Gianna Miceli explains how 401(k) rollovers work and the IRS penalties for early withdrawals. Patty describes moving her partner Lenny's 401(k) from Morgan Stanley into physical gold and silver, a rollover the brokerage initially resisted. Over 15 years of stacking silver, they say it's generated substantial wealth.
If you're in a 401, you're in an IRS structure and you agree to the terms or you will pay the penalty. Now, Patty, when you pulled your money, you pulled it out of a 401 or an IRA?
A 401.
Okay. Want to tell that fun story?
This, this was Lenny's 401 and we had it with Morgan Stanley. I had called him numerous times discussing this with him. Morgan Stanley just refused to, um, to comply with what we were asking them to do. We were asking them we wanted to pull the money, roll it over into metals. We wanted to buy gold and silver. He kept telling me it was a big mistake, that we were going to pay the price, that, you know, he, he just— and I just said, how can they tell you no? Well, I just told him, you know what, it's our, it's our mistake to make. So if, if it's a mistake, it's ours to make. Well, It's just been extremely beneficial. I've been stacking silver. We've been stacking silver for the last 15 years. That was the biggest rollover that we did. We have been able to, you know, I've created a good amount of wealth because of our decisions.
Not riches, wealth. I can assure you. Okay. And Patty and I were laughing because if we move, we're talking about how would we move?
And she's like, oh, well, you have to rent a Brinks truck. And I'm like, do they do that? You know?
