Quote:
Originally Posted by G1911
The vast majority of 401K accounts make money, not a loss. It's really, really, really hard to put your money into a 401K for many years and produce a net loss. It takes serious mismanagement and stacking horrible decisions to do so. The tax structure has been gone over.
But if you believe a 401K or an IRA is bad and pulling money out of retirement accounts to YOLO on cardboard is wisdom, do it. I eagerly await the screen caps of people putting their money where there mouth is and closing their retirement accounts, taking that massive tax hit, and spending it all on baseball cards. Surely they will come any minute now to show us doubters and actually do it.
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You have lost ~20% in the market this year. There is no guarantee that it is going up anytime soon. Many experts think it is going down more as the economy gets worse.
Yes, the tax structure has been gone over. There are ways to take money out, depending on the type of retirement account, without penalties. If none of these fit the individual needs, then it probably isn't wise.
This thread was started because the OP heard people were doing it, but we don't know the specifics. I doubt they are coming here to post because most are negative about cards as an investment. Most of my retirement is already in my collection and I am way ahead of where I would have been if I had maxed out retirement account, so I am already good.