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Thursday, 20 July 2017

How to Buy Gold in IRA Rollover

gold in ira rollover

Do you want to buy gold in IRA Rollover of your existing retirement account? Well, this article will help you hold gold for IRA rollover easily. Many people perform gold IRA rollover just to hold physical gold in the retirement portfolio. There are many added advantages of holding gold in IRA rollover. Diversification is one of them. According to Warren Buffet; the most successful investor in the world; one should invest in multiple commodities in order to become a successful investor. Always rollover a portion of the retirement fund to buy precious metals for retirement. Later in this post, I will reveal some of the hidden loopholes of IRS gold IRA investment which will help you hold physical bullion without any penalties. 

Gold in IRA Rollover: The Right Way

It is important to note that IRS does not allow the account holder to possess the physical gold at home. According to the IRS rules and regulations, an IRA-approved custodian can take the physical possession of the precious metals on the behalf of the investor. The account holder has to pay an annual storage fee for the gold bullion. So, performing gold IRA rollover can be a little expensive but reminding you that gold prices have risen to 500% from the last decade, It is a highly profitable investment for retirement.

Let us understand the entire procedure to hold "gold in IRA rollover". This entire process can be categorised into three steps.
  1. Opening a new Gold IRA account.
  2. Transferring retirement funds online. 
  3. Buying IRA-approved gold. 

1. Opening Gold IRA

In the United States, most of the 401k retirement accounts are managed by trustees assigned by the company itself. There is a limited freedom in a tradition 401k account. The trustee may take investment decisions in the best interest of the company and the employee. Once you plan to execute IRA rollover, contacting your company assigned trustee becomes mandatory.

Explain your IRA rollover decision very clearly to the trustee and the benefits you will receive from it. If the higher officials find it worthy, they will issue a non-objection certificate for the actual IRA rollover. Once you have the "NOC", It is time to contact your gold IRA custodian.

The Gold IRA custodian will help you fill the new account opening application form. There are two ways to apply for a gold IRA. Online is the easiest and fastest way to open a new gold IRA. It can take 48 hours for opening the account if all the documents are uploaded correctly.

2. Transfer of Retirement Funds 

Congratulations on opening a self-directed IRA account. you are now one step closer to holding gold in IRA rollover. The custodian will now ask your trustee to transfer the retirement funds into the newly opened gold backed IRA. All the paper work and formalities can be taken care off by the two individuals.  Simply wait for another 24 hours for the transfer to complete. You will receive an email confirmation on your registered email address once the transfer is complete. 

3. Buy IRA-approved gold

Once you have the retirement funds into the new retirement account, It is finally the time to purchase gold. For the feasibility of the investors, IRS has allowed two forms of precious metals in the inventory. You can either buy gold coins or bars with your retirement funds. Once the purchase is done, the physical bullion will be deposited into a secure storage by your custodian.

List of Gold Coins in IRA Rollover:

Here is the list of IRA-approved gold coins which you can buy in an IRA rollover.

  • American Gold Eagle bullion coins
  • American Gold Eagle proof coins
  • Canadian Gold Maple Leaf coins
  • Austrian Gold Philharmonic coins
  • Australian Kangaroo Nugget coins
  • Chinese Gold Panda coins
  • American Gold Buffalo coins
Among all the coins, American Gold Eagle Bullion coins are more popular among the citizens of United States. This coin was first released by the United States in 1986 under the Gold Bullion Act. 

american gold eagle gold coin
American Gold Eagle Gold Coin

The front face of the coin ha the statue of 'Lady Liberty' and on the rear face is the national bird of United States. Since the coin has 'eagle' on its face, the weight of the bullion coin is typically used when describing American gold eagles. The American gold eagle is an official gold bullion coin of the United States. If you are planning to hold gold in IRA rollover, this can be a perfect bullion for you.

How to hold Gold in IRA Rollover without Penalties?

Performing gold IRA rollover can be really expensive. Since there are some flat fees charges by the custodian in the process. The custodian charges a one-time registration fee for the rollover. On the second step, you will have to pay the application fees for the actual transfer of the amount and finally, there are annual storage charges for the possession. 

Here is the loophole to avoid these charges. There is a unique self-directed retirement account called CheckBook IRA. In a CheckBook IRA, you don't need a custodian and the account holder can hold gold from IRA rollover at home. So you do not have to pay the registration fees and the storage fees. 

Summary:

Opting for gold in IRA rollover is an effective way of securing retirement. People nowadays are buying more gold than ever before. Traditional investment options such as stock bonds, government securities, equities and mutual funds are all subject to market risks. Moreover, all these investments are virtual assets. Whereas on the other hand, Gold IRA is a physical asset investment. You can hold physical bullion in your retirement portfolio. 



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