America has a lot of names. When we want to get official, we call it The United States of America. When we’re in a rush, we can shorten it to the US. America the Beautiful is another one we can throw out there when we’re feeling patriotic.
No matter what you want to call it, one thing is clear. America is a place where you are free to make your own choices. No matter what you’re thinking about buying – whether it be a car, a house, a tablet, or even a beloved family pet – you’re going to have a lot of options. That’s what freedom is all about.
It can be hard to sort out the best financial decisions for you. That’s because there are so many available that it can make your head spin. It doesn’t help things to know that the stakes are so high.
With the recent rise in inflation, many Americans are feeling a financial pinch. You may have noticed it at the grocery store or the gas pump. Click the link: https://www.bls.gov/cpi/ for more information about rising prices.
This may have you worried. We live in a time where change happens rapidly. Maybe it’s because the widespread use of the internet has kicked society into hyper-drive. There’s really no way to be sure. No matter what the reason, you may be nearing retirement age and worrying about how far your money really is going to take you.
With modern advances in medicine, many people are able to live well into their eighties, nineties, or even past one hundred years old. Will your current retirement plan be able to support you for forty years after you stop working?
If you have doubts, then you might be in the market for a new plan to help you get ahead. In this article, we’re going to discuss the rules for rolling over your 403b rollover fund into a gold IRA. Once you read it, you will be better equipped to make a decision about whether or not it is right for you and your family and loved ones.
What’s the Deal?
Before we get started, let’s take a closer look at the financial terms we will be discussing in this article.
The first is a 403b retirement account. You may already know what it is from discussions with your human resources representative, your union rep, or your financial planner. But if not, or you need a quick reminder, read on.
A 403b retirement account is similar to a 401k. These accounts are specially incentivized to help you set aside money until you reach retirement age. The standard age is fifty nine and one-half, but you have some freedom in choosing when you will retire. The longer you wait, the more your money has a chance to grow.
The incentive to opening one of these accounts is that your money is held tax-free. For example, if you decide to invest one thousand dollars into your account in a calendar year, you won’t have to pay the taxes on that amount of money.
Because of the tax break, these accounts have limits on how much you can contribute in a single year. This might be one reason why you may want to consider changing your retirement plan.
In some cases, your employer may decide to match your contributions to your retirement account. If you’re not sure if this is the case, you may want to enquire with the aforementioned professionals to see if this is an option for you.
The main difference between a 403b and a 401k is the source. A 403b account is given to government employees as well as people who work for a non-profit organization.
There are a few additional drawbacks to holding a 403b retirement account. If, for any reason you need to withdraw your funds early, you might be forced to pay taxes on the money. Depending on your circumstances, you might also have to pay a penalty in addition to the taxes.
There are a few circumstances that will allow you to withdraw your money early, but they are very limited. If you decided to draw from your retirement account in order to help pay for your daughter’s wedding, for example, you would have to pay the fees and taxes.
Some people dislike these restrictions. It makes them feel like their hard-earned money isn’t really their own. You’ll have to decide for yourself whether you can live with it or not.
The next term brought up in the introduction is a gold IRA. You may have heard it mentioned before, but not really taken the time to research it.
A gold IRA is a means of investing where the investor chooses to invest in physical commodities. In other words, if you’re investing in a gold IRA you are buying actual gold instead of stocks or just putting US currency into the bank.
Some people find this attractive for a few reasons. The first is being unlinked from the frequently volatile US markets. While the relative value of currency goes up and down, the price of precious metals remains fairly consistent.
It can also be appealing to hold on to a physical commodity. Even if the world economy were to collapse before you reach retirement age, your investment would not be worthless. You would still have something that you could trade in order to continue to secure food, shelter, and clothing for yourself and your loved ones.
Again, only you can really know whether this option is right for you.
Plan Into Action
By now, you probably already have a good idea about whether a gold IRA is right for you. Luckily, the 403b rollover to gold IRA rules are relatively straightforward.
All you’ll need to do is contact a company that offers gold IRAs and ask them to help you make the switch. You’ll be connected with an agent who is ready to help you do just that.