yourself a loan (nice trick if you can foresee a downturn coming and stay employed; you buy it back cheaply and if the down doesn't emerge you can pay it back faster).
Or in extremis you could take the tax penalty; but don't since there are many other options.
Do not let Rats into your grain-stores.
This truth humans have known for thousands of years.
Also, why does Fink look like a rat?
DON'T BE A RETARDED
As much as I can't stand that Dirty Rat Fink - crap articles that thrive on chaos would lead you to beLIEve he's just going to reach in and STEAL your savings without your authorization - He didn't actually say that, did he? No...he didn't
Instead, INTEREST BEARING ACCOUNTS like Savings and 401k etc - where you're paid interest - THOSE accounts, UNDER THE GUIDANCE/INTEREST OF THE INVESTMENT BROKER, MAY CHOOSE to invest in AI infrastructure as a potential investment strategy.
The reality is EXACTLY THIS: If traditional investments are returning around 2% and these AI companies REALLY want and need capital, they might return say, 5%. Are you honestly going to sit there and tell me you're going to forfeit 3% because of ethics, while your coworker and friends are making over twice the return you are? Get real. Everybody is a greedy whore... don't think you or the bank/401k manager isn't for a second...
Stop falling for the fEaR pRaWn
u/#cashmoney
Yes... let's bet all of the pension funds on the AI bubble.
After all... it worked so well for the Tech Bubble and the Dot-Com Bubble. When the bubble pops, you can always get a government bailout, right? Right?
Well... maybe not this time.
Sure, Mr. Fink, I really really want to go back to work when I'm 65! You, sir, are a billionaire, so once YOU put up every single dime of wealth YOU possess and make a profit, then you can come and beg for my retirement. Until you are on the same wealth level as the people you are wanting to rob you will not get any traction with this stupid idea. Go beg for money from your billionaire buddies.
Already happened. All those funds hold stock in tthe companies doing it.
WILL NOT COMPLY
Nope.
I will not be happy until the likes of Blackrock, Vanagard, State Street, and Blackstone are liquidated along with everything they own. This includes the World Economic Forum.
Let’s tap Blackrock instead.
My decision to forego a 401K in favor of metals is looking better and better.
Fuck off fink. I ain't troubling that bubble any time soon.