Question for Bob
February 28, 2011 by Bob Livingston
Dear Bob,
Can you tell me about secure retirement avenues as far as pulling money out and buying gold. Won’t there be heavy tax penalties? Will it be worth it to pull it out now and pay the taxes or leave it and hope that things don’t crash before they are of age? Should we be buying gold and silver now while waiting on the 401K?
Barbara Perillo
Dear Barbara,
If you are talking about cashing out your individual retirement account (IRA) or 401(k) retirement plan then, depending on your age, the length of time you’ve had the plan and other factors, yes there will be heavy tax penalties. You should speak to your tax advisor to determine exactly how it will affect you. I pulled my money out of a 401(k) many years ago and, despite the penalty, I’ve still come out ahead. But without knowing all about your situation I cannot advise you as to whether it would be in your best interests to do the same. I still recommend buying gold and silver. Gold has gotten out of the reach for most people, but silver is still a wonderful investment. You can buy one-ounce Silver Eagles or junk silver (pre-1965 U.S. silver coins).
Best Wishes,
Bob
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