PDA

View Full Version : IRA rollover or not?



ragtimeman
17th March 2008, 14:53
Hello to all in the forum;

I've just joined, and read a few posts, and need some help. It appears I've come to the right place with my question. For background I'm 63 (as of 3/19), still working full time.

I've just requested a check from my cash reserves IRA account, and it should be here in 4 - 5 days. I have 60 days to decide what to do with it, and am looking for ideas. I see it as two basic options:

1) Buy physical junk silver coins or bullion and the proper secure safe and storage arrangement for it. Then pay income taxes on the cash withdraw next April. I'm in a 25% tax bracket or thereabouts (ouch).

2) Or, roll it over into a precious metals IRA with someone like Goldtrust, and not pay the taxes.

I've seen some posts about this question before, and am leaning toward bullion purchase, but could I have an opinion of the forum one more time, please?

Thanks in advance.

JesterJay
17th March 2008, 15:50
Ragtimeman,
It comes down to trust. From all that I have read, especially Ted Butler- check the archives, I do NOT trust any of the "We'll hold your silver for you, HONEST!" guys.
My Dad is 72 and just recently ordered MONEX to send him his silver. They acted like they had the bars on hand but could not give him serial numbers and never charged a storage fee. Very strange. Said they'd ship right out too but the booty has not arrived yet. I will keep you updated.
I think it is so important to hold PHYSICAL SILVER that at age 43 I cashed in an IRA (not all my retirement accounts though) and bought physical silver to stash in the safe.
THEY DON'T HAVE THE SILVER IN THE ETFs or anywhere else that makes you think they do.
That will be a problem when silver is $50, $100, or Higher!
JesterJay



Hello to all in the forum;

I've just joined, and read a few posts, and need some help. It appears I've come to the right place with my question. For background I'm 63 (as of 3/19), still working full time.

I've just requested a check from my cash reserves IRA account, and it should be here in 4 - 5 days. I have 60 days to decide what to do with it, and am looking for ideas. I see it as two basic options:

1) Buy physical junk silver coins or bullion and the proper secure safe and storage arrangement for it. Then pay income taxes on the cash withdraw next April. I'm in a 25% tax bracket or thereabouts (ouch).

2) Or, roll it over into a precious metals IRA with someone like Goldtrust, and not pay the taxes.

I've seen some posts about this question before, and am leaning toward bullion purchase, but could I have an opinion of the forum one more time, please?

Thanks in advance.

silverstash
17th March 2008, 15:52
I have been pondering that same issue and not that I have decided, but here is what I am weighing. No matter who the depository is, they are a financial institution of sorts, and sure is quite a few of them making the news.
Cons.....
You pay storage.
You do not have "quick access".....(As in 9/11, you did not have access if your bullion was in that reserve)
Only pro is the tax savings in my mind.
The safety in a depository is somewhat subjective in my opinion.

I like the safe in the basement idea........I am thinking about doing the same, however, I am not looking at the tax consequences as you, but if I were, I would probably pay the penalty and have my retirement near my guns. That is just my nature.

TTAZZMAN
17th March 2008, 21:39
couple of other thoughts to ponder.....

in 2007 your dollars lost aprox %15 in purchaseing power expect that or more in 2008 so your already being taxed

CEF is a good place to buy off-shore gold and silver that is held in bullion in another country but easyly convertable back to cash

once the cash goes to bullion it goes off the tax books, no RE tax- no PP tax-no carbon ussage tax-etc

once the cash goes to bullion it becomes inheritable without probate

if your pysical bullion gets ...stolen-lost-burnt-etc its not recoverable generally

i also think a case can be made for having some green frn cash in hand and in possession i have seen times during a widespread power outage you couldnt buy things with credit cards and checks

maybe you could minumize your tax impact by re-investing some and pysical some . enough to drop you a tax bracket


just some random thoughts to add to your decision matrix