The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Better to hold ETF in IRA or outside of it||Date: 3/6/2013 3:08 PM|
|Author: StockGoddess||Number: 71467 of 75643|
1) Retirement accounts are generally untouchable in bankruptcy proceedings. While this may look like a remote possibility for you now, financial situations can change drastically on a dime
The majority of bankrupcy proceedings start not because someone was foolish with their money but because of a health emergency which leaves a huge bill, even INSURED people can get caught by this.
CNN's Anderson Cooper had a good piece recently about a guy, with insurance, went to ER with trouble breathing and 4 days later the hospital let him go and sent him a bill for over $450,000.
Could he have forseen this? No. Did he have insurance? Yes.
America's health care system is downright scary. I hope hospitals can't get at my 401K either.
As we accumulate, I wonder if it wouldn't be prudent to see a lawyer and get more of our assets stashed away into 401K's, IRA's, LLC's or Trusts for this very reason. Maybe Mittens had a good idea storing all his money in the Bahamas and burying his tax returns. Surely there's something the non-billionares among us can do, though.
SG "wanting to cover my assets"
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|