Now that you know the answer to “What is a gold IRA rollover?” you should know how it works. When you decide to roll over all or some of the assets from your original retirement accounts to a gold IRA, your new custodian will help you with the process, from the initiation to the storage of your precious metals.
Find a Reputable Gold IRA Company and Custodian
Not all retirement accounts or financial institutions offer gold IRAs, so you’ll likely have to find a new gold IRA company. Ideally, the company should be willing to educate you on the investment process and what precious metals you can purchase. Your gold IRA company should be your guide throughout each step, from learning how to open the gold individual retirement account to rolling over funds and storing your precious metals.
A reputable gold IRA company will also help you find a custodian. Finding a gold IRA custodian is crucial, as the IRS does not allow you to store your gold.
Your custodian manages your gold IRA by coordinating various transactions and helping you find an IRS-approved storage facility for your gold.
Having a reliable custodian makes everything significantly easier since they handle the paperwork and record your transactions for you. They will even manage the purchasing and selling of your gold assets, ensuring you remain legally compliant while keeping your physical investment safe and secure.
Open Your Gold IRA
Once you find a company and custodian to work with, you can start setting up your gold IRA. You will want to do this as soon as possible to streamline the rollover process.
Your gold IRA company and custodian will work together to help you set up and fund your account. Fortunately, gold IRAs don’t have a minimum investment requirement, but most companies encourage you to deposit higher amounts to make the most of your investment. This also makes your storage and account fees a smaller percentage of your investment.
An essential thing to remember during this step is that you should not buy your gold before opening the IRA account. Let your account manager help you set up your account and show you the best way to fund it.
Roll Over Funds to Your Gold IRA
After successfully setting up your gold individual retirement account, you can start rolling over funds from your other retirement savings accounts. As we previously mentioned, you can do this directly or indirectly, depending on your preference, and your custodian will typically do this for you.
Purchase Your Gold or Other Precious Metals
Since a gold individual retirement account holds physical gold, you’ll use your funds to purchase gold products or other precious metals. Your gold IRA company and custodian can help you explore your options and decide which metals to buy.
The IRS only allows you to invest certain metals in your IRA, but we’ll discuss this more below.
Find IRS-Approved Storage
Whether you buy gold or another precious metal, you must store it in an IRS- and custodian-approved facility. These facilities have high-end security measures to keep your investment safe and secure around the clock. You cannot store gold in your home if you want it for your retirement account.
Your custodian will help you find a qualified gold storage facility and manage the transportation process.