Gold IRA rollover is an investment term which defines the conversion of some part of existing assets into gold. IRA rollover has been a popular phenomenon nowadays because many people are converting their current holdings into precious metals including gold and silver. The procedure is simple and easy to execute. Yes, there are many added advantages of a rollover. Since Stocks and bonds are no longer a reliable commodity to invest in the current scenario, people are always looking for something that is inflation proof and has monotonously increased price chart. Well, gold seems to be the right choice for these people. Since gold has always been the safest commodity to invest, the prices are always increasing. This means if you invest part of your income or savings in gold today, it will provide humongous gains in the near future. The only thing to care of is the duration of the rollover. Invest early in your Individual Retirement Account for better gains.
How to perform Gold IRA Rollover?
There are basically five simple steps involved in the rollover. Every step stated below is in accordance with IRS. We have seen many people getting confused between IRA rollover and IRA transfer. Gold IRA Rollover is entirely different from IRA transfer procedure. The later includes converting current assets without coming in contact with the actual funds. Whereas, the rollover procedure is a multi-step process involving following steps:
- Employer’s Eligibility
- Reputed Gold Dealer
- Trustworthy Custodian
- Estimation of Funds for Conversion
- Execution of gold IRA rollover
Here is the Five Step Guide to convert 401(k) to gold IRA rollover:
- Employer’s Eligibility: It is very common for employees to use a gold IRA rollover to streamline the transfer of retirement funds from a retirement account at one employer to another. The entire transfer depends upon employers eligibility criteria. In many cases employees may only be able to roll over their retirement plan if they are older than 60 years old with an employer plan that allows in-service distributions. Many employers do not follow in-service withdrawal which refers to the ability to roll over funds from an account at an employer for which one is still working. Therefore it is advisable that you consult with your employer to see how the rollover can be executed. Try to convince your employer for a suitable solution for your gold investment.
- Reputed Gold Dealer: Second step is to find a trustworthy gold dealer in the market. The dealer should have excellent track record and list of happy satisfied customers. Although there are many reputed dealers out there, try to do some market research and dig up for more information regarding the company. You should also check the charges for the conversion and Ultimately, you should ensure that the metals you include in your gold IRA meet standards set by the IRS. Gold, platinum, and palladium must be 0.995 percent pure or higher while silver must be 0.999 or higher.
- Trustworthy Custodian: This is where you should know the rule of safe custody of your gold. Since the account holder can not hold the precious metals at home. According to IRS regulations, IRA account holder must find a trusted custodian for his/her assets. Kindly check the storage fees involved for the custody. Everything you need to perform a gold IRA rollover, including IRS paperwork and disclosures of any transfer fees, should be included.
- Estimation of Funds for Conversion: This is where you decide how much of paper money you want to convert into gold. This is more of a personal choice as you are the sole owner of your money. Our advice for you is to invest 70 percent of paper money in precious metals. This advice is based on the last 20 years of economy trend and development.
- Execute the Rollover: The last step is actually signing the official papers and reading the terms and conditions of the procedure to safeguard your future retirement.
Best Gold IRA Rollover Custodian and Dealer?
Finding a reputed gold dealer and custodian can be a tough job. But do not worry. After doing a thorough research and analysis, we have found out the best gold IRA company for your gold investing. Regal Assets is an INC 500 company which is the leader in gold investment. The company has excellent track record of happy and satisfied customers. The company has more than 50 years of combined experience in rollovers and custody of precious metals listed by IRS. It has an A+ rating from BBB. The company has also been given five stars on trust link and listed on Forbes. Simply provide your name and number and leave everything to the experts. They have dedicated staff to take care of your valuable assets and with excellent tech support to provide the answer to every query.