Reports over the last couple years have suggested that the U.S. government would move to seize traditional 401k and IRA retirement accounts by rolling them into a government managed Guaranteed Retirement Account, or GRA. For the most part, save in alternative media circles, the reports have been dismissed as nothing more than an “idea” floating around.
But the bill has reportedly already been written and last Thursday, October 7, 2010, Congress held a recess hearing on the matter. The push to bailout union pensions and give more control of individual wealth to the U.S. government is underway.
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
source: Human Events
The government is moving to control every aspect of our lives, and those who deny this should take a quick look at what they did with Fannie, Freddie, GM, Chrysler, Citibank and who knows what else.
Now, they are going to take over your 401k. Perhaps you have tens of thousands sitting pretty for retirement – now the government will get to decide what happens to it, because it’s just not “fair” that you have a larger retirement than the next guy.
Our guess: They’ll use YOUR money to fund the national debt through the purchase of low yield US treasuries, and as the US dollar gets completely destroyed, the interest produced by your bonds will not be enough to offset the depreciation. As Karl Denninger points out, if a law like this passes it’s likely to be snuck into the next mega-bailout bank bill (when they start collapsing due to the foreclosure mess), and like before, there will be nothing the American people can do to stop it.
Though the elections in November are expected to shift the power in Congress, if democrats enact this bill before the new Congress takes over in January, we find it difficult to believe that any such law will be repealed.We hold a similar sentiment in regards to the health care bill, which we believe will not be repealed so long as a democrat President sits in the Oval Office. Whether that would change if a republican President were in charge, along with a republican Congress, is only speculation at this point.
How anyone can sleep at night having a lot of money in a 401K at this late stage of the game is beyond me.
What are you waiting for? cash it in, pay the fines & buy gold, gold can’t “crash” like the market or the dollar can.
The dollar is soon to be toast.
Gold can crash like any other trading instrument. That is all gold is. The gold hypesters are out there pumping it as an “inflation hedge”. Look at a chart of gold vs. the S&P 500. Sure, at times, gold outruns S&P 500, but over the long run, their trends are generally similar; i.e., generally when S&P 500 is trending higher, gold is also trending higher. Why? Who can buy gold when times are bad? When times are good, you will see inflation of everything – gold, stocks, commodities, etc., because people can afford them then. If we have a deflationary depression, which could certainly happen, you will see how LOW gold will go, as it will crash with everything else.
Yep…..it’s coming, sure as God made little green apples. Told folks this years ago, and was laughed at…..when it was clear to me that the political whores would never be able to resist stealing that large a pot of funds. Took out my IRA, paid the taxes and penalties and bought silver at 5-6 bucks. Â
Now I’m seeing the question posed lots of places on the net ” Should I take out my retirement funds and do something else”
WELL HELL YES YOU SHOULD.….How much handwriting on the wall do you need to see ?……and better hope they don’t make it retroactive for a year or two that you have to put it back when they pass this crap.
I bailed out of IRAs in “08, also.  I did the same thing Dave did….I paid the taxes and penalties, and bought gold,  with cash,  in small amounts,  at a time,  leaving no paper trail,  to me.
Gold? Â I don’t have no stinking gold. Â lol
The govt will confiscate your gold and silver and pay you pennies on the dollar for it. Don’t forget, starting next year if you buy 600 or more dollars of gold and silver, a 1099 will be sent to the Feds so they can track your ownership.
Everyone’s putting a lot of faith to booting the bad guys out November 2, but guess who owns the voting machine companies? Rothschild, same guys/family who in cahoots with the Rockefellers, own every Central bank on 5 continents. Here’s a link to voting machine story: http://bit.ly/bFQIg0 ~Check out YouTube also: Voting machine fraud. Eye-opener. Scary stuff for sure.
All I can say is… WOW!
I’m mean, I’m a left-leaning kinda guy, but that’s WAY unacceptable even for me!
Ditto – Did the exact same thing. I sleep a little better at night. If they pull this off there will be a lot of very pissed off people. I may say “I told you so” to some of them.
Tina – Better make a move. We don’t want you pissed.  🙂
I called my 401k provider, Fidelity, and told them I wanted to withdraw all my money and pay the early withdrawal penalty and pay the ordinary income taxes on the withdrawal.
They told me that was not allowed, and that I could not take my money out. Â They said the only way would be a hardship withdrawal, and that if I was still employed, they would not allow it.
So now what do I do?
Hardship withdraws are easy to get. Patrick, you have to say you are going to school, or your financial well being will be damaged if you don’t get your money. I got mine. Bought some gold and a fireplace for my house.
Comments…..
Should I take out my retirement funds and do something elseâ€
Naaaaahhh…… just let them get all of it before you wake up!!!
My only friend/neighbor’s sister and husband have 160,000 in 401 and are just sitting on it—they’re the type that watch every penny too—3/4 jobs and that kinda thing when it’d be nice if he and she let someone else have a job since they are pretty much set up with house paid for????
I seeing some breaking news here in the future about 401 providers. Seen it coming back when gov wanted give everybody a tax break & confirmed it for me when “they” wanted people to have privatizing social security sister fund. That’s why they call them brokers. Does anybody really know what they are investing in? Big talk & big money ponzi.
lol lol Well hell somenone has to pay for all the greed, it might as well be the middle classes who were so smug over the last 2 decades.
Poney up chumps lol
Go to he;;;lll;;;
i agree with wooba. this government seizure of 401K plans and eventual confiscation of IRA plans will go a long way to solving america’s economic problems caused the housing market collapse caused by greedy middle class morons buying houses they can’t afford.
i agree with wooba. this government seizure of 401K plans and eventual confiscation of IRA plans aand putting these funds into federal GRA’s will go a long way to solving america’s economic problems caused by the housing market collapse caused by greedy middle class morons buying houses and cars they can’t afford and have to be seized.
the wall street banking corporations need these funds for their skillfull  enployees to work overtime on high speed computer programs that will solve our current economic problem.
wooba & mushroom, not that they were all buying houses they couldn’t afford. Many bought houses they could readily afford, then rode up with inflation to suck out inflated equity in multiples of the original value.   Now they are defaulting on second & third mortgages. These people committed grand theft and should go to prison. Â
Joe six pack is defaulting because the careers are gone. That’s another entirely different story. These are the people that need help. The MSM likes to blend the groups together for bigger impact.
Its called creating a larger power base in government and unions. Obama is just paying back those that got him elected.
Just like the little infrastructure spending announcement today. He is going to “take away tax loopholes” for oil companies (and oil field non-union jobs) to spend on infrastructure. The little reported fact is that the infrastructure spending will go to almost exclusively union jobs.
Its all about the payback. And it ain’t you and I that are being paid.
Bill…..Tina – Better make a move. We don’t want you pissed
You got that right! My appointment is tomorrow with a financial advisor and 2:00 can’t come fast enough. Just not sure how long it will take to roll over into something else (then I can pull it all out)
Solid article. Comments on gold/silver spot on. Comments on people getting what they deserve are ridiculous. They made decisions based on bald faced lies from media and govt. They worked harder and smarter than those without and their goods are being stolen which means the poor have no hope. Rags to riches to rags equals perpetual rags for all except the governing elite with the printing press. Stop your stupid class warfare and stand up for your rights. Resist tyrrany, it is your moral obligation to future generations.
… just a guess – but lets assume THIS actually DOES go to committee. that would freak everyone the hell out – as is evident here, and everyone and their grandmothers would cash out asap – effectively crashing the markets. Second, this would also effectively start a second civil war – if not an international one as almost every other market would also crash. So its doubtful the gov’t would allow it to be done en mass anyway.
That said – I think (hope) this is more scare tactic BS. I don’t have much in the markets to begin with, but if people are looking to take their money out, they need to think long and hard before they do. At this point, the Gov’t can track anything and everything they want to – and if they can’t find it, they’ve also shown a propensity to make shit up.
We are, “Full Retard!” Â Sorry had to say it… Â Love it!
I live in Florida. What is this pension thing?
Oh Yeah, is that the thing where you work for 20 years and retire and get paid for another 30 years or so?.
Man that sound great.
No wonder pensions are in trouble. And the funny thing is that these union people think they DESERVE to get paid for the rest of their lives,,,, WTF
Don’t want to say, “I told you so…..” but I told you so!
Right on, Sketch. I have a hard time believing the crooks in DC would allow the peons to have their money.  They can bea vindictive bunch and will punish anyone who does it, that’s IF they allow it in the first place. Be very careful making your decision.
lol lol Durablefaith thinks the middleclass is blameless because they were lied too.
Plenty of people have told them the truth mate, all they had to do was listen, stop spending and save. They chose to believe the lie because the lie let them live like kings on borrowed money they never worked for. A lazy selfish generation, just as lazy as the welfare recipient because they wanted capital gains at someone elses expense stock market gains by exploiting 3rd world peoples.
Viva’ La Revolution
[Paste image of young Fidel Castro in beret]
Patrick – what Fidelity told you is a LIE !!!! You can take your money out of your 401-k, but you will have to pay federal and state income taxes (if any in your state) and an additional 10% federal and state penalty for early withdrawl.Â
My 401-K Company told me the same lie !!! The same damed lie !!! I told them I was going to research the matter. I did, via the internet, and called them back the next day.  And I told them, “Yes, federal law allows for withdrawl at any time. I have the documents in front of me to prove it.” The bastards changed their story right away….. “Oh, oh, oh…. yes you can Mr. Jones, but you will have to pay federal, state taxes and an additonal 10% penalty tax.”  I could have told them to shove it up where the sun doesn’t shine (for lying the day before).Â
Anyway, a few short weeks later, I got a big check in the mail.Â
So, Marx was correct.
To sittingguy, the unions referred to are public unions. Teachers, police, road crews, military… Private union pension funds are generally seized by private bureaucracies, called corporations.
Trouble is, it will not cure the problem of govt debt…its a band aid that will fail…its another step to become a socialistic society where the govt will control everything about…its about making you poor and defenseless… and we as stupid as it comes to not take control of this situation….are you really happy with any of the candidates? Im not!
Tina – Best of luck….
To those that say “well, they confiscated gold in the past”, remember that only about 5% voluntarily gave up their gold and they did so only because it went up quite a bit prior.
Besides, it is much more difficult (if not impossible) for the feds to get your physical gold in comparison to limiting withdrawals on, or grabbing your 401K.
Having dollars is bad enough, but having dollars in a system that can freeze your access to it is the worst.
Dump the paper investments, buy a bedroom (as high as you can stack) full of food & preps, & purchase silver & gold, depending on your situation. It is simple logic & hard work. Date all card board boxes of canned food & bulk the 5 gal containers. Think water & self defense along the way.
All your money are belong to us. Welcome to the new and improved Soviet States of Amerika. Brought to you by the usual suspects.
First of all, I’ve been expecting a government grab of 401ks for years. I got out of mine a while back. Still gotta convince the wife to invest in silver, despite the fact that the 1 oz. silver rounds I bought last Christmas for $16 and change  are today worth over $23….
However, I question the veracity of this report. I traced this Theresa Guilarducci back to a PDF of her original testimony, not on October 7 of 2010 but October 7 of  2008.
This PDF is on the Education & Labor government site at
http://edlabor.house.gov/testimony/2008-10-07-TeresaGhilarducci.pdf
and the link to it is at the bottom of the Wikipedia page at
http://en.wikipedia.org/wiki/Teresa_Ghilarducci
That would put it in the waning days of the Bush administration, right?
Now, I’m a big believer in the fact that both parties of the .gov are out to crush us, but it seems they’ve had two years to f*** up the rest of the economy without getting around to the GRA.
Let’s take a deep breath here, the situation may not be as dire as we fear. Remember that BOTH sides benefit from stirring us up.
Having said that, I’m still stocking up on food & bullets.
The joke will be on them when we spend all of our 401KÂ money before they can spread the wealth that we WORKED to EARN… Bwahhahahahahaha!!!!!!
Welcome to USSA ,this prosperity and peace of mind is brought to you by God,you have bless his chosen people,now is he’s turn to pay you back,this is only the beginning.
http://www.realzionistnews.com
Hey, lostinmissouri and Bill – how did you buy gold without it getting registered? My father-in-law wanted to buy gold, but every vendor said he had to provide an photo ID “for their records”, which he didn’t want to do because he didn’t want a repeat of what FDR did – the theft of all gold, after requiring everyone to register their gold “for record keeping purposes”.
So again, how did you buy it anonymously?
Bill and lostinmissouri,
Yes, Please tell us all how you bought precious metals without having to divulge any personal info about yourselves. With each day getting closer to November 2, one has to assume if there is a change of power, the lame ducks will try their best to hose us all.
Comments…..Any money I have been able to sock away into a 401k plan, is money that I worked for and saved to retire on. How can the government come in and claim that I am being unfair to others who were not able to benefit from my labor and my savings?Â
These are the same people who have been benefitting from the programs paid for by the taxes I have paid through my labors.
If I manage my money in a way that allows me to have savings to place in a 401k, then the government needs to take a look at my accounting and apply it to their own fiscal budgets and they would not need to rob Mona to pay union retirement.
You realize that after the government takes over the 401k plans and it fails under their guidance it will be the Medicare program and the Social Security programs that are hit next. I have yet to hear that the Welfare programs and Governemnt grants for stupid programs being cut back.
I have not heard of any Federal Goverment Employees being laid off or their wadges being cut to help bring the deficit under control.
The Government seems to be taking aime at the working population of America. I guess if you want money you have to attack those that are making money.
Makes me wonder what would happen if all of us working stiffs stopped working and sat on our butts. Who would the Government go after then?
This is all but certain to happen.
Someone please chime in about the previous poster’s factual comment that after 2012 you will get a 1099 sent into these vultures for any buy/sell transaction for PM’s above $600. The way I see it, you will be better off selling your PM’s before 2012 to avoid this. The taxes will be significant bc you will then have to prove your cost basis. Does anyone actually thing the govt does not want a piece of your PM pie profits? Will there really be a black market to buy/sell PM’s and if there is won’t the state of things in the USA be so bad we will be wanting food, water, and shelter before we want PM’s.
I’ve been wondering if you must complete the 1099 if you barter your gold and silver for something of equal value.  So I trade gold and silver for land – still a taxable asset. Any thoughts on this?
if this truely happens..it will just bring on the revolution faster and more furious than it was going to be…
R U Ready?
Eric: PM’s should be purchased only after your other preps have been acquired. Pm’s should not be sold or traded except in a dire emergency.
The purpose of owning PM’s is to preserve a portion of your wealth (with gold) (however small or large that may be) through the Changes and have something (silver) to barter and purchase needed items with during the Changes, if necessary, without trading essential food or ammo for it.
There is no reason for anyone to sell pm’s, unless you have considerable wealth in gold and want to sell some gold when it peaks to purchase prep goods. Otherwise hang onto your pm’s for a rainy day.
It will surely rain.
Comments…..ok,,i will say something for the confused.. Â thoreau say”for every 100 hacking at the branches ,there is one hacking at the root”
think very hard, focus like a laser .. stop feeling and learn to use the mind. stop quoting other who may have an agenda.  why did a real estate bubble develope ? what changed  the simple truth is clear. government intervention,backed by a left ideal.  carter passes cra. obama and acron sue citi-bank . abama sends thugs into capitol one, scaring the banks.  the banks are forced to do what they did not want to do. obama even said “subprime loans seemed like a good idea.
yes there are greedy people , yes there are dishonest people, that is a constant. Â what changed is what you need to focus on.
then when loans started flowing to unqualified minorities, the floodgates open, when clinton said “lets take home ownership from 30 % to 60 % Â Â .. gse’s were made ,bundled paper with aig backing. Â this was all gov. intervention. Â Â any time the gov. interviens it turns into doggie crap. Â Â Â bush and mccain tried ,12 times to reign it in. you should have heard those poor guys pleading with maxine waters,dodd,barney,meeks,wrangle,fwank wainens,i mean raines.
but the response was “leave it alone” Â Â then obama the big shucker jiver, says .. lets blame bush,, it was his watch.. Â Â Â wake up america!
Mushroom, your a phucking moron.
Patrick read this: Where did you find the information to take to Fidelity to withdraw your funds? I’m being told the same thing by my employer and Merrill Lynch: that as long as I’m employed I can’t withdraw my funds. Not even sure I can get a hardship loan. Besides, who wants to pay the money back into a sinking ship. Doing a quick search, I found this, which I will research more. I would rather pay the taxes and penalties now at 49 rather than wait for the higher taxes to kick in over the next 10 years.
The 72-T strategy to avoid the early withdrawal penalty.
If you are still working and pull money out of your 401(k) before 59.5, you will almost certainly pay a 10% early withdrawal penalty plus income taxes on the money that you take out. You might be able to make early withdrawals with the help of IRS rule 72T. Rule 72T, based on life expectancy let’s you schedule fixed income withdrawals for five years or until you reach 59.5, whichever is longer. It let’s you receive six equal payments according to IRS calculations.
BTW, this is my first post but have been lurking here for a few months now. Thanks for all the great articles and comments.
Â
Comments…..my grown son and wife want to get their 401k money out now, they were told it had to be hardship case or no job to get it, would you advise them to quit their jobs, please help us in the decision, they dont want to loose their money , thanks sharon
Take the total amount in your 401K and subtract the 10% penalty. Now subtract 28% for Federal tax and 8% for State tax. You’ll see that there’s not much left for you to spend.
Here’s an example, $115,000 balance in my 401K, $11,500 penalty, $28,750 federal tax and $9200 state tax. To make matters worse, you may fall under a higher tax bracket if the 401K balance is combined with your full year salary if you quit your job in December. If you make $100K a year then add $115K in the 401KÂ , that puts you at $250K taxable income. Put your underwear on backwards and bend over.
When it’s all said and done you’ll lose 50K, roughly 2 years of living expenses. Yes, I would be upset but I wouldn’t go postal over it. It’s not worth it.
Sharon, I would not advise anyone to quit their jobs in an economy where 1 in 5 Americans are out of work; unless they have the necessary skills to get a comparable, different job first. ie, medical field.
Once the new job has been secured, cash out, take the penalties and buy physical gold and silver. PHYSICAL gold and silver. They will make up the loss with the appreciation in value of these pm’s.
The gov. will confiscate gold and silver???? Can anyone tell me what gold and silver are? I’m not sure I’ve ever seen any of these types of animals….. Are they dangerous?  Whatever these things are, I hope I don’t run into either of the two without some sort of protection……….
Comments…..are you all nuts? this is AMERICA not communist country. they will not touch our 401k if they do there is going to be another civil war, the people taking down the government. give me a break
Lord I hope you are right!!
Hi Gang, Just finished reading most of comments this day. Summary, lots of smart people on site….please note that our getto president and his trash administration has been a long time coming…..its no accident….they have planned it all 1,2,3….and since husbands and wives both have to work…yep they planned that shit too….own our schools too…etc….we as a nation have been taught to shut up and color….political correctness…..don’t raise your voice, I’m using butter….etc….etc…..our liberal colleges and profs are all plants to their goals…….and they now have everything,everyone etc in place to pull it off…..and they will…
There were a few comments that were right on…..stock up on food….pay all your bills….reduce your savings to own some gold and silver…and mainly keep your mind clear to the possible fact that millions of us may actually have to protect our ownership/savings with our lives….I believe it will happen, and just how much more of their crap they are going to jam down our throats before we ACT is totally beyond me…but I suggest that you and your friends, family, etc…be prepaired , well prepaired for food and self defense…. as I will keep my hard earned savings, my home, my life as my wife and I have earned for over 35 years….its not a big pile of funds….but it belongs to me until death us do part!
This is more of a socialist country now and the threat rumors are still out there now in 2012. I have my retirement in there, a good chunk and I do not want to give the Federal Government money to supplement their other spending. So what to do, this is the question.
people like you is what will make it possable for them to do just that, wake up.
Comments…..This is all made up crap as the hearing you referred to was about the lack of savings for low income earners and proposed a government subsidy to the employer contribution in order for the retirement to be adequate. Go to Senate.gov and check out the HELP committee and find the hearing for yourself and listen to it which will prove that this article and the others I read are meant to scare people and draw out their 401k plans and invest in the advertisers at the bottom! Yeah WAKE UP PEOPLE and realize that lies are being circulated by the ton and fact check is necessary to learn the truth.
Comments…..Where is the comment I just made? Too many truths in it for you to publish!
Comments…..This is all made up crap as the hearing you referred to was about the lack of savings for low income earners and proposed a government subsidy to the employer contribution in order for the retirement to be adequate. Go to Senate.gov and check out the HELP committee and find the hearing for yourself and listen to it which will prove that this article and the others I read are meant to scare people and draw out their 401k plans and invest in the advertisers at the bottom! Yeah WAKE UP PEOPLE and realize that lies are being circulated by the ton and fact check is necessary to learn the truth.
@ AD Coffey
The HELP Senate Committee heard testimony submitted by the Economic Policy Institute (EPI). It is posted and can be read in it’s entirety on their website. EPI was hand picked for this purpose. Do you honestly think a Senate Committee Chair would state this hearing is about seizing private 401k accounts for redistribution to “fairly” adjust retirements for all Americans?
Instead, it was couched in this manner. The presenter, EPI Vice President Ross Eisenbrey, reading from his submitted testimony read “…a truly universal system would need to shield low-income workers from out-of-pocket costs or wage cuts, EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School of Social Research…”
AD, that was insider to government speak for support of the Guaranteed Retirement Account authored by and is the Guilarducci plan which would seize private retirement accounts, sets up an additional 5% mandatory payroll tax, which uses the money from the tax and seizure to distribute it “fairly” to Americans. While on the EPI website read their policy on an Agenda for Shared Prosperity.  The sell is called – A Plan to Revive the American Economy.
There has been an agenda to seize 401k funds for over twenty years. To the power elite it is too tempting, the trillions of dollars they have no control over. The bill has been written, a Senate hearing held and posting in the Federal Register for public comments. It’s all but a done deal. It should be a wake up call to the Sheeple.
These rumors have been around for years and is nothing more than a political scare tactic.  Proffessor Guilarducci statements at a hearing in 2008 were only suggestions and received no support from anybody in Washington.  There was talk about promoting the conversion of 401ks into annuities.  Which would provide a steady stream of money in retirement.  The key word used was “promoting”.  Not forcing!  READ  THE WASHINGTON REPORT ON THE MIDDLE CLASS.  CHECK THE FACTS! All 401k plans have the annuity option now you morons.  There are no bills in the senate! The government isn’t grabbing your money.  What Washington has done in the last 2 years is require company’s to provide some kind of a retirement option if they don’t have one. Like making their employees set up an IRA at a local bank.  Or automatic enrollment in 401ks.  Washington also is requiring better fee disclosure by the investment firms.  So that it is more transparent what we are paying.  You were a fool if you cashed out your 401k and paid 50% in taxes and penalties.  Isn’t it strange that there are no newspaper, TV, radio or Washington reports on record for the last 2 years on this money grab? There would be a huge outcry and opposition to it! But there was nothing. Nothing.  Only on the Internet where disinformation is dragging the uninformed and the gullible down.  Hows it feel to be suckered in on lies?
jd harper,
Go back under your bridge, Troll.
I tried to withdraw my 401K but since I am not at retirement age yet, 56, I can not withdraw this money as my reasons do not fall within the approved 7 that allows a withdrawal. I even went as far as the president of the company I work for who on my behalf went to the president of HR. I was told the government makes the rules and even the company I work for can not bend those rules. I would have to actually quit my job to be able to withdraw and pay the penalty to get my hands on these funds. I have worked for this company for 19 years.
Any suggestions? Â Â
What in the world is a “recess hearing”? Is this something that really happened? Or is this a “scare story” being presented for political purposes?
Patrick–Many questions about the documentation u have from somewhere pertaining to 401k withdrawl that u say u were able to take out. Where is it? Where do we find it? This is a disbursement while u were still employed and before u were 59.5 yr of age? Correct? We kno about the penalty and tax implications. What info do u have that can help?