A gold IRA rollover is a simple process, but it does require some planning. Here’s what you need to know before you start.
What Is a Gold IRA Rollover?
A gold IRA rollover is when you transfer funds from an existing retirement account into your new precious metals IRA. The original account must be a tax-deferred or tax-free plan, such as a traditional IRA or Roth IRA. You do not need to make any changes to your original account. The rollover simply transfers the funds into your new precious metals IRA. Once the transfer has been made, you can use the funds as collateral for loans against your gold and silver bullion holdings.
Why Do It?
The main reason people choose to do a gold IRA rollover is because they want more control over their investments and savings plans than they have in their current retirement accounts. With a traditional or Roth IRA, you have limited options when it comes to investing your money — typically mutual funds or stocks.
With a precious metals IRA, however, you can invest in several different types of bullion coins and bars as well as other types of investment vehicles like mining stocks or futures contracts.
Additionally, many investors find that bullion prices tend to be more stable than other types of investments over the long term. This is because there is always a demand for gold, whether it’s being used in jewelry manufacturing or industrial applications. When investors want to take advantage of the stability and liquidity that bullion provides, they often turn to precious metals IRAs as the perfect way to invest their money.
Some investors also choose to rollover their traditional IRA into a gold IRA because they want to diversify their portfolio with assets that don’t fluctuate as much as stocks or bonds do.
Choose The Right Gold IRA Custodian
The importance of choosing the right gold IRA custodian cannot be understated. You need to make sure that your gold IRA is being held in a vault that is both secure and insured so you can rest assured that your money will always be protected. Gold Co is one of the best gold IRA companies on the market, and they make it easy for you to open a self-directed IRA account as you can read from this Gold Co review. Gold Co offers a wide range of precious metals products that will help you diversify your retirement portfolio with assets that don’t fluctuate as much as stocks or bonds do.