Should I rollover my 401k?
Submitted by jrb112476 on Fri, 02/20/2009 - 11:40
Im pretty ignorant when it comes to economics, so to all of you that know a lot more, should I rollover my 401k into an IRA and if I should, how do I go about doing it?? I have already taken $1,000 out of my 401k and got an ounce of gold, so Fidelity won't let me take out anymore money unless it is for "hardships." What should I do??
My 2 cents
If it were me I would get out of any 401K or IRA and pay the penalty. It is better to pay the penalty than to lose everything. By February 2010 the DOW will be between 3500 - 4000. Mark my words.
Several months ago I got out of my IRA of which I had mining company stocks. Took paper certificates. I also had my wife cancel her 401K.
AVOID gold ETFs. They don't have all the gold they claim in physical form.
Stop putting into your 401K. Most companies that currently match will stop matching soon anyway.
Take what money you get from your 401K and invest in gold. Buy it locally and in small amounts so you don't have to give them any information on you.
M7
M7
What's the difference?
Why would you roll a 401k into an IRA? There are legit reasons for doing this, but you don't explain why you would want to?
If you want your money protected, check your available options in your 401k plan. Many plans have money market and precious metals ETF based choices. If you're just trying to avoid any losses via US equities, you can change all of your funds to relatively risk free ones.
Roth IRA
Just considering the fact that taxes are going to rise, a Roth IRA would be much better than what you have right now.
Not enough info
Not enough info. For example, does the company you work for contribute to your 401(K), and if so, how much?
I've had a self-directed IRA for a couple of years now. I'm real glad that I got out of the 401(K) and its suicide funds when I did.
Call Peter Schiff's company.
Call Peter Schiff's company. His strategies will protect you in the long run. You can roll a 401k into a Roth IRA attached to gold. I think the handwriting is now on the wall that no matter what size stimulous introduced, gold will prevail. Inflation has no choice but to rise.
jrb this is a hard
jrb this is a hard question.. I see some say we should have a good bump in the market here soon. we could get back to the 10k level. but then it will be back down to 5k or lower. so maybe what I would do is wait, if the market heads up recoup what you can then I would close the thing down and get out. those who cloased down last year and bought gold are doing fine. just my thoughts, don't do what I say.You need to do the research for yourself.. we could see gold come back to the 800.00 area also. so nobody knows what will happen.
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
Sierra, thoughts on gold IRAs?
I have my own and want to roll it over to a gold IRA and have approached Schiff's company to do that, but my husband has no comfort level at all with Schiff's Perth Mint in Australia option. Your thoughts on that? Perth sure is far away! :):)
I've heard that Swiss America's gold IRA is gold coins stored here, but I need to do more research to determine exactly where they're stored. My husband has a "hankering" for the actual metal and just can't get used to not having them close by...
Thanks!!
I guess I will just hang on for now and see what happens. What about a hardship withdrawl?? Can't I just make up an excuse to get some money out?