Convert Your 401(k) to a Gold/Silver IRA
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Steps to Convert Your 401(k)
The first crucial step in diversifying and protecting your portfolio with gold and silver is to find a reputable dealer whom you can trust to provide great customer service for the lifetime of your precious metals retirement account. A reputable dealer doesn’t just provide the IRA establishment and IRS-approved bars and coins; that's the easy part. They should offer impeccable service when it comes to delivering your assets quickly, even in the face of supply chain disruptions. In the event of civil unrest or widespread conflict, you don't want to find yourself empty-handed. Make sure to look at reviews directly from places like the Better Business Bureau (BBB) and Google. Most rating agency company business models allow companies to pay big bucks to be marketed by them for reviews and new leads which should be a conflict of interest.
Just like airlines, there are many choices of metal dealers. People choose Harvard Gold Group, HGG, for our 5-star customer service, no IRA set-up costs, low pricing, quick delivery, and transparent final costs, which will help you avoid surprises from companies that use nickel-and-dime tactics down the road. Discover all of Harvard’s customer benefits, like Lifetime Account Care and a straightforward buyback program without hassle or liquidation fees, located at the bottom of this page.
Step One
The first step is for your metals dealer to assist you with the paperwork to convert or rollover your 401(k) to a Gold/Silver IRA. This IRA application establishes your account and enables the account custodian to have everything they need to be responsible for your statements, safeguard your physical assets within the account, ensure compliance with regulations, process transactions, distributions, RMDs, and maintain accurate records on your behalf.
Step Two
Next up is the funding of your account. Typically, this paperwork is handled with the IRA application process via DocuSign and sent to your current 401(k) custodian to direct them to send your funds to your new Gold/Silver IRA, tax-free and penalty-free. Funds can be converted as quickly as 3 days. In addition, if you have other retirement accounts or a Traditional IRA, you can elect to move those accounts to your new Gold/Silver IRA. You may also add contributions to your new account but be sure to adhere to your contribution limits.
Step Three
Lastly, once your money is transferred to your new Gold/Silver IRA, you are ready to select your physical bars and coins. Here at HGG, we are here to assist you through everything. We provide a simple yet effective overview of the differences between gold and silver and the assets you can choose from. This helps you determine if you want all gold, all silver, or a combination of both based on your goals and objectives. You can also elect for physical platinum or palladium bars and coins.
This isn’t where it should end with your metals dealer; true customer service and lifetime account care starts after your IRA metals are delivered. HGG provides direct access to its co-owners, who have over 15 years of experience specializing in Precious Metals and have moved over a hundred million dollars into tangible assets for people's IRAs/retirement accounts and for direct delivery.
* Ask us how you can earn up to 10 years of free Hard Asset IRA yearly maintenance fees *
Why Convert My 401(k) to a Gold/Silver IRA?
401(k) Conversion Benefits:
The primary reason people convert from an employer plan such as a 401(k) to a gold and silver IRA is to diversify their investments with a wider range of opportunities while maintaining tax-deferred status. Employer plans typically offer limited paper investment options. In contrast, a Gold/Silver IRA provides expansive diversification by extending investment allocation to include real estate, mortgages, loans, cattle, stocks, mutual funds, paper investments, commodity futures, and more.
Another considerable benefit is the flexibility in distributions or Required Minimum Distributions (RMDs). While 401(k) and other employer retirement accounts only allow cash distributions, a Gold/Silver IRA permits distributions/RMDs in precious metals, dollars, or a combination of both. This offers strategic wealth-building advantages, particularly over time.
Hedge Dollar Decline/Inflation:
Precious metals, particularly gold, offer a reliable hedge against inflation. As inflation climbs, the purchasing power of your dollar declines. Since the year 2000, the U.S. dollar has lost over 40% of its purchasing power, and since the establishment of the Federal Reserve Act in 1913, it has depreciated by more than 96%. In contrast, the value of gold, which stood at $20 in 1913, has seen a remarkable increase of 9900%, now valued at over $2,000. This demonstrates its enduring resilience and fortified role as a timeless safeguard against the erosion of the dollar.
Fact: In 1920, an ounce of gold was valued at $20 and could purchase 65 gallons of gas. Fast forward to January 2024, based on EIA.gov, the same ounce of gold can now buy you over 590 gallons of gas. Owning gold can provide peace of mind about the purchasing power of your dollar.
Source: U.S. Government EIA, Energy Information Administration: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
Protect Against Paper Assets ~ Stocks & Bonds:
From the year 2000 to April 2024, gold has appreciated by well over 700%. Gold stands as a formidable diversifier and protector against paper and dollar-denominated investments. Many Americans remain unaware of the strong performance of physical gold. Over the past 23 years, the U.S. has witnessed significant economic and stock market growth, alongside enduring three major financial crises in 2001, 2008, and the 2020 COVID-19 pandemic. By integrating tangible gold into your portfolio, you can hedge financial crises and set yourself up to expand wealth during the good times and the bad.
What 401(k) Retirement Accounts Can Rollover?
All types of qualified retirement accounts can be rolled over, such as 401(k), Inherited Retirement Accounts, Roth-401k, Pension Plans, 403(b), 457, and TSPs.
Does my 401(k) Qualify for a Rollover?
Is my 401(k) Eligible to Rollover?
- If you separate from your company for any reason or retire
- If you are above the age of 59 ½
- If your company was bought out
- If your company has changed financial institutions
- Inherited 401(k) and other inherited retirement accounts
- There are some other qualifiers. Call us, we can help (844) 977-GOLD
At Harvard Gold Group, it is free to transition your 401(k) into a Gold/Silver IRA. We cover the costs and streamline the process, making it quick and easy for you while ensuring your account remains tax-free and penalty-free. Funds can typically be transferred in as little as 3 days, usually without the need to contact your current custodian.
The information on IRA Types is provided directly from the IRS website and is current through March 2024. You can find more retirement account plan types and information on their site.
Click here: Types of Retirement Plans | Internal Revenue Service (irs.gov)
401(k) Indirect Rollover vs. Direct Rollover:
What is a 401k Indirect Rollover? Should I Have 401k Funds Sent to Me? Can I Place a 401(k) Distribution Back into an IRA to Avoid Taxes?
Not knowing can hurt you!
A direct rollover is when your 401(k) custodian transfers funds directly to the new IRA custodian. An indirect rollover occurs when your current custodian directly sends your retirement funds to you personally.
A custodian, in simple words, is the company responsible for your statements, safeguarding your assets within the account, ensuring compliance with regulations, processing transactions, distributions, RMDs, and maintaining accurate records on behalf of the account holder.
You can elect to do an indirect rollover versus a direct rollover, but there are important pitfalls to consider. One common reason people choose an indirect rollover is to buy time to make decisions. While this may appear harmless initially, it introduces a strict timeline and a series of possible tax events with some complications due to the funds being distributed directly to you versus directly to a new Gold/Silver IRA.
To begin with, when 401(k) funds are disbursed to you, the plan administrator is required by law to withhold 20% for federal tax purposes. For example, if you intended to rollover $100,000 of 401(k) retirement account funds to a new IRA, only $80,000 would reach your bank account, with the remaining $20,000 forwarded to the IRS.
But that's not the end of the story. Time becomes a critical factor. Upon receiving the 401(k) funds, a 60-day countdown begins. Within this timeframe, to avoid a tax event, you must deposit the full $100,000 into the new Gold or Silver IRA. Neither the IRS nor the 401(k) retirement account manager can divert the original $20,000 to the new IRA for you. This means you will need to pay the $20,000 out of your pocket towards the new IRA. While you may anticipate recovering this amount when filing your taxes, it represents a significant upfront expense in the interim and extra paperwork down the road.
The stakes escalate further if you fail to complete the redeposit within the 60-day period. The entire amount becomes subject to income tax, and if you're under 59½ years of age, an additional 10% early withdrawal penalty is imposed. This could result in a substantial depletion of your savings.
Pros & Cons of a Rollover
Transferring from a 401(k) to a Gold/Silver IRA is tax-free and penalty-free. With a Gold/Silver IRA, you can gain more control of your wealth by having the flexibility to select all types of investments, which can effectively diversify your retirement account. Strategic diversification is widely known to hedge against paper market losses and even grow your wealth during adverse market conditions like recessions. Additionally, IRAs are not job-dependent unlike 401(k) accounts, which are tied to specific employers. This means you won’t need to transfer accounts each time you change jobs, nor will you need to be concerned about plan discontinuation or account freezes if your employer goes out of business.
The one con for an IRA compared to a 401k is the inability to borrow against it.
401(k) to Roth IRA Conversion
A 401(k) to Roth conversion often involves transferring funds from a traditional 401(k) to a Roth IRA. This conversion shifts your retirement savings from a tax-deferred account, as with 401(k)s, which reduce current-year income and defer taxes until retirement. In contrast, Roth accounts are funded with after-tax dollars, and qualified funds within them grow tax-free, offering the benefit of tax-free distributions.
However, before embarking on this type of conversion, it's important to understand potential pitfalls. Converting a 401(k) to a Roth IRA can be costly, involving extensive paperwork and lengthy processing times. While we can assist with the conversion paperwork to a Gold/Silver IRA, it's crucial to consult with your CPA to determine if this strategy is both affordable and beneficial for your financial situation. Ensure you have the necessary funds to cover the upfront taxes associated with the conversion.
Roth 401(k) Rollover to Roth IRA Benefit
As of the 2023 tax year, you can skip taking money out of a Roth 401(k) by rolling it over to a Roth IRA before you turn 70½. This is a tax-free and penalty-free move. However, if you wait to do the rollover until the year you are 70.5 years old, you MUST first take the required minimum distribution out of the account before you execute the rollover.
The Roth 401(k) is like a Roth IRA's sibling. You put in money after paying taxes, it grows without being taxed, and when you take it out, you don't pay taxes. But when you turn 70½, you usually have to start taking some money out. For Roth 401(k)s and regular 401(k)s, you can wait until you retire if you're still working for the same employer.
Heads up: Regular Roth IRA owners don’t have to take money out, but Inherited Roth IRAs do.
Disclaimer: HGG doesn’t offer tax advice but provides general tax rules and information from the IRS website to discuss topics related to our business. The information above is current for the 2023 tax-year. There can be exceptions in some cases and rules can change with no notice. You can visit www.irs.gov
IS GOLD BETTER THAN SILVER OR VICE VERSA?
IRS Approved Gold & Silver Assets
Gold/Silver IRA accounts enable investment in precious metals such as gold and silver, offering a valuable avenue for asset diversification and financial safeguarding. However, IRS guidelines dictate specific requirements for approved precious metals.
The most popular gold IRA coin in America is the prestigious Gold American Eagle. The first American Eagle Gold Coins were released to the public in 1986, available in four denominations: one-ounce, one-half ounce, one-quarter ounce, and one-tenth of an ounce. The most sought-after is the one-tenth of an ounce. The IRS allows for several other countries minted and guaranteed coins within your IRA, but the main requirement is that the gold coin must have a minimum purity of 99.5%.
Examples of IRS-approved gold assets include:
Silver IRA coins and bars must be 99.99% pure. This fineness level is found in most assets sold by Harvard Gold Group.
Examples of IRS-approved silver assets include:
Featured Products for Gold/Silver IRAs
Gold American Eagle
U.S. Mint
Silver American Eagle
U.S. Mint
Gold Canadian Maple Leaf
Royal Canadian Mint
Silver Canadian Maple Leaf
Royal Canadian Mint
Considering Adding Platinum and/or Palladium to your IRA?
Ensure it meets the minimum purity requirement of 99.95%. Approved platinum options include American Platinum Eagles and the majority of platinum bars endorsed by the IRS.
Palladium is a sought-after precious metal that can be included in IRA portfolios. However, IRS regulations mandate that only palladium with a purity level of 99.95% or higher is eligible for deposition into an IRA account. Fortunately, many palladium bars and coins, such as the American Palladium Eagle, meet the IRS standards and are approved for IRA investment.
We Guide and Assist You Every Step of the Way!
Planning is essential when deciding when and how to retire. Harvard Gold, America’s #1 Conservative Gold & Silver Company is here to help you protect and diversify your retirement savings. Avoid letting rising inflation and the next financial crisis shatter your aspirations. A gold and silver retirement account IRA can help give you peace of mind and help you enjoy the rest of your life.
Call our Precious Metals Specialist today at (844) 977-GOLD
Are there taxes for transferring my IRA/401(k) into a Gold/Silver IRA?
No, you will enjoy a tax-free/penalty-free rollover of your retirement account funds. This is simply moving funds from one retirement account to another. You only incur taxes if you take possession of retirement account funds.
Why Harvard Gold Group?
Harvard Gold Group is America's #1 Conservative Gold Company
As seen on 660AM The Answer with Mark Davis, The Babylon Bee, Not The Bee, The New York Sun, and more. Exceptional customer service and value are the top priorities of Harvard Gold Group (HGG).
HGG is BBB-accredited, holds 5-star ratings across the board, and provides free consultations and metals overviews. We offer tax-free purchases, free 2-day shipping, the best pricing, and direct access to our co-owners, who have over 15 years of experience specializing in precious metals, moving over a hundred million dollars into tangible assets for people's IRAs/retirement accounts and for direct delivery. Customers enjoy lifetime account care and a straightforward buyback program without hassle or liquidation fees.
✔ Tax-Free & Penalty-Free: A Rollover or Transfer of your Retirement Account is almost always tax-free and penalty-free.
✔ Free Metals/Promos: Receive up to $15,000 in FREE Gold/Silver/Promos, on qualifying purchases.
✔ Free IRA Rollover: Free Storage, Maintenance, and Insurance for up to 10 Years
✔ Privacy: We protect your privacy and believe it is a commodity as valuable as time, you can't get it back.
✔ HGG Lifetime Account Care: Giving you updates, market trends, charts, and a dedicated account specialist.
✔ Harvard BuyBack Program: We will buy back your precious metals with no fees and no hassles.
✔ Guaranteed Precious Metals: We only deal in government-issued coins and branded bars.
✔ Free Shipping: Your precious metals are sent privately and fully insured to the location of your
choice. You can opt to have them delivered directly to your home, business, or an
independent depository of your choice.
✔ Lowest Pricing: We are committed to offering you the best value possible. We will beat or match any competitor's prices.
✔ Customer Satisfaction Guarantee: Harvard Gold Group is a 5-star rated company and strives to maintain customer service satisfaction.
✔ You work directly with the founders of HGG.
You Work Hard, Harvard Gold Group Can Help You Add Protection to Your Retirement Accounts and Financial Future
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