401k to gold IRA rollovers – 15 Mistakes to Avoid! Part4

by Retirement Advisor | Feb 28, 2023 | Gold IRA | 1 comment

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14. Not Understanding the Tax Implications of a Rollover

When you transfer funds from a 401(k) to a gold IRA, you are required to pay taxes on the amount you transfer. This means that you need to understand the tax implications of a rollover before you make the decision to move your funds. You may be able to avoid paying taxes on the amount you transfer by transferring it to a Roth IRA, but you will still need to pay taxes on the amount you withdraw from the Roth IRA. Understanding the tax implications of a rollover can help you make the best decision for your financial future.

15. Not Consulting with a Financial Professional

When you are considering a rollover from a 401(k) to a gold IRA, it is important to consult with a financial professional. A financial professional can help you understand the process, the tax implications, and the potential risks associated with a rollover. They can also help you determine if a rollover is the best option for you. Consulting with a financial professional can help you make an informed decision and ensure that your financial future is secure.