Protect You IRA, 401K and Precious Metals

Archived Post from July 23, 2014 by Anne Trimble

Self-directed LLC (Limited Liability Corporation) IRA’s are the only way to go if people want to keep their IRAs and not cash them in early. Precious metals can be rolled right into these LLCs, which are then personally kept by the owner. We recommend individuals take possession of their IRAs immediately.

Recently a close friend shared how despondent her mother had become because she didn’t move her assets out of the market in 2008. At my friend’s request, we called the woman to explain our recommendation that she purchase precious metals. After listening to our recommendations, she politely declined our advice and chose instead to listen to her long-time financial adviser. This sweet, compassionate woman lost hundreds of thousands of dollars that she had planned to leave to her daughter and grandchildren. It is always disheartening to see how much blind faith people have in their so-called “financial advisers.” This kind of economic deception is one of the most painful to watch unfold. It is difficult to fathom the collective grief across this nation among people who have lost such large portions of their retirement money. This is why we urge our clients to move a portion of their assets to precious metals while there is still time. If President Obama’s plans go unchecked, retirement accounts will become subject to potential “management” by the government. Since the government is already so deeply in debt – and the President wants to add trillions more dollars to that tally – Social Security (a government agency) will inevitably, in the years to come, run out of money. The government’s plan is to prevent citizens from taking early withdrawals from their own personal retirement accounts, to which the government will have access, and their IRAs will be used to supplement Social Security, so officials will say. Instead of rolling IRAs and 401(k)s into self-directed accounts where precious metals are held in far-away vaults, we recommend our clients use a self-directed LLC that allows them access to their IRA holdings when they are needed. This approach is particularly attractive to precious metal clients who are unwilling to take the early withdrawal penalty and pay the taxes when cashing in their accounts to purchase IRS approved gold and silver. For those who choose to cash in their accounts and possess the metals, no LLC is needed because these retirement accounts will be out of the government system. Many people do not realize the money they have saved in their IRA or 401(k) is tax-deferred, meaning they have to pay the taxes on the growth of the money. These retirement vehicles initially sounded good because the government gave a tax allowance to get people to save. However, taxes will have to rise significantly in the months and years ahead to pay the debt of this country. Those who own retirement accounts may end up paying much larger amounts of tax on the growth of the money than if they had just saved the money and paid income tax. What matters now is that people get possession of their retirement accounts. Another option is to roll IRA or 401(k) accounts into offshore LLCs where the metals will also be held. Experts believe this could prevent the government from confiscating offshore accounts because of the difficulty involved in getting access to them. Southlake Gold and Silver now offers these offshore LLC options. The time for Americans to take action and protect their hard earned retirement savings is now.