Withdraw from Sterling Trust 401K

[cpy911]

All,
I have some GAE's at Sterling Trust via a 401K account. I have the desire to bring those coins into my hands. Any idea on the best way to do this? Would I have to sell, take the tax hit, move the money to my bank and then send it out to Bullion Vault and buy some new GAE's? Or can Sterling Trust just ship me my coins and then I pay the 401K early withdrawal tax penalties?

Please advise.
Thanks.

[Book]

Sterling Trust is the one to ask but your plan to take physical possession is very wise.

Gladly pay the penalty.

[cpy911]

Sterling Trust is the one to ask but your plan to take physical possession is very wise.

Gladly pay the penalty.


Yep. I am realizing that is how it is these days. I am also going to liquidate my Bullion Vault account, bring the cash home and buy coins via Bullion Direct.

[monty]

All,
I have some GAE's at Sterling Trust via a 401K account. I have the desire to bring those coins into my hands. Any idea on the best way to do this? Would I have to sell, take the tax hit, move the money to my bank and then send it out to Bullion Vault and buy some new GAE's? Or can Sterling Trust just ship me my coins and then I pay the 401K early withdrawal tax penalties?

Please advise.
Thanks.


I had Sterling Trust send the SAE's from my IRA directly to me. The forms are on Sterling's website. Read Pete Hendrickson's book "The Fascinating Truth About Taxation in America" . That should help you with your tax questions.

[Spectrism]

I don't trust any company that has the following words in its name:

Trust
Securities
Safe
Savings
National
Bank

[platinumdude]

I don't trust any company that has the following words in its name:

Trust
Securities
Safe
Savings
National
Bank



I put all my investments and cash at the Trust National Safe Bank and Securities Savings. Is that bad?

[cpy911]

I had Sterling Trust send the SAE's from my IRA directly to me. The forms are on Sterling's website. Read Pete Hendrickson's book "The Fascinating Truth About Taxation in America" . That should help you with your tax questions.


I looked into the book, but don't want to end up in Jail like the author. I will pay my "penalties" until the system resets.
http://www.detnews.com/article/20100419/BIZ/4190407/1361/-Cracking-the-Code--author-draws-prison-term-in-tax-fraud-case

[oldmansmith]

I have gold and silver in a sterling Trust IRA. I have been taking 40K out of my "retirement" accounts annually for a few years and will do do again next year, if i still can. The Sterling Trust is the last one to go.

[cpy911]

I have gold and silver in a sterling Trust IRA. I have been taking 40K out of my "retirement" accounts annually for a few years and will do do again next year, if i still can. The Sterling Trust is the last one to go.


I like your approach of a little bit each year on withdrawing. I have a bunch of cash FRN's sitting in my IRA and will start pulling out a little each year. My question is, do I put it all in PM's or something else? Is it time for 100% wealth preservation? Hate to have my money not working for me...but maybe it is time.

What are you doing with your funds?

[Book]

Is it time for 100% wealth preservation?


Absolutely.

:oo-->

[Twisted Titan]

Is it time for 100% wealth preservation?


Absolutely.

:oo-->



Ask the people that saw a Trillion dollars vanish in less then 20 minutes if this is the time for Capital preservation.


T

[Book]

Ask the people that saw a Trillion dollars vanish in less than 20 minutes if this is time for Capital preservation.


T


Yep. If that didn't wake "investors" up nothing will. It was a Trillion Dollars that vanished within 20 minutes. Poof.

:)


A day after a harrowing plunge in the stock market, federal regulators were still unable on Friday to answer the one question on every investor’s mind: What caused that near panic on Wall Street?

http://www.msnbc.msn.com/id/37032532/ns/business-the_new_york_times

[ximmy]

What was that saying???? "If you don't hold it"?????

[cpy911]

What was that saying???? "If you don't hold it"?????


Just withdrew all my funds from BullionVault. All the proceeds will then go into buying coins that will be kept in my possession. Gold seems so expensive though...but that is just me...

I have been buying KMP, which has held up OK in the turmoil. I am still going to snatch it up here and there and all else in PM's.

We have very low yield CD's in our "bank" that are expiring, trying to convince my wife to take funds and buy a monster box of SAE's or two. It seems risky, I just can't get the safety propaganda of holding FRN's out of my head, its been put there all my life. At least I am smart enough to be done with stocks.....

Gold seems a little bubblish though...??

Thanks.

[oldmansmith]

I have gold and silver in a sterling Trust IRA. I have been taking 40K out of my "retirement" accounts annually for a few years and will do do again next year, if i still can. The Sterling Trust is the last one to go.


I like your approach of a little bit each year on withdrawing. I have a bunch of cash FRN's sitting in my IRA and will start pulling out a little each year. My question is, do I put it all in PM's or something else? Is it time for 100% wealth preservation? Hate to have my money not working for me...but maybe it is time.

What are you doing with your funds?


1. Paid off my Mortgage, Mrs. Old and I are now 100% debt free. I will never take out another loan of any kind.
2. Have 5K in 20's with bank receipts buried in a jar
3. Have Gold coins in another underground position, silver (cause it tarnishes) hidden in the house
4, Bought a chainsaw and now cut all my own (free) firewood heat
5. Bought a hand pump for my well, have a big garden and can/dry/freeze a large percentage of my own food. Stockpiling food and other preps.
6. I keep at least 10K in the bank for unexpected expenses. Many will tell you to ditch FRN's, but it is nice to NOT have to tap into your stash (I have never sold a thing) if something unexpected (car, roof, etc). happens.

I am still buying a little gold even at these prices. Next year when I cash out another 40K I will buy more, regardless of the price. I will never buy another stock, f*ck wall street.

[cpy911]

1. Paid off my Mortgage, Mrs. Old and I are now 100% debt free. I will never take out another loan of any kind.
2. Have 5K in 20's with bank receipts buried in a jar
3. Have Gold coins in another underground position, silver (cause it tarnishes) hidden in the house
4, Bought a chainsaw and now cut all my own (free) firewood heat
5. Bought a hand pump for my well, have a big garden and can/dry/freeze a large percentage of my own food. Stockpiling food and other preps.
6. I keep at least 10K in the bank for unexpected expenses. Many will tell you to ditch FRN's, but it is nice to NOT have to tap into your stash (I have never sold a thing) if something unexpected (car, roof, etc). happens.

I am still buying a little gold even at these prices. Next year when I cash out another 40K I will buy more, regardless of the price. I will never buy another stock, f*ck wall street.









I like your MO. My debt load on the Mortgage is higher than all my assets, so I am going to make the minimum payment, collect PM's and dump the house on somebody. (I have lost 20% so far....yep bought high on the Left coast in '06). Someday I will trade my PM's for arable land with a house/cottage and live out my days mostly out of the system.

Oh and F*CK Wall Street, Banksters and the FED.

[Johnny Ringo]

I forget stuff easily, but there are things that do seem to embed themselves into the long-term memory bank.

Since I'm not 59.5 years yet, I'm facing the same dilemma, and took notice anytime someone posted on the subject on the old site. What stuck with me was someone saying they up and cashed out a big chunk and sucked up the penalties, and mentioned it when he had to see a CPA on another issue later on. The CPA's response was along the lines of, "I wish you'd seen be before you did that - I could have saved you a lot of money."

I'll see one before I start messing with my tax-deferred stuff. Right now I'm working on my Roth's, which I can withdraw up to my contributions and conversions from traditional IRAs without penalty. Appreciate the heads up from Monty on the info and forms for Sterling Trust. I will also have them send me my physical.

Anyway, FWIW. I hate to see people lose more of their money than necessary to the government. Good luck to you.

[Twisted Titan]

The CPA's response was along the lines of, "I wish you'd seen be before you did that - I could have saved you a lot of money."



How good would your strategy had worked on friday??

[Johnny Ringo]

The CPA's response was along the lines of, "I wish you'd seen be before you did that - I could have saved you a lot of money."



How good would your strategy had worked on friday??




Do you mean Thursday, when the Dow shed 1000 points after the open? Either way, it didn't affect me at all - except for the hit on oil. What I do have left in the market is in money markets and metals. I'll get the rest of the way out of the metals ETFs soon, too, since the deception about the ETFs' physical holdings could unravel at any time.

Hopefully, anyone thinking along the lines of getting out from under "retirement plans" is already defensively positioned. I have been for awhile. Yes, I've missed out on the stock market "rally," but it's all smoke and mirrors anyway. Most of us here know they can't sustain this market - the only thing we don't know is the exact moment when the feces will collide with the oscillator....

[Twisted Titan]

Nothing against you personally. I just take a very hardline with anybody who makes the claim: I can Save or make you alot of money.

That is a out and out lie for the simple fact that we are in uncharted waters.

Nothing I repreat NOTHING is keeping the markets in order other then the fact that so few grasp just how screwed we are.

Once the illusion of security is broken (Like Thursday) Nothing but physical possesion ( even paper cash) will suffice to make sure you are not on the losing side of the play

Remove every possible barrier between you and your money because no one knows ( except the insiders) when the music is gonna stop.


T

[gunDriller]

What was that saying???? "If you don't hold it"?????


Just withdrew all my funds from BullionVault. All the proceeds will then go into buying coins that will be kept in my possession. Gold seems so expensive though...but that is just me...

Gold seems a little bubblish though...?

i have a similar response. "$337 for a 1/4 ounce Eagle ?"
http://www.apmex.com/Product/48685/2009_1_4_oz_Gold_Eagles_.aspx

they sold out of random year 1/4 ounce Eagles.

i prefer to not get caught up in the "fear response", where people are flocking to gold, it goes above $1200, i start worrying "i may not be able to buy it for less".

i prefer that calm, cool, collected approach to buying ... stuff.

but as far as bubbles - the US $ comes to mind.




Remove every possible barrier between you and your money because no one knows ( except the insiders) when the music is gonna stop.T


actually, i think even the insiders are guessing. i'm sure many of them derive comfort from their $billion bank accounts - the US $ can devalue 90% or 99%, and they'll still be quite wealthy.

[Johnny Ringo]

I know it wasn't personal TT. I know where you're coming from.

I only threw that out there because our fd-up tax system makes it so you have to practically study the damned thing for a living in order to understand it. These guys might know a way to get your money into your pocket without Uncle Sam getting a shylock's cut.

I know 60% is better than 0%, but when I hear about people taking a 40% haircut on getting their money out of these accounts, my blood pressure goes nuts. If I can pay someone a couple hundred FRNs to save me several thousand, it's a no-brainer.