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IRA and 401k plans - are they bad or good or ugly?

Fri Jun 1, 2007 01:06PM | By Tony

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Can IRA and 401k accounts go bad? I received several emails with questions on what can go wrong with IRA and 401k accounts. I have a somewhat unusual angle on those retirement accounts, never mind bad stock market, bad fund management and so on. My biggest concern is that you actually don't possess these money, until you become eligible to get it and pay tax once you get it. The government does own your money, through the custodian. No one knows what will happen 10, 20 years when as promised, the Social Security will go bankrupt. Depending on who is in the White House, and the Congress, your 401k and IRA savings may be taxed say at 50% or more. No I am not crazy nor conspiracy nut, I only know that for a greater good, worse things have happened. So I would put money into 401k or IRA, but only to the point where I am getting a tax break or company matching, hoping that the very bad will never happen.

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