A gold IRA rollover is a transfer of funds from one type of IRA to another. The purpose of a gold IRA rollover is to move assets into a type of plan that will allow you to invest in gold, which is not permitted in some traditional IRAs.
There are two types of gold IRAs: self-directed and traditional. A self-directed IRA allows you to invest in any type of asset, while a traditional IRA only allows investments in stocks, bonds and mutual funds. Because of this restriction, many people choose to roll over their existing 401(k)s into a self-directed IRA so they can diversify their retirement accounts with alternative investments like property or precious metals like gold and silver.
Benefits of Gold IRAs
The benefits of rolling over an existing account into a gold IRA include:
Flexibility: You can buy and sell any type of asset (including real estate) through your account as long as it meets IRS requirements for investment vehicles.
Control: You have complete control over how your money is invested through your account. You can also hold physical assets such as gold and silver in your account.
Protection: Your gold IRA is protected from creditors, unlike other retirement accounts.
Tax Benefits: You can deduct any expenses related to your investments, including the cost of buying gold and silver coins or bullion.
Diversification: You can diversify your portfolio by investing in a variety of assets and not just stocks, bonds, mutual funds or other traditional investments.
How To Rollover?
A gold IRA can be set up with any type of self-directed IRA custodian. Once you have your account set up, you will need to fund it. You can make the initial deposit by check, wire transfer or debit card. Once you have made your initial deposit, you can then begin investing in gold and silver coins or bullion. You will need to contact your IRA custodian to receive a list of approved dealers and make sure that they are able to sell the type of assets that you want.
When you are looking to invest in Gold, there are many factors that should be considered including cost. You will want to make sure that you find a reputable dealer who has low prices and high quality gold coins or bullion.