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Stashing Cash...

Been thinking about it as I near Retirement age.
Untouchable that way. Ammo can buried or similar. I know about Inflation , I know about Investments . I know I won,t make a dime on it....But it will always be there , just sitting...safe.
Most likely I'll use it for day to day living...$100 here ..$100 there.
Keep some in the Bank for the Big Hits.
I'm thinking about 150 K , 50's and 20's. I earned it , I payed Taxes on it. It's not Drug Money or the pay for a Hit. It's mine.
What will the IRS say if I just make the withdrawal...will they know..will they care.
Benefits...Disadvantages ?..what say you...
Killin and Grillin :grin
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Replies

  • cadmancadman Home of the Gators Posts: 32,533 AG
    Why? It isn't any safer buried in your back yard than it is in a bank. Makes no sense to me. If you were buying gold with it or some other concrete investment, go ahead. Just to hide legitimate cash makes no sense what so ever. Hiding from the IRS would be different. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • Westwall01Westwall01 Posts: 5,453 Admiral
  • Turner River TerrorTurner River Terror Posts: 7,990 Admiral
    I worry about Catastrophic Health issues...The # 1 reason for Bankruptcy in the USA mainly..
    Rather Die knowing I got a safe roll stashed.. then penniless and Dead because the Hospital took all my money and I'm eating dog food for the rest of my life....
    Killin and Grillin :grin
  • cadmancadman Home of the Gators Posts: 32,533 AG
    Once you hit 65 you should be on medicare and the issue does not exist any longer. As long as you have health insurance it should not be an issue. Why would you care about stashed money when you are dead. The only worry then is, do your relatives know where it is. if you have $150,000 in cash you don't need and want to protect from creditors, talk to a lawyer about a irrevocable trust. You need a lawyer to do it right. 

    As long as the ACA is law and you have insurance you mas out of pocket is $7350 for an individual and $14,700 for a family. Original medicare has no maximum out of pocket, but most of the advantage plans do. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • fins4mefins4me Posts: 14,487 AG
    I think keeping cash on hand is important.  Hacking,  interruption of electrical grid, economic crisis or extreme national emergency  could create situations that would seperate  you from your cash.
    ALLISON XB 21,, MERCURY 300 Opti Max Pro Series (Slightly Modified) You can't catch me!!!
    "Today is MINE"
  • Turner River TerrorTurner River Terror Posts: 7,990 Admiral
    YUP , All the above. Your Grandparents stashed their cash after they saw it all disappear during the Depression.

    What,s wrong with cash on hand. Yup I'll miss the 1 % the bank is paying...big deal..
    Killin and Grillin :grin
  • FloydFloyd ; in N. Tampa or DownEast MainePosts: 1,109 Officer
    edited September 2018 #8
    I wasn't too long ago that I read that the greedy socialists were going to tax savings accounts.  Where was that?
    Having your money in a safe or perhaps a safety deposit box would stop that, but then you forgo any interest accruals.

    Recording from Moderators annual meeting: http://www.youtube.com/watch?v=DuABc9ZNtrA
  • kellerclkellercl Posts: 6,341 Admiral
    I'd respond but I'm pretty sure this thread is tongue and check.  


    “When you're good at something, you'll tell everyone. When you're great at something, they'll tell you.”

    -Walter Payton
  • Turner River TerrorTurner River Terror Posts: 7,990 Admiral
    AH , No it's not . I'm retiring , Selling my house and moving...making plans now Bro.
    Killin and Grillin :grin
  • kellerclkellercl Posts: 6,341 Admiral
    edited September 2018 #11
    Have fun with that.  Missing out on compound interest with large amounts of cash is stupid imho, but to each their own.


    “When you're good at something, you'll tell everyone. When you're great at something, they'll tell you.”

    -Walter Payton
  • Gary SGary S Posts: 2,248 Captain
    Money changes in appearance over time. Old money is still legal just doesn't look right.  Seems to me you would be better off converting cash to gold and stating that. You can always keep a roll of cash handy for impulse buys. 
  • mustang190mustang190 Posts: 10,104 AG
    What is the interest rate in a savings account now? 0.010 percent?
  • kellerclkellercl Posts: 6,341 Admiral
    What is the interest rate in a savings account now? 0.010 percent?
    No idea.  I don't invest via savings account.  They are worthless.


    “When you're good at something, you'll tell everyone. When you're great at something, they'll tell you.”

    -Walter Payton
  • Soda PopinskiSoda Popinski GrovelandPosts: 13,223 AG
    Cash no, gold bullion yes.    Can't be destroyed accidentally, and it will increase in value. 
    Like is like a Helicopter.  I do not know how to operate a Helicopter  
  • TarponatorTarponator Under a BridgePosts: 17,010 AG
    edited September 2018 #16
    Keeping a few months worth of cash is probably a good idea.   Beyond that it seems to me you are leaving quite a bit of money on the table.

    With rising interest rates, I'm not sure I'd be parking a lot of money in gold.

    You can get north of 3% in a federally insured money market if you look around.  That's probably where I'd park my cash if I were you.

    If you were really crafty and trying to hide money, and don't mind breaking the law, I'd consider taking a boat ride to the Bahamas.

    A lot of people share your concern about catastrophic health problems leading to bankruptcy.  I watched it happen to my grandparents, and it's something that concerns me too.
  • GardawgGardawg Posts: 9,763 Admiral
    I'd keep cash available but not on hand. When we next have a recession, couple of years maybe, then you can make some killer buys. 

    Then hope you live long enough to enjoy your profits when you sell.

    Retirement is like sitting on the bench not like heading to the lockers before the final whistle blows. 

    Even if you're not playing it's important to keep your head in the game. 

    Or you'll end up like an old dog barking at clouds.
    “Today a young man on acid realized that all matter is merely energy condensed to a slow vibration, that we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.

    Heres Tom with the Weather.”
  • AC ManAC Man Posts: 6,337 Admiral
    Do you have someone you trust to.tell where it is hid? Cause if you drop dead, nobody gets it. Don't bother with a safe. Crooks can break into those in 30 minutes.
  • ParkerboyParkerboy Posts: 7,048 Admiral
    I keep a small amount of cash on hand for emergencies, usually around 5K, in hundreds, fifties, & twenties.  I also keep some gold in a couple of different banks safety deposit boxes and some in another country as well. Unlike having  all cash my gold has appreciated over the years.
    Deo Vindice
  • cadmancadman Home of the Gators Posts: 32,533 AG
    fins4me said:
    I think keeping cash on hand is important.  Hacking,  interruption of electrical grid, economic crisis or extreme national emergency  could create situations that would seperate  you from your cash.
    There is a difference between $5000 in cash for an emergency and $150,000 buried in the backyard, 

    Mini Mart Magnate

    I am just here for my amusement. 

  • ANUMBER1ANUMBER1 Posts: 11,688 AG
    One of my old acquaintances stashed a couple hundred thousand in the bagger of his riding mower.
    While he was in federal prison his wife filed for divorce and sold most of his stuff..

    including the mower.

    true story..
    I am glad to only be a bird hunter with bird dogs...being a shooter or dog handler or whatever other niche exists to separate appears to generate far too much about which to worry.
  • ParkerboyParkerboy Posts: 7,048 Admiral
    cadman said:
    fins4me said:
    I think keeping cash on hand is important.  Hacking,  interruption of electrical grid, economic crisis or extreme national emergency  could create situations that would seperate  you from your cash.
    There is a difference between $5000 in cash for an emergency and $150,000 buried in the backyard, 
    You are correct which is why I have gold in several locations that either I or my wife can access. It would be foolish in my opinion to keep 150K buried in the old coffee can in the backyard, just put it under your mattress if going that route.

    The true point of my response is unlike cash gold should appreciate especially if the economy fails and will not for away in the buried can.
    Deo Vindice
  • ReelingFandyReelingFandy Posts: 476 Deckhand
    Set up a American Express Savings account online.  FDIC insured.  Currently paying 1.9% and will go up as rates increase.
    :beer, Randy
  • King_MeKing_Me Delray Beach, FLPosts: 6,537 Admiral
    What is the interest rate in a savings account now? 0.010 percent?


    I'm getting %1.85 at Ally bank right now.  Yeah, seems really low but it adds up over time.

    Inflation will eat your cash if you sit on it.  I've been buying CD's that average %2.5 to offset the inflation a little bit.  And I'm heavily into the markets which scares the hell out of me.

  • Turner River TerrorTurner River Terror Posts: 7,990 Admiral
    Putting my money into any kind of Account just opens it up for the taking.
    Stashing it keeps it safe and all mine. 
    Yes I have someone that will know where it's at..and he's good.
    No I won't make 1 or 2 percent with CD's , Money markets ect.
    Yes It will always be Mine to spend as I see , Not..Your Account has been Frozen...
    Killin and Grillin :grin
  • ParkerboyParkerboy Posts: 7,048 Admiral
    Which is why I have several accounts with several banks in the U.S. and offshore. Buy gold, if the economy tanks its value will skyrocket. I've bought gold coins and bullion for years, no certificates for me. On a cost average I'm 300-400 dollars up per ounce.
    Deo Vindice
  • mindyabinessmindyabiness Posts: 6,391 Admiral
    This cash is only valuable if the government is solvent.
    perhaps you should turn it into gold or some other commodity .
    Arguing with idiots is like playing chess with a pigeon... No matter how good you are, the bird is going to crap on the board and strut around like it won anyway.
  • ScminnowScminnow Posts: 4,094 Captain
    Can u eat gold?
  • Turner River TerrorTurner River Terror Posts: 7,990 Admiral
    NO , But you can't eat Cash either...
    Ammo , Whiskey , and Gold..always good.
    I just might check into Gold. Keep some stashed...Not in a Bank or Safety Box..Stashed.
    Pull out a grands worth in a coin out of the Ammo can and sell it off for cash as needed..
    I know the value changes , but so do Dollars.
    What say you...
    Killin and Grillin :grin
  • AC ManAC Man Posts: 6,337 Admiral
    ANUMBER1 said:
    One of my old acquaintances stashed a couple hundred thousand in the bagger of his riding mower.
    While he was in federal prison his wife filed for divorce and sold most of his stuff..

    including the mower.

    true story..
    Exactly my point.
  • AC ManAC Man Posts: 6,337 Admiral
    edited September 2018 #31
    What determins this option is do you have sufficient income other than what  you want to stash?

    My mom has 300k in a annuity that is guaranteed to pay 17k for life. Why give that up to stash cash. Plus it is still growing and death benefit is at least the investment plus intetest.

    I'f you have good income go for the stash. 150k won't last no time. With out other income. Unless you you want to live on social security.
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