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Gold IRA Rollover information
There is only one difference between a standard individual retirement account and a gold IRA, and that is the latter only has gold in it.Other than that it works in the same way as a regular account.
If you already have an IRA or 401(k) in place, why would you want to consider a gold ira? We have talked on other pages on this site about the importance of diversification when it comes to your investments, and especially your retirement fund. You will like most other people, want to ensure you get the maximum return out of your retirement fund. Therefore rather than place all of your investment eggs in one basket which can be risky in the long term, seeking sound financial advice from a professional on how to diversify your accounts so as to minimize loss and increase return, is important.
One of those options open to you is a gold IRA rollover. As we have already mentioned if you have an IRA or even a 401(k) and they can be a Roth or a regular type, you can roll over part or all of your accounts into a gold ira, hence the term 'gold ira rollover.'
There are some key benefits and features of setting up a gold ira rollover. The main one relates to the tax implications. If you are moving all or part of an existing IRA or 401(k) into a gold ira, then there are no tax penalties, because you are rolling over an existing account. One important note for your consideration is that if you have an old 401(k) from a previous employer, it is a lot easier to roll that over into your gold ira than it is if you have a current 401(k) with an existing employer. It is not impossible to do the latter, and this would be something you would need to discuss with your gold ira provider if you wish to rollover an existing 401(k) but it certainly is something you need to be aware of in advance.
Another key benefit and feature is the simplicity of the process. The key providers we recommend can transfer your account within 24 hours if you so wish. In fact, they operate within the time frame you desire, so you don't lose out in delays. However please note that you do have a limit of 60 days in which to deposit the funds from your existing ira into your new gold ira, if you take hold of the resources. Failure to carry out this process within the time limit will result in you having to pay a taxable withdrawal penalty of 10%. If you perform a direct custodian-to-custodian transfer, where the money is wire transferred between the two parties, and you don't receive it, then there is not withdrawal penalty.
What Metals Can Go In A Gold IRA?
When it comes to gold coins and bullion the market is awash with options. There are many coins with various designs, weights, purity and value, all ideal for the avid collector. Unfortunately not every gold coin of bullion bar meets with the IRS regulations for what is suitable for placing in a gold ira.
Although we have been speaking primarily about a gold ira, you can if you so chose, set up a precious metals ira, which allows other qualified metals such as silver, platinum, and palladium, to be added to it as well.
Below is a full list of the recommended gold coins and bars allowed in a gold ira. For a complete list of what metals are and are not allowed, see our IRA approved precious metals page.
Gold Allowed In IRA Rollover
IMPORTANT NOTICE: GOLD BULLION & COINS APPROVED BY IRS FOR INVESTMENT IN AN IRA MUST HAVE A PURITY LEVEL OF .995% OR HIGHER
|AMERICAN GOLD EAGLE COINS||AMERICAN GOLD BUFFALO COINS|
|AUSTRALIAN GOLD KANGAROO/
|CANADIAN GOLD MAPLE LEAF COINS||CREDIT SUISSE GOLD BARS|
|JOHNSON MATTHEY GOLD BAR||VALCAMBI GOLD COMBIBAR|
Important Information For Your Consideration When Choosing A Gold IRA Rollover Provider
Fees: There are in general five types of costs you will need to be aware of when setting up your gold IRA. These are: Fee for opening the account which should be in the region of $50; transaction fee which is paid when you buy your gold and tends to be in the $40 per transaction range; Account maintenance fee which is payable to the custodian you chose. This fee varies from as little as $50 a year to $250 a year; Transfer fee -If you have the funds wired into your new account, this will create a wire transfer fee and depend on your bank. They can cost up to $25. Finally, there is the fee for storage. You can't store the gold for your IRA on your own premise, as this will create tax implications. Therefore, you will need to store your gold at a depository of your choosing, where you can visit at any time if you wish. The fee for storage is set by the depository, but in general, does tend to range between 0.5% to 1% of the total deposited value.
Whichever company you chose to go with, should, of course, explain these fees in full with you before you begin your gold ira. The costs will vary from provider to provider, and you will see from the table below that we have outlined the top companies and the general fees they charge to help you when you begin talking to them.
The Custodian you chose: You have to use a custodian to set up and manage your gold IRA so picking the right one is important. Many of the providers will either recommend a guardian for you or have a panel for you to chose from. The first thing you will want to check is that the custodian is properly licensed. If they are, then they have the full Internal Revenue Service accreditation to operate on your behalf. Custodian fees vary so check with your provider first before you sign up.
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Please note that the content on this website does not constitute financial advice and should not be taken as such. The owner of this site may be paid to recommend Regal Assets or other companies. The content on this website, including any positive reviews of Regal Assets and any other reviews, may not be neutral or independent. It is advisable to always speak to a certified financial advisor before making any investment decision.