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Opening a gold IRA account is a great way to shore up your retirement future
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Are you preparing to retire in the future? Nobody wants to work forever, so we have to begin preparations now before it’s too late.
In this particular case, opening a gold IRA account is a great way to shore up your retirement future. This account allows you to buy physical precious metals in the form of gold, silver, platinum, and palladium.
Many people realize the benefits of opening this type of account. It’s a valid way to take precaution while protecting your wealth from economic volatility, inflation, and stock market and housing market crashes amongst all the things.
Initiating a gold IRA rollover seems like a complicated process that many people unfortunately fear. There’s a good reason to worry because it’s possible to make a mistake that could lead to an additional 10% penalty and paying early withdrawal taxes.
To avoid this prospect, it’s important to learn about the rules and regulations regarding a gold IRA rollover. I’ll also share information about a gold IRA transfer, which is a safer alternative depending on whether or not it’s allowed for your particular account.
The main way to initiate a gold IRA rollover is to take a distribution from a retirement account already in existence, and use the distributed proceeds to fund the gold IRA account. There are many options for investors to choose from as far as personal and employer-sponsored retirement accounts are concerned. The eligible accounts allowed during a gold IRA rollover include:
Traditional IRA
Roth IRA
SEP IRA
Self-directed 401(k)
Employer-sponsored 401(k)
TSP
403(b)
457(b)
When dealing with accounts that are employer-sponsored, the person who owns the account must no longer remain as an employee of their former employer in order to be able to initiate a gold IRA rollover. This is the case all around, but the majority of employers will not allow rollovers from their sponsored retirement accounts.
On the other hand, an employee can initiate a partial rollover once they reach 59 ½ years old as long as their employer allows it.
Please note: when you ask your custodian or administrator to initiate a rollover, the funds will be withdrawn as a distribution from your existing retirement account. The custodian will send the funds directly to you via wire transfer or check.
At this stage, you become responsible to deposit the distribution into your new gold IRA account. You have to make this deposit within 60 days of the distribution taking place.
If you fail to deposit the money within 60 days, you will have to pay an early withdrawal fee in the form of a 10% penalty. Plus, since the rollover is now considered a distribution because you missed the 60-day window, you are also responsible to pay taxes on the income the next time you file with the federal government.
If you are looking to invest in precious metals through your retirement savings, one of the top recommended companies by financial services experts My Retirement Paycheck is currently offering up to $10,000 in free silver with qualifying purchases.
Can you afford not to explore protecting your retirement? If you have the slightest concern about the weakening dollar, get a free gold investing guide.
As previously mentioned, it’s important to pay close attention to the 60-day deposit rule. Failure to do so can lead to an early withdrawal penalty that costs 10%, as well as paying tax consequences within your next filing. You have to deposit the funds into your new gold IRA account within the 60-day window. If you miss the window, the rollover then becomes a distribution according to the IRS.
The account holder isn’t always responsible to pay an early withdrawal penalty depending on their age. If the account holder happens to be 59 ½ years of age or older, they could potentially miss the withdrawal window and avoid the early withdrawal 10% penalty. Why? 59 ½ years of age is the minimum withdrawal age requirement. Anyone at this age or older isn’t technically taking an early withdrawal because they’ve reached retirement age. Just remember that failing to complete the rollover means you’ve taken a distribution, which also means you must pay taxes on the income when you file a tax return next.
Gold IRA account holders must also be aware that they are only allowed to initiate one rollover every 365 days, or once a year to put it another way. If a second rollover is initiated during the same calendar year, this will be considered a distribution and an early withdrawal penalty will kick in if the account holder is younger than 59 ½ years old.
When rolling over funds from one IRA account to a gold IRA account, there is no need for tax withholding. This isn’t the case with other types of retirement accounts, so keep this in mind. With a 401(k), as an example, there is a 20% tax withholding after initiating a rollover.
A gold IRA transfer is an entirely different way to fund your brand-new gold IRA account, and quite frankly, it’s the easiest and most convenient way to fund the account without having to worry about early withdrawal penalties and other tax consequences.
The rules for a gold IRA transfer include:
Account holders are not subjected to a 60-day deposit rule during the transfer process. Why? This is a custodian to custodian transfer, meaning the account holder never gets involved during the entire process. The money goes directly from one retirement account to the other, and the new custodian deposits the funds into the new gold IRA account without your intervention.
Account holders never have to pay early withdrawal penalties during a gold IRA transfer. It’s never going to be an issue because the money moves directly from one account to the other, so a potential distribution never actually happens.
Gold IRA transfer funds aren’t taxable. The only time anyone will pay taxes on funds from a gold IRA account is if they take a distribution. This usually happens when the account holder reaches 59 ½ years old.
There aren’t any limits to the number of gold IRA transfers made with an account during the year. You can transfer funds once a day, once a week, once a month, or once a year if that’s how you want to handle things.
Clearly, gold IRA rollover is likely a little more complicated than you originally imagined, but it isn’t mine numbingly difficult to complete. Follow the rules mentioned above and you’ll have no problem initiating a rollover or transfer and properly following the steps so you aren’t subject to early taxes or early withdrawal penalties.
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At Vi at La Jolla Village, residents don't have to choose between security and adventure, connection and independence. They get all of it.
Today’s seniors are more connected than ever, with a renewed focus on retirement as a time of discovery and enriching experiences. The ultimate reward for a retirement well-earned is the wisdom to appreciate it all, and what better place to enjoy that unique perspective than Vi at La Jolla Village, in the heart of San Diego.
All-access pass to good living.
As a Continuing Care Retirement Community (CCRC), Vi provides access to a connected and fulfilling community while making it easy to plan for future care, should the need ever arise. With a care plan in place, residents enjoy greater financial predictability and long-term value, freeing them to focus on making the most out of retirement.
Resort-style amenities at the epicenter of a cultural hub like San Diego offer a retirement experience unlike any other. Paired with exceptional dining, spacious accommodations and dedicated staff, the best of maintenance-free living is all around. And with the introduction of Vista 360 Well-Being, Vi’s panoramic approach to wellness, there are more ways than ever for residents to access it all.
The harmony of mind, body and community.
The key to longevity is striking the right balance in maintaining an active lifestyle with an active mind in a fulfilling community. With newly renovated community spaces and restaurants, Vista brings a variety of opportunities for residents to elevate their well-being through Vi-exclusive “Signature Experiences.”
Vista Enrich takes an evidence-based approach to brain vitality, keeping residents at the forefront of cognitive health through exergaming (exercising + gaming), nutritional plans and informative workshops. It is also home to The Brain Vitality Studio, an innovative facility dedicated to cognitive fitness that has garnered national recognition.
Vista Discover invites residents into stimulating educational experiences, from chef-led cooking demos and guided wine tastings to lectures at local universities and intimate lectures following cultural outings.
While Vista Enrich focuses on brain health and Vista Discover engages residents intellectually, Vista Explore cultivates a sense of adventure through curated travel and local excursions. But broadening one’s horizons doesn’t always require a plane ticket. One recent event brought a taste of the world right to the community: an onsite “jazz cruise” featuring live music and global cuisine served at a series of themed “ports” all within the community’s own ballroom.
“Location, location, location”
One of the biggest perks of life at Vi at La Jolla Village is its proximity to just about everything. With easy access to transportation and local attractions just steps away, residents can explore and engage with their community at their own pace.
“There are trolley and bus stops within a 5-minute walk that will get you to the beach, UCSD Campus, medical appointments, downtown La Jolla or San Diego, et cetera. We rarely use our car,” said resident Tom Yager.
With the best of San Diego just steps away, residents don’t just live in the city, they live within reach of everything that makes it special.
The best of all worlds.
At Vi at La Jolla Village, retirement isn’t a chapter to slow down; it’s an invitation to discover more. Tailored community experiences created by Vista, paired with the vibrant pulse of San Diego just outside the door, mean that residents don’t have to choose between security and adventure, connection and independence. They get all of it.
This is what an all-access pass to good living looks like: the comforts of an elevated lifestyle, a community built for growth and a city made for discovery – all in one place.
To learn more about Vi at La Jolla Village or for details on available floor plans, visit ViatLaJollaVillage.com/SDM.
Laika Nur, MD, takes her love of volleyball from the court to the clinic as team physician for the San Diego Mojo
Growing up, Laika Nur, MD, Scripps Clinic sports medicine specialist, loved watching beach volleyball when the Association of Volleyball Professionals tour came to her hometown of Chicago. A talented volleyball player herself, she remembers sitting in the stands all day, and once, even got a couple autographs. Years later, Dr. Nur was attending a professional event focused on women’s sports, and the discussion turned to a new professional women’s volleyball league. The general manager and coaching staff for San Diego’s team, the Mojo, happened to be in attendance, and Dr. Nur took the opportunity to ask them if they needed a team doctor. Flash forward to the Mojo’s inaugural 2024 season, when Dr. Nur officially became the team physician. Click here to read more about Dr. Nur and how she incorporates lessons she learned on the court into her practice.
For more nutrition, wellness, and healthy living tips, sign up for the San Diego Health newsletter here.
How local orthopedic specialists are pioneering the future of foot and ankle care
Your feet and ankles probably aren’t something you give much thought to—until something goes wrong. Orthopedic surgeons at Scripps Clinic are on the leading edge of foot and ankle reconstruction, treating patients with sports injuries, deformities, traumatic injuries and other conditions. That includes repairing torn Achilles tendons with a minimally invasive procedure that shrinks the incision site to less than a centimeter, and performing advanced ankle replacement on some patients with ankle arthritis. Read more about Scripps’ innovations in foot and ankle care here.
For more nutrition, wellness, and healthy living tips, sign up for the San Diego Health newsletter here.
A new program guides new moms through high-risk pregnancy and into the “fourth trimester”
Mai Vue was just 34 weeks pregnant when she delivered her baby. Her pregnancy had been complicated, and she’d had a recent second trimester pregnancy loss, which led to her receiving specialized care from Sean Daneshmand, MD, a Scripps Clinic perinatologist who oversees high-risk pregnancies. Dr. Daneshmand and his team took care of Mai during her pregnancy, through the birth of her healthy baby girl and beyond. Mai was part of a program Scripps launched to provide support to new moms in the weeks and months after delivery. The postpartum program, known as Scripps Health’s Fourth Trimester Continuum of Care, provides care for women with high-risk pregnancies to optimize their health after childbirth and reduce the risk of complications in future pregnancies. Click here to learn more.
For more nutrition, wellness, and healthy living tips, sign up for the San Diego Health newsletter here.
Scripps Clinic’s Mohs surgery center is one of the most sophisticated in the country.
It’s estimated that one in five people in the U.S. will develop skin cancer at some point in their lives. When you factor in living in a sun-soaked city like San Diego and the outdoorsy lifestyle that comes with it, that figure can jump to as high as one in three, which makes early detection and intervention all the more important. Dermatologists at Bighorn Mohs and Dermatology Center are using innovative imaging methods and advanced surgical techniques to diagnose and treat skin cancer. For certain cancers in sensitive spots, like the face, dermatologists perform Mohs surgery, removing skin tissue layer by layer until reaching healthy, cancer-free tissue. They also use a process called immunohistochemistry to view tissue samples taken during Mohs surgery in far greater detail than previous methods. Read more about how Scripps is advancing skin cancer care here.
For more nutrition, wellness, and healthy living tips, sign up for the San Diego Health newsletter here.
Scripps Cancer Center helps an endurance athlete overcome his greatest challenge yet and get back in the race
When endurance athlete Isaac Sanchez learned he had cancer, he felt blindsided. He was healthy, surfed often and was training for an Ironman triathlon. But he had to put that on hold to undergo treatment. His physicians at Scripps Cancer Center developed a plan to treat the cancer in his tonsil and lymph nodes that included six-and-a-half weeks of near-daily radiation and weekly chemotherapy. He also worked with a Scripps Cancer Center dietitian to enhance his nutrition to promote strength and healing. Today, Isaac’s back to doing what he loves. Read more of his story here.
For more nutrition, wellness, and healthy living tips, sign up for the San Diego Health newsletter here.
