Rolling Your 401(k) to a Physical Gold IRA Rollover: Investor Guide
If you own a 401(k), you can still benefit from a metals IRA as you can transfer your 401(k) to an IRA account that holds precious metals. Not only is this great for retirement but taking advantage of this and converting your account is one of the easiest ways to benefit from precious metals.There are a few ways you can go about rolling your 401(k). But first you will need to move your 401(k) to an IRA account. This process isn't as hard as it may seem! Below we go over each standard 401(k) plans.
Under a Former Employer
If you have a 401(k) that is from a company or various companies that you have worked for in the past, you can move the funds into a Traditional IRA with a Direct IRA Rollover. From there you can benefit from metals by moving over your new account.
Using an In-Service Distribution
If you are still working at a company that house your 401(k) account there is a chance that you could move those funds to a new IRA account. This process is known as an In-service Distribution and works by rolling over your funds from the 401(k) to a Self-directed IRA (within 60-days) and you won't suffer from tax consequences.
Requesting From Your Employer
If you asked your provider and realize that your plan does not support an in-service distribution, you will have a few options to work off of. For one you can get in touch with your employer by speaking with your Human Resources Department and then asking that precious metals be included in the 401(k) plan your company has.
As stated above, this may sound a bit confusing to you so we recommend that you speak with a professional who is familiar with the process.
Business Owners With a 401(k)
Owners of companies can also utilize a metals IRA (Such as a gold) by starting a plan that includes a gold 401(k) or a silver 401(k). The business owner and the employees of the company can roll their funds to the new bullion savings plan. Taking part in this method will maximize the amount that can be contributed annually. This would be on a pre-tax or a post-tax basis for long-term savings.
Once the Rollover is Complete
Once you have switched over your account, you will be able to buy gold with your 401(k) such as gold coins. This process is very easy to get started with as there are specialists who can help you through this entire process.