Today, more investors are choosing to avoid the volatility and risks of the stock market by transferring their 401k into gold. Depending on your situation, this conversion could add a unique level of protection to your retirement savings, and the steps involved are easy.
If you are thinking about converting 401k to gold, Birch Gold Group can make the process quick and simple. Below is a step-by-step guide to what you can expect when converting your retirement plan. Keep in mind that Birch Gold can complete nearly all of these steps for you in order to eliminate as much hassle and confusion as possible.
1. Check your 401k’s eligibility.
The first step to roll a 401k into gold is to determine if your 401k is eligible. In most cases, your 401k is eligible if you are no longer working for the company that initially set it up, or if you are age 59 1/2 or older.
2. Set up a precious metals IRA.
Birch Gold Group will open your new retirement account: a precious metals IRA, which will allow you to invest in gold while enjoying the same tax benefits of any other government-approved retirement account.
3. Choose your allocation.
Decide the amount that you would like to allocate to precious metals. You can choose to transfer all your funds into gold investments, or diversify with other types of investments. Your Birch Gold Precious Metals Specialist can explain options for this allocation, based on your goals.
4. Liquidate the funds within your 401k.
Once you’ve decided on the allocation, Birch Gold will go ahead and liquidate the applicable funds in your 401k.
5. Complete the transfer documentation.
As is necessary with virtually any retirement account transfer, you’ll need to complete the required documentation requesting for funds to be sent from your current custodian into your precious metals IRA. Since the funds are being transferred between qualified retirement accounts, this will be a non-taxable transaction, without any penalties. The paperwork is simple, and we’re happy to assist you with any aspect.
6. Choose your precious metals.
Once funds are available in your self-directed IRA, you’ll decide which precious metals you want to add to your portfolio, for example gold bullion or proof coins. Your precious metals specialist can recommend the gold investments that make sense for your situation.
7. Request funds from your custodian to purchase the metals.
Once you’ve decided on the precious metals you want to add to your account, your IRA custodian through Birch Gold Group will complete the transaction at current market prices.
8. Your gold is stored secured.
Your precious metals investments will be sent to an approved metals depository or vault, where they are stored in allocated or unallocated accounts.
Need more information on how to transfer your 401k into gold? Call Birch Gold Group today, and we’ll be happy to walk you through the process.