What Is A Gold IRA Rollover?

Gold IRA Rollover Guide: What Is a Gold IRA Rollover?


Written by John Rothans

Oct 23, 2020

More than one third of households owned an IRA in 2019, according to the Investment Company Institute. Are you part of this group? If so, you’re on the right track.

But are you considering what more you could do to help increase the strength of your retirement portfolio? A gold IRA rollover might be one of those tactics. Learn a little about the history of gold IRA rollovers, what they are, and how they’re typically done in this gold IRA rollover guide.

What Is a Rollover?

A rollover involves moving some retirement funds from an existing retirement plan—which could be a regular IRA, Roth IRA, or 401(k)—to a new IRA. Those funds must be deposited into your new IRA within 60 days. Under this scenario, you won’t owe taxes. But if you remove the funds from your current retirement account and fail to deposit them in the new account within a 60-day window, you must report the money to the IRS as taxable income. Per the IRS, only one rollover is allowed in any 12-month period, regardless of the number of IRAs you own.

What Is a Gold IRA Rollover?

One option for rolling over retirement funds is putting some into a gold IRA, also known as a precious metals IRA. When you transfer funds to this type of account, it’s known as a gold IRA rollover or a “rollover IRA into gold.” The process involves switching all or part of a retirement portfolio to physical gold as a way to help shield your assets from economic and inflationary pressures.

The Taxpayer Relief Act of 1997 allows for the creation of gold IRAs.

A gold IRA is a self-directed retirement account that lets you keep physical gold and other precious metals (silver, platinum, and palladium) in the forms of coins and bars. This kind of IRA can be a traditional IRA or a Roth IRA.

How to Carry Out a Gold IRA Rollover

To set up a gold IRA, you must first open a self-directed IRA through a trustee or custodian—such as a bank, credit union, or trust company—that’s licensed and regulated by the IRS. U.S. Money Reserve can help with this process.

Once the gold IRA is open, you can start the rollover. You have two rollover options: indirect or direct.

Through an indirect rollover, you take the money out of your retirement account and put it into a gold IRA.

With a direct rollover, the funds are transferred automatically from the retirement account to the IRA. You never touch the funds. Once the old retirement account is closed, the manager of that account will send a check directly to the new IRA’s trustee or custodian.

Funds deposited into the IRA go toward purchasing physical gold or other precious metals through a trusted company like U.S. Money Reserve. The trustee or custodian holds those metals for the account holder.

One of the benefits of a gold IRA is that you directly control the assets you put into it, whereas you have less options when it comes to assets within a 401(k) and other traditional retirement accounts. A gold IRA also offers a clear and simple way to diversify your portfolio for the better.

Rolling over part of your IRA to physical gold could help alleviate some uncertainty you might feel about more traditional paper-based assets, like stocks. Get started with help from a U.S. Money Reserve IRA Account Executive and request our free Precious Metals IRA Information Kit today.


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