Why Is Everyone Pulling Funds Out of Their 401k In The Great Biden Economy?

[DudleySmith]

CD's are a another financial scam invented in the 1960's, so banks can log phony reserves and loan out more money.

Are CDs FDIC-Insured?

When considering where to keep your hard-earned money, you want to be sure of two things: that the investment is safe and that it's insured. This is especially true when it comes to certificates of deposit (CDs). The U.S. government established the Federal Deposit Insurance Corporation (FDIC)...

www.gobankingrates.com

What CDs Are Not FDIC-Insured?​

Two types of CDs are not FDIC-insured: foreign CDs and brokered CDs. Foreign CDs are issued by foreign banks and do not qualify for FDIC insurance. Similarly, brokered CDs are bought and sold through brokers rather than banks and do not fall under FDIC insurance coverage.

Furthermore, not all banks are insured by the FDIC, which means you could be putting your hard-earned money at risk. CDs issued by non-FDIC insured banks can be significantly riskier than FDIC-insured investments, so it’s crucial to do your research before you invest. To ensure your investment is FDIC-insured, read the fine print and check that the bank is a member of the FDIC.

 

[justoffal]

If the Biden economy is half as good as The Banker keeps telling us, then why are people emptying out their savings up by over a THIRD?

Seems to me, that so many increasing people tapping into their nest eggs which were SUPPOSED to be there for their retirements suggests that things are getting worse, MUCH worse, and our economy is anything but sound.

If I were an investor, with the spending of Biden and the democrats, the national debt, the Biden war chest digging deeper and deeper, the looming China Problem, the Immigration problem (Biden has now invited in as many illegal unskilled foreigners we need to take care of in 2 years equal to the population of seven states the size of Montana), the banking problem, the AI problem, the degraded dollar problem, and now the looming threat of a government takeover forcing us to switch to an all electronic currency, now is the last time I'd want to take any financial risk.

https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html

Record per capita debt growth also.

TheBanker is a mindless talking points Rube who has no interest in any detailed discussion outside of the BS OFFICIAL NUMBERS....

JO

 

[Care4all]

If you shifted out of a 401K, paying taxes and penalties, to buy a CD outside of the 401K,
you may be AOC.

Why would I do that? If I was shifting from a 401k, I would likely roll it in to a traditional IRA cd.

 

[bdtex]

We moved a good chunk of our retirement savings from the market to CDs just recently ourselves!

I've been putting all investment cash into CDs since October last year and none into IRAs or Annuities,

 

[Toddsterpatriot]

CD's are a another financial scam invented in the 1960's, so banks can log phony reserves and loan out more money.

Are CDs FDIC-Insured?

When considering where to keep your hard-earned money, you want to be sure of two things: that the investment is safe and that it's insured. This is especially true when it comes to certificates of deposit (CDs). The U.S. government established the Federal Deposit Insurance Corporation (FDIC)...

www.gobankingrates.com

What CDs Are Not FDIC-Insured?​

Two types of CDs are not FDIC-insured: foreign CDs and brokered CDs. Foreign CDs are issued by foreign banks and do not qualify for FDIC insurance. Similarly, brokered CDs are bought and sold through brokers rather than banks and do not fall under FDIC insurance coverage.

Furthermore, not all banks are insured by the FDIC, which means you could be putting your hard-earned money at risk. CDs issued by non-FDIC insured banks can be significantly riskier than FDIC-insured investments, so it’s crucial to do your research before you invest. To ensure your investment is FDIC-insured, read the fine print and check that the bank is a member of the FDIC.

CD's are a another financial scam invented in the 1960's, so banks can log phony reserves and loan out more money.

If you buy a $1000 CD, the bank can loan out $1000.

What's phony? Where is the scam?

 

[Toddsterpatriot]

Why would I do that? If I was shifting from a 401k, I would likely roll it in to a traditional IRA cd.

In a thread about people pulling money out of 401Ks, you're talking about buying CDs.

I said, "If you pull money out of a 401K to buy a bank CD, you may be a Biden voter"

If you didn't do that, you may be smarter than a Biden voter (low bar, I know).

 

[DudleySmith]

CD's are a another financial scam invented in the 1960's, so banks can log phony reserves and loan out more money.

If you buy a $1000 CD, the bank can loan out $1000.

What's phony? Where is the scam?

lol banks buy them, dumbass. I know most basic economics are lost on you, as it is most ideologues. they artificially inflate the money supply by a significant amount, just to name one, which is also a point over your head, no doubt.

 

[Blues Man]

If you shifted out of a 401K, paying taxes and penalties, to buy a CD outside of the 401K,
you may be AOC.

You can use a CD as an IRA and move money out of a 401k or any other qualified retirement account into a CD with no taxes or penalties.

You guys really need to learn the rules of your qualified retirement accounts so you don't get taken advantage of.

What an IRA CD Is, Rates and How It Works - SmartAsset | SmartAsset

An IRA CD combines two popular bank accounts: IRAs and CDs. This guide covers how they work, their pros and cons, common rates and more.

smartasset.com

 

[Toddsterpatriot]

lol banks buy them, dumbass. I know most basic economics are lost on you, as it is most ideologues. they artificially inflate the money supply by a significant amount, just to name one, which is also a point over your head, no doubt.

Banks buy CDs? From who?
What's phony? Where is the scam?

Be specific.

 

[Toddsterpatriot]

You can use a CD as an IRA and move money out of a 401k or any other qualified retirement account into a CD with no taxes or penalties.

You guys really need to learn the rules of your qualified retirement accounts so you don't get taken advantage of.

What an IRA CD Is, Rates and How It Works - SmartAsset | SmartAsset

An IRA CD combines two popular bank accounts: IRAs and CDs. This guide covers how they work, their pros and cons, common rates and more.

smartasset.com

You can use a CD as an IRA and move money out of a 401k or any other qualified retirement account into a CD with no taxes or penalties.

You can buy a CD inside your IRA or 401K, but the OP is about 401K withdrawals.

 

[Blues Man]

You can use a CD as an IRA and move money out of a 401k or any other qualified retirement account into a CD with no taxes or penalties.

You can buy a CD inside your IRA or 401K, but the OP is about 401K withdrawals.

There is no such place as "inside your IRA"

You can have as many IRA accounts as you want as long as your annual contributions do not exceed the limits

If you have and IRA with Fidelity and you want to roll some of that money into a CD that is designated as a qualified retirement account you can do so with no taxes or penalties.

You can withdraw from an IRA with no penalties as long as you deposit those funds into another qualified retirement plan within 60 days.

People here are assuming that the poster that said she put some of her IRA money into a CD are assuming she was penalized and that may not be the cASE AT ALL.

 

[Toddsterpatriot]

There is no such place as "inside your IRA"

You can have as many IRA accounts as you want as long as your annual contributions do not exceed the limits

If you have and IRA with Fidelity and you want to roll some of that money into a CD that is designated as a qualified retirement account you can do so with no taxes or penalties.

You can withdraw from an IRA with no penalties as long as you deposit those funds into another qualified retirement plan within 60 days.

People here are assuming that the poster that said she put some of her IRA money into a CD are assuming she was penalized and that may not be the cASE AT ALL.

There is no such place as "inside your IRA"

Sure, there is. I have a rollover IRA at Ameritrade. Inside that IRA I have stocks, ETFs and CDs.

If you have and IRA with Fidelity and you want to roll some of that money into a CD that is designated as a qualified retirement account you can do so with no taxes or penalties.

The CD isn't a new qualified retirement account, it's an asset in the old qualified retirement account.

 

[Blues Man]

There is no such place as "inside your IRA"

Sure, there is. I have a rollover IRA at Ameritrade. Inside that IRA I have stocks, ETFs and CDs.

If you have and IRA with Fidelity and you want to roll some of that money into a CD that is designated as a qualified retirement account you can do so with no taxes or penalties.

The CD isn't a new qualified retirement account, it's an asset in the old qualified retirement account.

You can have more than 1 retirement account.

So if you have a retirement account that is not with Ameritrade that is not in your Ameritrade IRA account is it?

And yes that CD can be a new qualified account if you are using a different bank or investment firm.

You can move money out of your Ameritrade account into an IRA funded by a CD with a local bank it doesn't have to be with Ameritrade.

 

[Toddsterpatriot]

You can have more than 1 retirement account.

So if you have a retirement account that is not with Ameritrade that is not in your Ameritrade IRA account is it?

And yes that CD can be a new qualified account if you are using a different bank or investment firm.

You can move money out of your Ameritrade account into an IRA funded by a CD with a local bank it doesn't have to be with Ameritrade.

You can have more than 1 retirement account.

You can have 100s. More!

And yes that CD can be a new qualified account if you are using a different bank or investment firm.

You could transfer money out of your Ameritrade IRA and move it to a new JPM IRA to buy a CD.
Or you could just buy the CD in the Ameritrade IRA you already have.

 

[excalibur]

Not only that, but credit card debt has risen to a record $1 trillion dollars under Bidenomics, in spite of the 22-year high interests rates.

https://www.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html

And using installment pay for groceries.

More people are delaying paying up front

Consumers are increasingly relying on Buy Now, Pay Later services in order to cover the costs of their daily expenses amid the uncertain economic environment.

www.foxbusiness.com

 

[JGalt]

And using installment pay for groceries.

More people are delaying paying up front

Consumers are increasingly relying on Buy Now, Pay Later services in order to cover the costs of their daily expenses amid the uncertain economic environment.

www.foxbusiness.com

I'm doing the same thing with a little store up the highway. Their sausage, egg, and cheese biscuits are to die for, so I go there at 6 AM every morning and have one with a Monster energy drink. They just void out the transaction, I sign the receipt, and they keep them until I feel like paying them.

 

[DudleySmith]

A CD is nothing but a fixed time savings account. It is not a qualified retirement account under tax free rules. She is babbling on about selling “a sizeable chunk” lol! of stock and then moving it to CD savings. Again, she is almost always wrong, uninformed or lying Lestist puke on every post.

Actually it's just another loan, like a bond, not a real 'deposit'; it's get called a 'deposit' so they can sell them as protected by FDIC, i.e. a govt. subsidized loan for banks so they can artifically puff up their loan reserves..

 

[Toddsterpatriot]

Actually it's just another loan, like a bond, not a real 'deposit'; it's get called a 'deposit' so they can sell them as protected by FDIC, i.e. a govt. subsidized loan for banks so they can artifically puff up their loan reserves..

It is a real deposit. It's not government subsidized.
It doesn't puff up their reserves.

 

[DudleySmith]

It is a real deposit. It's not government subsidized.
It doesn't puff up their reserves.

lol sure thing, bozo.

 

[Toddsterpatriot]

lol sure thing, bozo.

You posted so much evidence for your claims.
It was very impressive.