The Retirement Account From Your Old Job Is Still Sitting There – There’s A Way To Turn Part of It Into Gold
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A white envelope sits in the kitchen drawer, under the takeout menus and the spare batteries. The logo in the corner belongs to an employer you left years ago.
Inside is a statement for an old 401(k). You haven’t touched that account since your last day on the job.
For some people it is a TSP from their years in service. For others it is an IRA they opened once and never looked at again.
On the fridge there is a yellow sticky note. It says “Call about the old retirement account.” The corners have curled up, and the ink has gone a little pale.
Every few months you mean to deal with it. You sit down at the kitchen table, open the laptop, and start reading about forms and transfers. Then you hit words like “custodian” and “distribution,” and you start to worry about doing it wrong. So you close the laptop, and the envelope goes back in the drawer.
All that time, the money in that account sits in dollars. Dollars whose value you have watched shrink at the checkout. You’ve watched the same cart of groceries ring up higher every year.
Meanwhile, life keeps moving. The grandkids’ birthdays come around faster every year. The trip to see relatives keeps sliding to “next summer.” The day you finally hand in your keys at work gets closer. Those years on the back porch, at the ball field, and at the church potluck are the years that old account was meant to help pay for.
Every dollar in that old account is a bet on one thing: the dollar. But gold is different. Gold isn’t printed by any central bank. No government can run off more of it, and right now the money in that envelope holds none of it. And ironically, the world’s central banks themselves are buying gold. The World Gold Council says central banks bought a record amount of gold for the second quarter this year.
Which is why a lot of people are transferring some of their retirement accounts into a Precious Metals IRA where they can hold gold.
Gold doesn’t go up every year. It has had long flat stretches. That’s why people hold part of their savings in it and keep the rest where it is.
If that still feels like a big step, you’re not the only one. One customer, June M., said: “Diversifying my IRA with metals was scary at first. After pondering about it for a year or so, I did quite a bit of research, and picked Goldco for the company. Then the team that helped me, was just awesome. Professional, knowledgeable, and made me feel at ease.”
What a Precious Metals IRA is
A Precious Metals IRA is a type of self-directed IRA. It is still a retirement account, and the same general IRA rules apply. That old 401(k) money can buy real IRA-eligible gold and silver coins and bars. They sit in a vault under IRS rules.
The metals are held through an IRA custodian and stored at a bullion depository.
How a rollover may help with the old account
One common way to fund a Precious Metals IRA is a rollover or transfer from an existing account, like a 401(k), 403(b), TSP, or IRA. Rollovers often happen when people change jobs or retire.
Rollovers aren’t limited by the yearly IRA contribution cap. With a direct rollover or a trustee-to-trustee transfer, the money moves straight from the old plan to the new custodian. Done that way, a rollover may avoid taxes and penalties. The rules matter, and a mistake can be costly, so it’s important to talk to a specialist and your tax professional about your own situation.
The steps look like this:
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Open the Precious Metals IRA.
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Fund it with a rollover or transfer from an existing retirement account.
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Select IRA-eligible gold and silver.
