Posts by Timothy Anderson18

Of course 🙂 It’s always a good idea to ask.

I just want to say, for heaven's sake, people, please just use Google. 🙂 Most of the time it gives you the answer to these kinds of dilemmas, simply because someone out there has almost certainly run into a similar issue before.

I honestly find it hard to believe that this is even being debated on this forum.
The whole thing involving Nigeria is probably one of the oldest scams floating around the internet, if I had to guess.🙄

Besides, anyone could just do a quick Google search and find the truth.

For instance,
http://www.whoisandrewwee.com/ebay-a...-scam-exposed/

I really hope you didn't end up sending them anything.☕>

casualtrucker7 said:I think casualtrucker7 has a point here—that exit fee is basically just there in case you ever decide to switch funds. You can't actually pull money out of the system before age 50, unless maybe you're granted early retirement by NOAA or, I guess, if someone passes away and the savings go to their heirs.

Hmm... I suppose that’s actually how it works... I have to admit, it seems pretty idiotic that you can't pull your own stake out by any means, even if you're willing to pay a penalty. It's almost like once you sign those papers with them, you're essentially locked in until you're 50...

Daniel Perez13 said:You can't just withdraw your entire 401(k) balance by paying an exit fee; you're stuck waiting until you're 50. So, if you're 30 and save for 10 years, you might want that money at 40, but that isn't an option. That cash is locked up until you hit 50, and even then, you can only pull out 30% in cash.

I apologize if I've gotten my facts mixed up here, but I'm fairly certain that isn't actually how it works...
I mean, it doesn't really make any sense, does it? Why on earth would anyone bother stopping their 401(k) contributions and paying an early withdrawal penalty if they were stuck waiting until they were 50 anyway? I haven't seen anything in the tax code or from any financial advisor that supports that idea.
If someone starts contributing at age 25 and decides to stop after five years—paying the penalty to get their money out—are they seriously expected to wait another twenty years just to access what they put in during those five years? That sounds completely absurd, I guess.☕

Daniel Perez13 said:I guess there isn't actually any contract that defines a transaction fee between the DMF and the MOD, nor was it specified when the DMF agreement was signed. I don't know where you're getting that number, but it doesn't seem to be based on anything real. Besides, the actual fee charged as an entry cost to the MOD isn't the only issue; there’s no guarantee regarding interest rates on those funds, and since you're committing to receiving 70% of the money as rental income, that might actually be where the biggest loss happens.
Maybe the idea of them being two companies under one owner is debatable, too, since every legal entity is its own thing and ownership structures can vary.
For instance, Raiffeisen Bank and Raiffeisen don't have identical ownership, and there's no reason they should.

I don't quite understand why there is this constant emphasis on the negative aspects of the third pillar, specifically the idea that you can't access your money immediately... just as a little reminder, we are talking about a "retirement" fund here... which means you are saving so that, in addition to a meager first and second tier pension, you might receive something extra every month during your later years...
That being said, there is also the option where, besides the initial 30%, you could receive the remainder within five years... which seems perfectly fine to me.

However... one thing I am wondering is whether it would be possible, say, at age 49, to cancel everything, pay the 5% exit fee, and just collect the rest of the balance right away? Or am I perhaps mistaken about how that works...

Best,