When you are at the peak of your income earning years, you should already start thinking about how you are going to go into retirement. Financial security is something that should be of utmost importance to you and if you are currently thinking about ways to increase your investment portfolio by the time you retire, you might want to consider rolling over your 401k to gold IRA.
Why should you rollover 401k to Gold IRA?
Gold, silver and other precious metals are known to have very high value. Having a portion of your portfolio invested in gold and silver will give you better financial protection and security throughout your retirement years. A Gold IRA is known as a retirement investment account that is backed by physical gold. The best thing about having this type of investment is that it is not backed by the US Dollar, therefore, it is not as prone to market fluctuations as compared to other forms of investments such as stocks, bonds and equities. In the long run, gold and other precious metals are going to perform better and hold a higher value compared to paper money. In fact experts are projecting that in the next couple of years, gold is going to reach $5,000 to $10,000 per ounce. paving contractor service Collegeville PA This is why having investments in precious metals is an excellent way to see to it that you have a well-balanced portfolio. There are a lot of people nowadays whose goal is to gain access to gold and silver but if you currently have a 401k retirement savings account, converting it to a Gold 401k is the easiest way for you to gain access to them. Best of all, you do not even have to shell out any amount of money from your own pocket.
What is the process that you should go through to rollover 401k to Gold IRA?
These are the different ways in which you can convert your 401k into Gold and the route that you take will most likely depend on your current situation.
Your first option would be to approach your former employer. When you go back to the last company that you worked for, the first step that you need to take is to roll over your retirement funds into a traditional IRA. The moment they are deposited they can now be used to purchase gold. You will need to hire the services of a reliable and trusted IRA custodian. They will be the ones to guide you and assist you through each step that you need to take to complete the transaction.
Another option for you to take is to go through the In-Service Distribution route. If you are still currently employed in your company and you are looking at retiring in another few years, it is possible for you to free up some funds in your 401k account to purchase gold. Not all companies offer this option so you would be fortunate if you do work for a company that has the facility to do this for you. paving contractors in Chambersburg PA A lot of professionals prefer to use In-Service Distribution because it is not considered as a loan. The funds that you have accumulated over the years will be distributed to a self-directed IRA usually within two months upon application. Best of all, you do not have to answer to any tax consequences. If you think that this option would work best for you, inquire with your current provider and ask them to guide you through the process.
Lastly, you can also make a formal request from your employer. You will need to go to the human resources department yourself and make a formal request to include gold and other precious metals in your company’s 410k plan. If you work for a large company then this would probably be a long shot but it is worth the effort that you exert on it. Remember that once the plan administrator in your company decides to allow this arrangement it will not only benefit you but your co-workers as well.