With the us dollar steadily loseing value should i cash it out and buy gold coins?If not, why not?
2007-11-07 19:32:45 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Leave your 401(k) alone. Keep it and keep contributing to it.
Cashing out your 401(k) would be expensive. There is a 10% penalty (if you are under 59.5 years old) and it is taxed as ordinary income (assume a 25% federal rate and a 6% state rate) and you will lose 41% of it just trying to get it out.
Don't buy gold. If you go back to the late 1970's and early 1980's the dollar was getting hammered and interest rates were sky high. Gold was also very high. Anyone who bought gold back then either lost their shirts or had to wait UNTIL LAST YEAR to break even. It was a crappy investment then and is likely an overbought crappy investment now.
The US dollar goes through cycles just like any other currency (or economy, etc.). The US dollar will come back and gold will come back down.
If you are planning to live here and retire here (US) eventually, keep the 401(k).
good luck!
2007-11-08 02:56:18 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
keep the 401k but also buy gold diversify in both. Look into silver also. If anyone told you to not invest in gold they are crazy. Gold has hit a new level and is in a bull run for many years to come. the price now is $833.00 oz. $2000.00oz gold is on the way!!!!! great investment.
2007-11-08 23:38:25 · answer #2 · answered by otter262001 2 · 0⤊ 0⤋
Yes, buy gold and stock up on canned goods and gasoline.
2007-11-08 03:35:46 · answer #3 · answered by Gottaloveher 5 · 0⤊ 1⤋
u don't need to buy gold item, just invest in gold stock.
2007-11-08 03:34:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
sounds like a good idea but pay up some bills too! once bills are paid up, there's no depreciation to that!
2007-11-08 04:02:07 · answer #5 · answered by GG 7 · 0⤊ 1⤋
save up
2007-11-08 03:35:20 · answer #6 · answered by therundown2k3 4 · 0⤊ 1⤋
www.401k.org.
2007-11-08 10:03:43 · answer #7 · answered by npk 7 · 0⤊ 1⤋
why not give it to me .....................................
2007-11-08 03:35:47 · answer #8 · answered by Helena M 2 · 0⤊ 1⤋