Posted By Isaac Nuriani
I spend most of my time talking about how you can convert your existing IRA to an Augusta Precious Metals Gold IRA, but be aware that you can convert other types of retirement accounts as well. Take this scenario for example: Imagine a friend’s son who just retired from the Marines after nine years of active duty. He, like many federal employees, had a Thrift Savings Plan (TSP), the governmental equivalent of a 401(k) plan. In other words, some of his pay went directly into a tax-deferred retirement account that saved him money on his current taxes.
One would think he would be happy with the arrangement. But when he got into the details, he explained how the choice of investments was severely limited and mostly out of his hands. All he could do was mix and match from five broad categories of investments: government securities, corporate bonds, common stock index, small-cap stock index and international stock index. This is the worst thing I’ve heard in some time:
The young man was also upset by the prohibition. After seeing first-hand the very dangerous world we live in, he wanted nothing more than to put a chunk of his savings into gold and silver. Then he learned that he can roll over his TSP into a Gold IRA and purchase precious metal bullion to his heart’s content.
He immediately opened an Augusta Precious Metals Gold IRA and requested a direct transfer from his TSP. This is one of two ways to move TSP money into an IRA, and is the better choice. You can also move the money by withdrawing it from the TSP and then depositing it into an IRA. However, you have only 60 days after withdrawal to complete the transaction, or else Uncle Sam taxes the money you took out. Sure, it should be easy to wrap up a roll over in 60 days, unless something intervenes that distracts you. Why risk it? He didn’t -- now he’s set up with our Gold IRA and has used 10 percent of his money to buy American Eagle gold coins from Augusta Precious Metals.
Like the Marine in this scenario, if you are an ex-federal employee or retired member of the military, you can roll over your TSP into a Gold IRA when you leave service. The great thing about a Gold IRA is that you are buying gold and silver bullion with before-tax dollars, meaning your money goes a much longer way. On top of that, you don’t have to pay any taxes on your gold investment until you withdraw it from the IRA.
Don’t wait! If you are eligible, transfer your TSP into an Augusta Precious Metals Gold IRA today.
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