If your retirement account does not currently contain precious metals, you should consider the best gold IRA rollover. For example, if your current retirement account or investment plan is more predisposed to stocks, bonds or any asset attached to the dollar, you may at one point in time have thought about the possibility of converting part of it to gold bullion gold coins or gold bars as a way of protecting it against inflation, currency debasement and other forms of economic uncertainty with the best gold IRA rollover account.
Although simply transferring funds from an IRA to a Gold IRA is not a bad option, a gold IRA rollover is much more preferable, reason being that it is much safer and also a tax-advantaged strategy of moving your retirement savings. In this article, we are going to consider succinctly the individual steps involved in converting to the best gold IRA rollover.
How to Find a Trustworthy Custodian for the Best Gold IRA Rollover
Taking a cursory look and conducting a research into the background and business practices of any potential top gold IRA companies is pertinent for two main reasons:
- First, you want to be sure your retirement savings are in safe hands, by safe hands I mean a certified and trustworthy company, not some scammers.
- Second, the Internal Revenue Service (IRS) only allows just one tax-free rollover of IRA funds per year and this rollover of the full amount of funds must occur within a maximum of 60 days of removing the funds from the IRA custodian you are using presently, so as to avoid penalty. If you choose a custodian that you will like to change later in the future, you will have to wait the full 12 months or face tax penalties on the money being moved.
Check with Your Employer
Provided that you have a retirement plan through your current employer, it is advisable that you check with your employer first. Some employers have policies that do not allow gold investment as part of their 401k plan except you decide to quit the job. As a result of this, before you dive into the best gold IRA Rollover, it is quite important that you understand your employer’s 401k plan. Although there are ways around employer’s restrictions, it is helpful to know whether this will be a stumbling block prior to beginning the process.