Rollover from 401k to a Gold IRA
If you want to roll over another IRA account, such as a 401k IRA to a Gold IRA, most companies will allow you to do so.
You can directly or indirectly roll over the accounts as the custodian oversees the transfer of funds.
With a direct option, the custodian will be connected to the other account and complete the transaction to your Gold IRA. Indirectly, you will cash out and mail a check to your custodian, funding your Gold IRA.
You have 60 days to complete this procedure. If you fail to meet the guidelines, you may be subject to tax penalties, as a withdrawal will catch the attention of the IRS. The IRS will not count it as a rollover and issue your taxes and fees.
An Inflation Safeguard
It’s no news that gold prices go up when money value falls. In other words, gold protects your savings against inflation or economic uncertainty. Investing in a gold IRA is no different than buying real gold. Therefore, the precious metals IRA offers the same financial safety net as physical gold. Not to mention, a gold IRA increases the value of your retirement savings plan due to the slowly but surely rising gold prices.
What Are the Benefits of a Gold IRA rollover
The advantages of gold IRAs include:
- Protection against inflation
- Safety from currency devaluations
- Diversification to manage investment risk
- Protection against government seizure
- The same tax benefits as traditional IRAs