Ripped From The Headlines, December 4, 2023
Record Hardship Withdrawals From Retirement Accounts, IRS Reckoning At SCOTUS, Gold Hits Record - Read, Share, & Subscribe - SherlocExposes.com
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“A significant jump in the number of Americans yanking money out of their 401(k) accounts to pay bills and buy necessities is the latest sign that the U.S. consumer is experiencing increasing levels of financial strain.
A new report from Fidelity, the nation's largest provider of 401(k) plans, reveals a troubling trend—Americans are increasingly tapping their retirement savings in the form of hardship withdrawals and loans.
The report shows that 2.3 percent of U.S. retirement plan participants took a hardship withdrawal in the third quarter of 2023, up from 1.8 percent in the third quarter of 2022.
Top reasons given for taking a hardship withdrawal were avoiding foreclosure or eviction and covering medical expenses.
Besides hardship withdrawals, there was also an increase in the number of Americans taking loans from their retirement savings accounts, with this share growing from 2.4 percent in the third quarter of 2023 to 2.8 percent in the comparable period in the prior year.
Inflation continued to be a major concern in the third quarter, with nearly three-quarters of employees indicating that inflation was causing them stress.
The latest findings from Fidelity builds on a recent report from the Bank of America (BofA), which similarly showed that hardship withdrawals rose significantly in the third quarter, and while the BofA didn't track the specific reasons for the withdrawals, the current state of the economy—including persistently high inflation—is a likely culprit.
THINGS TO PONDER:
Here’s the question that’s on your mind: “If things are so good in the economy, why are more and more people taking hardship loans to avoid foreclosure and to cover medical expenses?”
And that’s the right question.
Then, there’s this:
“A ResumeBuilder survey of currently retired Americans found 12% expect to come out of retirement in 2024. The top reasons are inflation and a higher cost of living.”
Our publishers know several retired people, and have cautioned on these things over the last 18 months…
The ride is only going to get bumpier.
Click Here to get caught up on our coverage.
Brace For Impact.
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“A case that could punch holes in the federal tax code heads to the Supreme Court on Tuesday.
The court will hear arguments in Moore v. U.S., which challenges a piece of the 2017 tax law that imposed a one-time levy on profits that companies had accumulated outside the U.S. But its implications could reach much further, providing the justices an opportunity to define what Congress can tax under the Constitution—and what it can’t.
The case, brought by a Washington state couple seeking a $14,729 refund, raises a seemingly simple question: Must income be “realized,” or received, before it can be taxed?
Charles and Kathleen Moore argue that when the law passed, they hadn’t realized income from their investment in an India-based company and thus couldn’t be taxed. Some conservative groups have backed them, seeing a chance to block future Congresses from taxing wealth or unrealized capital gains. A broad ruling for the Moores could create a constitutional bar against some popular Democratic proposals to tax the superrich.
Tax lawyers and the government say a sweeping ruling could also upend many longstanding rules affecting partnerships, multinational companies and bond investors. Former House Speaker Paul Ryan, a Wisconsin Republican who helped write the 2017 tax law, warned in September that the case could damage a third of the tax code.
If the Moores win, investors and companies could demand billions of dollars in refunds tied to the 2017 law. And a loss for the government could prompt a wave of lawsuits over other tax-code provisions, according to lawyers.
THINGS TO PONDER:
Let’s knock out some of the usual BS:
“You should pay your fair share!”
Still waiting to understand exactly what that is, seeing that we get taxed on earnings, taxed on profits, taxed on spending the money we were taxed on, then, we want to give what we’ve managed to keep out of the hands of the grifters to someone else…
We’re taxed AGAIN.
This case going to the Supreme Court is a long overdue reckoning for the IRS…
They collect record taxes, but can’t seem to operate without more…
Would you keep going if you were buying groceries from the store and they kept selling you rotten food?
Probably not… but most just keep going along with the IRS wanting more money.
Here’s to hoping that people actually get to keep their money.
Name Your Enemy, Know Your Foe.
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“Gold prices notched another record to kick off the week — with spot prices touching $2,100 an ounce as the global rush for bullion appears set to continue.
Spot gold briefly traded above $2,100 an ounce on Sunday evening in New York, setting a new all-time high, before falling about 2% on Monday to roughly $2,028 per ounce. Gold futures hit an intraday record of $2,152.30 but settled down 2.27% at $2,042 per ounce.
Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.
Prices of the yellow metal have risen for two consecutive months with the Israel-Hamas conflict boosting demand for the safe haven asset, while expectations for interest rate cuts have provided further support. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.
‘The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,’ Heng Koon How, head of markets strategy, global economics and markets research at UOB, told CNBC via email. He estimated that gold prices could reach up to $2,200 an ounce by the end of 2024.
Similarly, another analyst is bullish on bullion’s outlook.
‘There is simply less leverage this time around vs 2011 in gold ... taking prices through $2,100 and putting $2,200/oz in view,’ said Nicky Shiels, head of metals strategy at MKS PAMP.”
THINGS TO PONDER:
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