Lots of money parked in the 401k's.
It was a tax haven of sorts.
Now record numbers of 35 to 55 Year olds are taking hardship withdrawals.
Are they taxed (don't know). If not it might be a great time to find the excuse to take these withdrawals.
This is big stuff, really big. Soon 401K holders/contributer may be forced to buy T-bills (after Big Ben is done talking them down).
http://apnews.excite.com/article/20100820/D9HN1QUO0.html
Wow. That is f'ed up.
ReplyDeleteWouldn't forcing them to buy T-bills tie up that money though? What if they needed it to pay rent and buy groceries?