Question By: In order to buy gold with the money from your 401k, you’re going to have to set up an IRA for precious metals, also called a Precious Metals IRA. There are specialists out there that can walk you through this process and make things much easier and achievable. This particular IRA is going to require that you have a custodian that will take care of the administrative part of the retirement account for you. After that, there are usually three steps to it:
1. Review the Account and Ensure Eligibility: A specialist is going to look at your 401k to walk you through and make sure that you understand if you’re eligible or not to roll your funds over. You may also get help with all of the paperwork involved.
2. Open a Precious Metals IRA: Once you open your Precious Metals IRA, you’re going to need to rollover your funds into it. Decide on the amount you’re going to transfer beforehand.
3. Buy Gold and Other Metals: Once everything is up and running and you have a gold 401k account, it’s time to choose which metals and gold you’re going to be buying. If you’re working with a specialist, they can advise you and guide you into making the right choice depending on your needs.
For more information about this, visit Orion Metal Exchange at https://orionmetalexchange.com/ira-accounts/Gold 401k Account.
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