A direct rollover is the easier of the two options. With a direct rollover, funds are automatically transferred from the retirement account to the self-governing IRA. Once the old retirement account is closed, the manager of that account sends a check directly to the new Gold IRA trustee or custodian. A gold IRA rollover transfers your existing IRA to a self-directed IRA, which allows investments in physical precious metals such
as gold and silver.
To do this, open an account with an established custodian bank that specializes in self-directed IRAs backed by precious metals. Once your account is set up, you can transfer funds from your 401k plan to the new Gold IRA. Again, the process is pretty easy and shouldn’t take more than a few days. With a rollover, your existing IRA custodian gives you the money you want to withdraw and you then have 60 days to deposit the money
into your new Gold IRA account.
As one of the oldest gold dealers in the country, the American Hartford Gold Group has extensive experience in the industry. A gold IRA is an ideal way to diversify your retirement portfolio and protect yourself from currency and stock market fluctuations. For deep diversification, you can add a Bitcoin IRA to your investment portfolio or add more cryptocurrencies to your self-directed IRA or 401 (k). The last step is to make sure you meet all custodian and storage requirements for your
Gold IRA.
Transferring part of your 401 (k) or an existing IRA to a gold IRA can help reduce the uncertainty you may feel about more traditional paper-based assets, such as stocks. A reliable Gold IRA company will guide you through the rollover process with no hidden fees or surcharges. The IRS has strict regulations regarding the types of gold and other precious metals that are allowed in an IRA. If you want to invest in gold but need more money in your retirement account, a gold IRA rollover can help
finance the investment.
The main difference between rollovers and wire transfers is that with IRA transfers, the money distributed never touches the IRA holder’s bank account. If you’re considering transferring money to a Gold IRA, contact your existing IRA custodian for information about the fees or charges you may incur. If the funds withdrawn from the 401 (k) are not deposited into the new Gold IRA within 60 days, those funds are considered taxable, just like normal income. You can read this comprehensive article to learn more about whether a Physical Gold IRA is right for you.
IRA rollovers can be done directly, by transferring funds directly from one custodian bank to another, or indirectly, by having your 401 (k) plan trustee pay out a check and give you 60 days to deposit it into your new, self-governing IRA. Reputable Gold IRA companies should be able to handle the entire process for you and answer any questions you have at any point in the process.
