Today’s economy is a mess. There isn’t a better way of putting it. All around the world countries are having trouble with their stock markets and economic growth. This can spell major problems for people with traditional retirement investments such as a 401K program where you rely on having the market in good condition. The answer is to conduct a 401K to gold IRA rollover.
Gold and other precious metals do their best when the rest of the economy is at its lowest. It is at its most affordable when the stock market is doing its best. No matter what though, precious metals are always worth the money invested in them. They are one of the oldest forms of currency. It comes as no surprise that a Gold IRA is a great option for saving for retirement. You are probably left asking how to perform a 401K to gold IRA rollover. They are relatively simple, here is how to rollover your 401K.
Step One: Do Your Research
Before going into any kind of financial investment it is a good idea to get a fairly solid understanding of the market. Go online and read gold IRA reviews. You should also look into the average price of gold along with average seller fees charged by the top gold IRA companies. This will allow you to have an idea of what to look at when browsing the market.
Also perform research on the various gold buying companies out there. You are going to want to create a list of the best companies that you find. Use resources such as the Better Business Bureau that rate companies based on customer complaints and feedback. Perform the same research on the financial institutions that you would like to host your gold IRA. Gold IRAs must be held by custodians.
Once you have done all of your research you contact the various companies and institutions on your lists and pick the one with the best reviews and the best experience.
Step Two: Visit Your Financial Institution
The first step in 401K to gold IRA rollovers is to visit the financial institution that you want to open your gold IRA rollover account with and speak with a representative. The representative will guide you through the process of opening a gold IRA rollover account with that institution and you will fill out an application.
The application for a gold IRA rollover takes one to three days to process. As soon as it is done your account representative will contact you to let you know it is approved and to schedule another meeting with you.
Step Three: Finalize The Gold Purchase
During the next meeting with you and your account representative you will choose where you want to buy your gold from and what kind of gold you want. Before you can make the purchase you will have to fill out the paperwork to transfer your 401K to a gold IRA rollover. It is important to note that you should diversify your retirement investments and never put them all in one place. As soon as the purchase is finalized it will be transferred into the custody of your custodian.
It should be noted that while the price of gold itself will be the same there are often fees involved in purchasing the gold. Transaction fees and transfer fees are the two most common. There are also custodian and account fees that may come up. Hopefully you researched the current average for gold buying fees so that you know you are getting the best possible deal.
Step Four: Save For Retirement
Make sure that you leave your gold in your account until retirement. Except with a few cases there are fees that are deducted should you withdraw the gold from your account early. These fees can often be quite hefty. It is also wise to remember that in addition to early withdrawal fees you will face taxes. Tax is deferred from your gold IRA rollover until you withdraw your money.
Invest in your future by conducting a 401K to Gold IRA rollover today. As one of the oldest currencies known to humans, you will be protected should the economy take any major swings. The simple action of investing in gold today could provide you with the money you need to live an amazing lifestyle during your retirement years. You don’t even need to do much to keep the account alive, just monitor it.