Gold is becoming a popular investment option for retirement funds. The high value of this commodity holds up better than other types of currencies. It is possible to rollover a retirement account into a gold 401k. There are no income taxes to worry about if you don't actually take possession of the gold, or make an early distribution from this fund. There are some steps you need to take for a gold 401k rollover.
The first step in the rollover process is setting up a custodian for the gold 401k. Find a brokerage that deals with gold IRA's so they can walk you through the process. Have the gold 401k custodian send the required forms to the current IRA custodian, or send them to you so you can transfer the funds. Work with the gold IRA custodian to allocate the funds of the new 401k. It might take the broker some time to find gold that is available for a gold 401k. This is because only certain gold of high fineness is legally available for use as an IRA.
Another option for a gold 401k is to set up a self-directed IRA in the form of a trust. The trustee has control of all the gold investments, however you can direct him to do what you want. The account minimum for any type of gold 401k is generally more than $5,000. Use caution when setting up a gold IRA to prevent paying possible taxes and penalties on the transfer. A gold IRA works slightly differently than other types of IRA accounts. Receiving a check, instead of a money transfer, for the original account might cause a problem with taxes if the funds are not deposited within 60 days of receipt.
Take the time to educate yourself on obtaining a gold 401k. This will prevent problems with the IRA rollover. Work with a reputable custodian, or broker, to guarantee the process is done correctly. Keep the communication channels open with your broker so you know where your gold 401k stands at all times. This will insure you are making money, or not losing money that you need for retirement.
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