Here's Why I Will NEVER Put My Money in a 401K or IRA: Catherine Austin Fitts

http://FinancialSurvivalRadio.com/

Solari.com investment advisor Catherine Austin Fitts tells http://www.FinancialSurvivalRadio.com host Jay Carter why she closed out her IRA and "took the tax hit," and will never again place her wealth within a 401K or IRA retirement account.

To hear the entire conversation, listen to episodes 19 and 20 at http://www.FinancialSurvivalRadio.com

Category:

News & Politics

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• Austin
• Fitts
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• funds
• IRA
• 401K
• retirement
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• crash
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• jay
• carter

[mississippibill]

So, where is Catherine putting her money?

[jsadilek22]

carson is correct - 401k's were not designed to be the primary retirement savings product. They were designed to supplement retirement income. If a company is willing to match your contributions, it seems silly not to take them up on that offer. But I agree that other financial products should be used as well. Ultimately, if a person chooses not to do any saving, then that person will be screwed. If you don't trust 401k's, then don't. Scaring people from saving money is dangerous advice.

[carsonc29]

@jsadilek22 i totally agree with you about the annuties and IRA'S not bein discussed..people need to learn to diversify thier retiremant saving and not just rely on one source

[carsonc29]

401k's are not exactally an evil thing, they are like glorified social secrurity..SS was never meant to replace income, just to supplement extra income, the 401k was not desigend to replace ones income or replace pension plans, they were meant to provide extra income..problem is 99% of people think its the most important retiremtn vehicle..and although helpfull, in my opinion it is helpfull to also have and IRA/ROTH IRA,annuity, mutual funds ..along with your 401K

[jsadilek22]

I'm not commenting to take personal shots at people. I'm doing so out of genuine concern for the absurdly low national savings rate, and the impact that has on our frail economy. Certainly the 401k has its flaws, but it has become the most common vehicle used for retirement savings. Most people are not financially literate. The bottom line is that people need to save money for retirement, and this is the easiest way. Why aren't alternatives mentioned in these posts at least? IRA's, annuities....

[madtown99980]

@jsadilek22 Yes it is coming you pathetic arrogant little troll! People can save for retirement many other ways & not have they're money held hostage in a rediculous pension account where they cannot access it without huge tax penalties! Now please go stick your head back in the sand.

[Motoicon]

Its called 3rd party counter risk to those who think they wont ever lose if they stash their wealth in 401k's...or for that matter, any piece of paper. Its a promise....that can be broken and if anyone has paid attention lately, those promises seem to be getting broken more often. The bottom line is do you trust the trustee with your wealth?

[jsadilek22]

What in the world is she talking about?? The Gov can't take your 401k. That's absurd. "You know, that's coming..." What? No it is not coming. Nobody can take your 401k. Stop this stupidity! Don't tell people to stop saving for their retirement! The average person retires with $150K and is screwed. They should try to save as much as they can - in plans like 401k's. They are good. This is nonsense. And since when did our foreign policy become "You can force the Chinese to buy treasuries?? " Stupid

[MX3516]

They want to take all the 401(k) savings, pool them with Social Security, then "spread the wealth around" by giving part to the people that don't have any retirement savings as a "credit". This is why you cannot rely on favorable tax policy in planning retirement savings, they can change the terms on you in a minute.

[ramo34]

@999Atwood... Just a side note: Although Jehovah's Witnesses don't have to pay any taxes at all because they are exempt, they actually still do pay their taxes and they always have. "Pay back Cesar's things to Cesar but GOD's things to GOD."