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Question for Bob

February 28, 2011 by  

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

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • Carolyn

    Where can we purchase silver at not such a high markup beyond its value? Why every time I read an article there is always a sales pitch at the end. It makes one really leary about the advise that something is only being sold on your website. Carolyn

  • Robert

    Get real Carolyn, you really expect people to do all the work of selling you a product and not charging anything for their labor? Will you come over to my house and fill up my gas tank for cost? Think about it.

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