Like he said before. He decided to take out his 401k and actually DID something with it before he died. Big deal. I did the same thing. I have different 401 plans and closed one out this year and made a CASH offer on a farm. Since I was one of the first to make an offer on the place and actually had the money they sold it to me. They had a list of over 10 other people who were trying to figure out financing on the deal. Yes I paid the 10% penalty and I also paid about 28% income tax on my regular earnings and on my 401 withdrawal and it was a lot of money to send the IRS. I really didn't care. I am fine with it. I could have taken out a loan and paid a bank a couple hundred thousand extra dollars in finance charges to finance a farm loan for 30 years. I watched my money drop a lot in 2008 and a lot of it came back but not all of it. The dow was at 14500. You can put your money away all your life and die before you ever get to use any of it. I really don't care anymore what wall street tells me to do. I know what's best for myself. I don't want to be 70 years old and to worn out to do anything before I enjoy any of my money and If I died sooner than that it would be a total waste. My friend just died at 59 and never got any 401k money out or any social security. The stock market has become an extremely risky game of chance. More like gambling than investing. I am also sitting on the sideline in money markets until I figure out if I want to get back into any mutual funds. Right now I like watching from the sidelines. As you get older it's more about protecting what you have in there as opposed to making a lot more. In other words I'm trying to protect the money I have rather than trying to get my greedy claws on more. The Dave Ramsey 12% mutual fund gains are turning into science fiction. I'm gravitating towards cd's that pay 2% rather than risking my money on stocks. To each his own. I may draw the rest out, pay the penalties again and put it in a jar buried in the back yard.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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