Turning Your 401K To Gold

Print Friendly, PDF & Email

401k to goldHow you decide to turning your 401k to gold into a retirement program depends on what type of situation you are in. If you no longer work with the company you may wish to roll over the funds that you have accumulated to an IRA or individual retirement account. After the funds are safely in your new IRA you then have the chance to convert to precious metal.

If you are still employed with the company the process is a little more complex, but may be possible. Check with your company to see if an in service distribution is possible. This is essentially withdrawing retirement funds before the mandated age or other conditions. If possible, you may take out the funds but you must reinvest them in a qualified retirement plan within 60 days or you will have to pay some very stiff penalties.

When you change over a plan, in most cases you cannot simply do it on your own. This usually takes a company that acts as custodian. They can help you through the entire process. In this way, you can be successful with the rollover, but you are not actually in physical possession.

It is important to remember that unless you cash out a retirement program you cannot turn funds into precious metals that you can store on your property or sell whenever you wish. You must follow the rules of your plan. For instance, when you have successfully changed over to an IRA, then you will need to be at least 59 and one half years old or disabled, to start withdrawing funds.

In some cases, you might turn your plan into a self directed IRA. This allows you to control what kind of investment is made, and you can literally turn a 401k to gold, if you like. However, you need to check with the employer or the administrator of your account to see if you can.

You might be able to borrow some of your 401K money. Ask your employer, but in some cases you may borrow as much as fifty percent or $50,000. You are then free to use the money as you want and that includes investing in precious metals that you can actually hold in your hand and admire. Naturally, you will have to repay the loan and if you do not, you will incur early withdrawal penalties.

When you are serious about turning your 401K to gold, you could simply withdraw the money and pay all the penalties, and then reinvest it. However, you stand to lose ten percent in the process and this is not considered wise investing. In any manner, it is best to talk to a retirement planner or financial professional for the most dependable information and advice.

Request your FREE Gold IRA Rollover Kit Today.

Kelly Lyalls

A cornerstone of a gold retirement plan is the recognition that everyone's economic & life situation is unique. Personalized service is essential. Let the experts at Regal give you one less thing to worry about, so you can have the retirement you deserve

More Posts - Website


Comments are closed.