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Converting Your 401K to Silver or Gold
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Wealth Preservation Through Gold and Silver Investing
I have received numerous requests from individuals desiring to convert their 401K plans to silver. I am going to explain this process as clearly as I can, with the hope it benefits you in your attempts to break free from financial bondage. I quote the following from the IRS:
Many 401(k) plans allow employees to make a hardship withdrawal because of immediate and heavy financial needs. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employees' elective contributions only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions.
Distributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax unless an exception applies. For more information about the treatment of retirement plan distributions, refer to Publication 575, Pension and Annuity Income. (Source)
Translation: You can take out the money you put in, but the employer contribution remains in the plan. So does any earnings on your money.
- Some plans allow you to "borrow", or take a loan from the plan. Again, with the same limitations. This is what I would recommend.
- Non-taxable hardship distributions are also available. You need to talk to your 401K administrator (see you last statement) about what your plan defines as a hardship.
- If you take a non-taxable distribution, than you will have to pay a 10% penalty on that distribution if you are under age 59 1/2.
Is it worth it? Well, we are now nine days or less out before Israel bombs Iran's nuclear reactor and starts the next global conflict. We are also weeks away (months at most) from the mother of all financial meltdowns.
- Silver is going to explode in the very near future
- Your 401K plan will be decimated by hyper-inflation, the stock market collapse, the collapse of the dollar, massive unemployment etc.
- We have already discussed the coming collapse of the futures markets due to fraud and misdealings.
You should be able to make up any losses from taxes etc. through skyrocketing silver prices in a very short period of time. You can never recover if you stay where you are.
Its time for action. Email me at pdrockton@aol.com for help and the best guaranteed prices on gold or silver bullion.
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