Is it Possible to Move My 401(k) to Silver and Gold?
If you have been paying into a 401(k) and watching the state of the world, it is reasonable to be curious about rolling all or a portion of your 401(k) balance over to precious metals. Many investors see precious metals as a haven from inflation and economic uncertainty amidst bank crashes and global turmoil.
It may be possible to transfer your 401(k) into precious metals. But it requires an in-service rollover of 401K funds into a Self-Directed IRA (Individual Retirement Account) that allows investments in gold, silver, platinum, and palladium.
Many plans allow in-service rollover transfers of assets like 403(b) and 457 accounts. It is worth noting that only some 401(k) accounts will be eligible for in-service rollovers.
Follow These Steps to Transfer your 401(k) into Precious Metals
Step 1: Contact your 401(k) administrator and inquire about in-service withdrawals. An in-service rollover transfers your current 401(k) assets to an IRA. If allowed, you may rollover your 401(k) funds to a self-directed IRA while still employed.
Step 2: Find a self-directed IRA (SDIRA) custodian that allows for investments in precious metals and open an SDIRA.
Step 3: Request a direct rollover from your 401(k) to your new IRA. Your 401(k) administrator can provide the paperwork needed to complete the rollover.
Step 4: Now that the funds from your 401(k) are available to your self-directed IRA, you can use them to purchase approved precious metal products.
Not all Precious Metal Products are IRA-Eligible
There are specified levels of purity required for precious metals in IRA accounts. While not all precious metal products are eligible, a wealth of IRA-Approved products are available to browse.
Tax Implications
Not all 401(k) plans allow for in-service transfers or withdrawals. Depending on your plan, there may be tax implications for rolling over your funds.
We recommend consulting a financial adviser and speaking to our IRA experts before making significant changes to retirement accounts.
