Everything You Need to Know about Gold IRA Or Gold 401k Rollover

Do you always worry about your retirement savings? Because of the unstable stock market, trembling economy and inflation, everyone would really be concerned with their savings.

If you want to have a secure future, you should have an Individual Retirement Account or IRA. It keeps your assets safe and prevents them from being lost. It is why one may have a more peaceful mind if he or she has an IRA.

What Is A Gold 401k?

If there is an IRA, there is a gold 401k, but what is it? A gold 401k is when someone wants to transfer their 401k to gold using physical bullion. It has a greater advantage to other IRAs because gold and other precious metals generally don’t depreciate in value and are not affected by market changes.

What Is A Rollover?

If you have an existing IRA, you can transfer it to another IRA. Aside from that, you can use gold IRA rollover. But what is the difference?

Let’s say you have account #1. If you transfer your assets to another account, which is account #2, the assets will be directed to the new account. This will be done through a check (if there are no physical assets).

On the other hand, a gold IRA rollover is “rolling over” the assets of account #1 to you first, before it will be placed on account #2.

Advantage of Gold IRA

As said in the previous paragraphs, an IRA that contains physical assets such as a gold IRA is much safer than unstable markets. Aside from that, a gold IRA has also other benefits like:

  • It doesn’t depend on the government. Therefore, you are the one managing your IRA.
  • If there are hyperinflations, gold IRA is protected and not affected.
  • If there are problems in the stock market, like irregular values of currencies, the gold IRA can’t be devalued.
  • Lastly, the gold IRA has a higher chance that its value will gain, instead of losing.

What To Expect When Rolling Over

If you are planning to roll over your assets, you must expect that it will be completed after 60 days, after the rollover has started. Adding up, you should only do the “rollover” once every 12 months with the same amount of money to avoid any tax penalties.

Doing Gold IRA Rollover

Now that you know the advantages of gold IRA, you may now be planning to do a rollover. Below is a basic guide on doing it:

  • The first thing you need to do is find a custodian, which is really trusted.
  • The custodian should be reliable because he will be the one to do almost all of the important things.
  • He will be the one to buy IRS-approved gold, but only with your approval.
  • He will also be the one to create your own self-directed IRA.
  • The stocking of the gold is also his responsibility.
  • Lastly, the custodian will be helping you in your rollover, so that you will not encounter tax penalties.

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