I worked hard all my life to head into the stable at the end of my career with a nice savings, and retirement benefits that would keep my daily bread on the table. I listened closely to those guys that advocated Tax Deferred savings and I pounded money into any deferred savings plan I could. Now that I am all stabled up, I find that I am faced with the prospect of paying 33 cents of every dollar to the Feds and 11 cents to the State when I use any of my investments.
Yes, I think it was smart of the government to entice me to save for them. When I think about the boat I could have had, the lake house I didn't buy, I wonder just what the heck I was thinking. At least I didn't miss any meals over the entire situation.
The only thing I can be happy about is that only my last 401 (k) has been headed into the crapper. At least I have only lost down to where it now worth what it was when I put it in the pot. I am thinking about drawing it out and taking the tax hit anyway. Thank god it is less than 5% of my overall investment strategy. Probably will increase my tax bill by 3 or 4 grand but what the hell, a penny here and a penny there is a few pennies. Barb thinks it is good to have investments to pay taxes on. Oh well...
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