Thank you for all your info. I have a Mutual Fund, not much, I talked to my financial advisor about putting it in precious metals, but he didn't think at the time that it would be better for me. I never had a job that offered 401k's or pension. And now im 62 and haven't been able to work because of a back fusion after getting hit in a parki g lot in 2019. So I pray alot, we have been buying silver when we can. We trust God with it all, He hasnt let us down yet.
Amen 🙏🏻🙌🏻 most financial advisors preach diversification but no very little or nothing about precious metals. They are more in the dark than the average investor when it comes to the benefits of Gold and Silver. If you are selling anything in a non retirement account, you just have to be careful for short or long-term capital gains on sales!
What's the best strategy to move from an annuity to purchasing precious metals? I've heard that one would first transfer it to an IRA and then to a precious metals 401K. But what if I just want to buy the metals and not put them into a 401K? Do I open an account to put the annutiy funds in and then purchase the precious metals from that account? I don't have a clue about which bank to trust to park the money in or which company to purchase the precious metals from or even which company to use to store the metals. This might be a bit much to answer, but honestly I'm stuck.
Siobhan, you would need to first determine if your annuity is accessible, and if so, what are any costs or penalties. Also is this annuity retirement (qualified money) or non-retirement (non-qualified money). If it's non-qualified, you might pay income tax on the earnings, but then you are able to take the after tax balance, put it in the bank, and then purchase physical precious metals from many reputable dealers. If it is in a retirement account and your goal is to continue to defer taxes, it's a little trickier, but not impossible. There are only a handful of IRA custodians in the United States that will store physical precious metals on your behalf. My understanding is only a handful of those firms will offer segregation and specifically allocated metals accounts that will allow you to take a precious metals distribution when requested. I would encourage you to do your research, and determine whether or not you want to continue to hold that account within the system, or if you just want to pay the taxes and possible penalties, and then purchase physical precious metals with the difference that you can then house in your own vault of your choosing! Best of luck, Silence Dogood MBA
Thank you SDG. It's an annuity pension plan. I am retired, so no penalty, but I think they keep 20% for taxes if I take it in a lump sum. I guess at this point, I just want to preserve this money in precious metals, not so much investing it.
SDG, you are such a blessing to us, thank you for your wisdom. My advisor said the same about precious metals. I started stacking 1.5 - 2 years ago. This makes me feel better. I have a nice small stack. We are retired so on a retirement budget. I trust God and pray for all of humanity. My online family is the reason I started stacking and I'm so grateful, otherwise I wouldn't have known. We are so blessed to have thousands of voices and prayers, Thank you Lord for providing for us!
I do not understand why every financial advisor would not encourage their clients to allocate 10 to 20% into physical precious metals, particularly Gold and Silver. They would have far less panicky clients during tumultuous times!!!
Thank you for all your info. I have a Mutual Fund, not much, I talked to my financial advisor about putting it in precious metals, but he didn't think at the time that it would be better for me. I never had a job that offered 401k's or pension. And now im 62 and haven't been able to work because of a back fusion after getting hit in a parki g lot in 2019. So I pray alot, we have been buying silver when we can. We trust God with it all, He hasnt let us down yet.
Amen 🙏🏻🙌🏻 most financial advisors preach diversification but no very little or nothing about precious metals. They are more in the dark than the average investor when it comes to the benefits of Gold and Silver. If you are selling anything in a non retirement account, you just have to be careful for short or long-term capital gains on sales!
☕✝️
Thanks Silence, blessings
What's the best strategy to move from an annuity to purchasing precious metals? I've heard that one would first transfer it to an IRA and then to a precious metals 401K. But what if I just want to buy the metals and not put them into a 401K? Do I open an account to put the annutiy funds in and then purchase the precious metals from that account? I don't have a clue about which bank to trust to park the money in or which company to purchase the precious metals from or even which company to use to store the metals. This might be a bit much to answer, but honestly I'm stuck.
Siobhan, you would need to first determine if your annuity is accessible, and if so, what are any costs or penalties. Also is this annuity retirement (qualified money) or non-retirement (non-qualified money). If it's non-qualified, you might pay income tax on the earnings, but then you are able to take the after tax balance, put it in the bank, and then purchase physical precious metals from many reputable dealers. If it is in a retirement account and your goal is to continue to defer taxes, it's a little trickier, but not impossible. There are only a handful of IRA custodians in the United States that will store physical precious metals on your behalf. My understanding is only a handful of those firms will offer segregation and specifically allocated metals accounts that will allow you to take a precious metals distribution when requested. I would encourage you to do your research, and determine whether or not you want to continue to hold that account within the system, or if you just want to pay the taxes and possible penalties, and then purchase physical precious metals with the difference that you can then house in your own vault of your choosing! Best of luck, Silence Dogood MBA
☕✝️
Thank you SDG. It's an annuity pension plan. I am retired, so no penalty, but I think they keep 20% for taxes if I take it in a lump sum. I guess at this point, I just want to preserve this money in precious metals, not so much investing it.
SDG, you are such a blessing to us, thank you for your wisdom. My advisor said the same about precious metals. I started stacking 1.5 - 2 years ago. This makes me feel better. I have a nice small stack. We are retired so on a retirement budget. I trust God and pray for all of humanity. My online family is the reason I started stacking and I'm so grateful, otherwise I wouldn't have known. We are so blessed to have thousands of voices and prayers, Thank you Lord for providing for us!
I do not understand why every financial advisor would not encourage their clients to allocate 10 to 20% into physical precious metals, particularly Gold and Silver. They would have far less panicky clients during tumultuous times!!!
☕✝️