After 20 years with my firm (a big Financial Institution) I told them that they can "shove it" with their vax mandate and I'm retiring effective Dec 31. My boss thinks I'm nuts and he spent the rest of the day trying to pull me back into the Matrix by "enticing" me to stay. Didn't work. I told him that i can no longer work for a company that is taking a tyrannical approach to these vaccines and that those in management who chose to enforce these "mandates" chose poorly and will end up on the wrong side of history.(I believe that resonated with my boss but in the end, he still thinks I'm nuts!). Now that I have no job I plan on becoming a full time red-piller...wish me luck!
A good by product of this is that I have much greater control of my 401k after I leave the firm. Thinking of moving a portion to a precious metals IRA - any thoughts on that? Any other suggestions?
The number of people that misunderstand a precious metals IRA is staggering.
You (the general you, not pointing fingers) can't hold the assets in an IRA. It needs to be held by a custodian until you do a withdrawal, otherwise it's a taxable event with penalties.
I agree with the sentiment of not owning a PM ETF. That's as useful as shitpaper (except the Sprott ones). It doesn't mean you can't have physical metal in an IRA, vaulted, and under control of a custodian which meets the IRS requirements for an IRA. It's still coins and bars you hold in your hand when you withdraw.
A self-directed IRA is even better (but sometimes a bit more expensive). You can have stocks, crypto, PM's, REITs/Mortgages and private equity offerings in there. Sky's the limit, and the transfer from your existing IRA / 401K is still a non-taxable "in-kind" transaction.
I chose a company that has been around for 90+ years that vaulted my silver and gold in Texas. (If SHTF, and TX leads the secession charge, I'm covered.) Talk to a company like Monex to see who they recommend for SD-IRA custodianship, and do your research.
Thanks for your comments. I now understand the downside with PM IRA. For PM's it's best to have in your posession (which I already do). Need to get the funds out of Cabalidelity so will look into a self directed IRA. Thanks again!
"Self-directed" doesn't really mean anything. It just means you can decide what to invest in ... as long as the custodian agrees (which they won't, if they are the big name guys).
Let's say Corporation X wants to set up a 401k for employees. They get calls from Fidelity, Vanguard, and many others because they want the business.
Corp X goes with Fidelity. Now, Fidelity will be the custodian for ALL 401k accounts for that company's employees. As an employee of Corp X, you have a 401k account that Fidelity is custodian of, and you can ONLY invest in what Fidelity approves -- which just so happens to be things the Fidelity can make commissions on. You want to buy gold coins? Good luck! Fidelity will say no. Not because it is illegal or a bad investment, but because Fidelity can't make commissions on that, and since they are the custodian, they get to call the shots.
But you can change that. A better solution, ESPECIALLY when you are no longer working for that company, is to set up your own 401k with an independent custodian (that will let you invest in anything you want, as long as it is not prohibited by Section 401 and accompanying statutes/regs of the tax law), and YOU control what you invest in.
You can buy gold, bitcoin, stocks, mutual funds, real estate, oil wells, whatever you want.
I posted how to do it in this thread, but that post has mysteriously disappeard. If you are interested, I can do it again.
I have also heard good stuff about self directed IRA and being able to hold physical metal. Sprott and kinesis are probably the only 2 companies I'd trust to vault metal for me besides holding it myself
That sounds an awful lot like my PM portfolio.. wink. Just wish I had more to stick in Kinesis to get more of those sweet KVTs.
Earning a little extra gold/silver just for holding through kinsis is a game changer. 6% on gold and 3something for silver last year. When everyone else is charging vault storage fees