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A Step-By-Step Guide to Preserving Your Retirement Wealth by Simply Rolling Over a Portion of Your 401(k), 403(b) or IRA to an IRS-Approved Precious Metals 'Self-Directed' IRA
And It's A Whole Lot Quicker And Easier Than It Sounds
Why Even Do This?
The "Do-It-Yourself" Steps To Rolling Over To A Self-Directed Gold IRA
STEP 1: Select a Self-Directed IRA Trustee or Custodian
Any financial institution approved by the IRS (for example banks and trust companies) may specialize in administering a gold or precious metals self-directed IRA. Custodians and trustees are one and the same.
Trustees enable folks to invest in alternative assets, in this case gold, silver or other precious metals.
Custodians and trustees are responsible for the independent management and disposition of an IRA's investment assets. They must maintain custody of those assets.
(The IRS absolutely does not allow you to be the custodian of your self-directed IRA precious metals assets. That is, you can't keep your "IRA gold" at home.)
The trustee also keeps detailed records and processes all transactions that involve your "Gold IRA" assets.
STEP 2: Open and Fund a New Gold IRA with Your Chosen Custodian
Once you've chosen your Custodian, open then fund your new precious metals IRA with them.
You can obviously fund your IRA from any source, but the focus of this tutorial is our personal experience rolling over portions of our 401(k) and 403(b) to fund the IRA.... tax-free.
You'll need to instruct your 401(k) administrator to transfer funds to your new gold IRA. The custodian will provide you with the specific forms and details to make sure the transfer is done properly.
And most importantly, the transfer should be a "direct rollover" from your 401(k) to the new IRA so that you don't trigger any taxes or penalties.
STEP 3: Choose a Precious Metals Dealer
It's more than likely your chosen Custodian has relationships with a variety of dealers. We don't recommend any particular dealer, but here's what to look for when shopping for one:
It's obviously important the dealer has both a good reputation and carries products from reputable mints.
Many dealers also offer “buy back” options: very valuable if you ever want to liquidate your metals.
STEP 4: Determine Which Precious Metals to Hold in Your IRA
The rollover process continues by directing your Custodian to send money to the dealer.
You'll need to specify which types of precious metals you want to invest in.
The IRS allows gold, silver, platinum and palladium to be held in an individual retirement account. As long as they they are in the form of IRS-approved coin or bar products, you'll be fine.
Just remember to select products that are easy to buy and sell, have low premiums over the "spot price", and are eligible for storage in an IRA-approved Depository.
Before purchasing, research the product's purity, size, and brand (as dictated by the IRS!)... and also the dealer's markup. Confirm whether or not the firm offers insured shipping. Most do.
(As of 2023, you cannot hold rare or collectible coins in your new gold IRA.)
STEP 5: Choose a Depository
The "Done-For-You" By Experts Rollover Options
Goldco offers a "done-for-you" rollover option for those who would like to have their 401(k) or IRA rolled over for them.
With this service, our team of qualified experts will take care of everything from start to finish.
We'll prepare all the documents, manage the transfer process, and keep you updated
IRA Rollover Guide provides you with a secure and convenient way to roll over your 401k into a gold or silver IRA.
We provide customers with the best service in the industry and make sure that you have all of the information needed to make an informed decision about your retirement investments.
Our experienced team of professionals will walk you through every step of the process