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Gold IRA Roll Over

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Why You Need to Roll Over Your 401k, IRA, or Pension Into a Gold IRA

A gold IRA roll over is when you move your current retirement account into an existing or new gold IRA account in order to take advantage of the many benefits that come with owning gold in retirement accounts. Although it’s one of the more difficult steps to take when retiring, there are so many reasons why you should roll over your 401k, IRA, or pension into a gold IRA. Here are just three of them.

What is a Gold IRA?

gold IRA roll over

A Gold IRA is an Individual Retirement Account (IRA) which allows individuals and their beneficiaries to invest in physical gold bullion. There are two main types of IRAs: Traditional IRAs and Roth IRAs. With both types of accounts, earnings accumulate tax-deferred; contributions may be deductible; and distributions are tax-free if taken after age 59 1⁄2. The key difference between traditional and Roth accounts is how they’re taxed. The key difference between a Gold IRA account and other types of retirement accounts is that you can actually hold gold in your account! If you have access to any kind of retirement plan—whether it’s through your employer, or your bank—you can rollover into an IRS approved Gold IRA.

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Regardless of what you invest in, though, there are some common features to all IRAs. The first is that they’re all tax-deferred. That means any earnings from your investments aren’t taxed until you start withdrawing money from your account—and then only as income tax. Meanwhile, if you leave money in an IRA account after age 59 1⁄2 and meet other IRS requirements (called required minimum distributions), then those withdrawals won’t be taxed at all.

Another commonality between IRAs is that you can deduct your contributions if you’re eligible. For 2019, if you’re single and make under $64,000—or married and filing jointly and make under $101,000—you can deduct your full contribution. The deduction limits phase out as income rises. (That means in most cases it won’t actually affect someone who doesn’t qualify for it.) Roth accounts don’t allow deductions for contributions, but distributions are 100% tax-free after age 59 1⁄2. Traditional IRAs work best if you expect your tax rate to be higher when taking withdrawals than when making contributions; meanwhile, Roth accounts work best if you expect your tax rate will be lower in retirement than when contributing.

Is it Possible to Roll Over My 401K

Yes! If you have a traditional 401K or pension plan through your job, it is possible for you to roll over these assets into a self-directed Gold IRA. Many people do not realize that there are many different options available to them when it comes time to rollover their retirement accounts from one institution to another. You can take your investments and place them in precious metals such as gold and silver. This would allow you to invest in something other than stocks and bonds which tend to offer little value after taxes and fees are taken out of investment earnings.

See also  Roll Over 401K to Gold IRA

The 401K to Gold rollover must be done within 60 days of your termination. If you can’t complete it by then you may be subject to early withdrawal penalties that will reduce any return on investment. Another option is to have a trustee-to-trustee transfer from your current retirement account provider to your new gold IRA retirement provider so you do not miss that deadline. This way you won’t have to worry about taking possession of any assets before you are ready and they won’t incur any early withdrawal fees either.

What options do I have for rolling over my 401K? There are five different ways you can rollover your retirement account: 1. Direct transfer between your old and new investment provider 2. Direct transfer via check 3. Trustee-to-trustee transfer 4. Checkbook control 5. Cash out and then rollover into a Gold IRA (Gold Backdoor Rollover)

It is important that you choose wisely which option best fits your situation. The last thing that any investor wants is to lose money on their investment by making an ill advised choice of transferring their assets from one account to another. If you decide on option number one above; direct transfer between providers, make sure that both companies give full disclosure of all fees associated with it first so there aren’t any surprises later on down the road when it comes time to move those assets again.

What Happens After I Do It?

First, you’ll need to decide what kind of retirement account is right for you. Most people use one of three types; Individual Retirement Accounts (IRAs), 401(k)s, and company pension plans. IRAs let you defer taxes on your investments until withdrawal; 401(k)s are qualified by employers; pensions are paid out in monthly installments after retirement age. Each type of retirement account has its own pros and cons, so it pays to research them all before deciding on an IRA custodian. If you want more information about any of these accounts before signing up, try getting in touch with a good Gold IRA Company who can explain each account type in detail.

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It may sound like a lot to take in—and it is!—but rollovers aren’t as complicated as they seem at first glance: just roll with it! Once you’ve chosen your new plan, contact your current plan administrator to initiate a trustee-to-trustee transfer. The process should be simple if everything goes smoothly; if not, call up your Gold IRA provider and ask them for help ASAP! After that? Enjoy life knowing that you have increased control over how to manage your retirement savings.

Final Thoughts

No matter what stage of your life you’re in—whether you’re just starting out or settling into retirement—it’s important to plan for your financial future. Investing in a Gold IRA roll over account will give you a better chance at maintaining control over your money and working towards building real wealth.
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