What is a Gold IRA Rollover?

You may have read a few articles about the benefits of a Gold IRA – like diversifying your portfolio in uncertain stock markets, or getting away from inflation. With all the good reasons to make a small investment in precious metals, it’s fair to wonder how to do that without putting all your eggs in the gilded basket.

One great option is an IRA or 401(k) rollover. I’ll walk through how to do it, and why it might be a great idea for you.

What is a Rollover?

The basic idea behind a rollover is that you want to take more control of your retirement account. You may not like how your funds are being invested, or you may wish to invest in something else–like gold.

No matter why you’re doing it, the process is the same. You contact the manager of your account, whether it’s an IRA or 401(k), and direct them to begin the paperwork for moving some or all of your funds into a new IRA.

  • If you already have a new IRA then that manager will provide you with the paperwork to give to your old account manager. For instance, the Gold IRA companies I’ve reviewed can all work with your current manager to make the paperwork seamless. Then you never have to worry about taking possession of the funds, and never have to worry about the IRS.
  • If you don’t already have a new IRA then you will receive an electronic or physical check for the funds you want to rollover. From that date you have 60 days to reinvest the funds in an approved IRA account, or the IRS will treat it as an early withdrawal, and you will be taxed.
  • If you have an IRA you can move as much or as little of your funds as you like. But you can only move money from a single IRA account once a year. That means if you want to move $10,000 in April into your Gold IRA, you cannot move more money from that first IRA until next year.
  • If you have a 401(k) you may not be able to make a partial rollover. Because 401(k) accounts are set up with your employer (or your previous employer, as the case may be), you have to comply with whatever terms you agreed to when the account was set up. Some of these agreements state that you must keep all of your funds in that account, or transfer all of them–no partial rollovers.

In Any Case…

Once you have decided how much of your funds you wish to rollover, you fill out your paperwork, and send it to your new IRA manager, if they haven’t already taken care of it for you. Then you can invest in gold, silver, platinum, or palladium with all the tax-protections of your old IRA. 

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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