With so many financial options out there, especially if you’re just entering into the world of IRA’s, you may wonder what things like a Gold IRA means. If you’ve been told you should consider a Gold IRA Rollover, we’ll discuss exactly what that means and what the process is.
What exactly is a Gold IRA?
Basically, a Gold IRA is IRA funds (or “individual retirement account” funds) that are spend on physical gold. This gold is held in someone else’s custody for the benefit of the account holder. It essentially works the same way as a classic IRA, except instead of paper money it is physical gold bullion bars and coins.
How does the Gold IRA Rollover process work?
The first and most important step to performing your Gold IRA Rollover is to find a company that is reputable to perform it. Start by asking your existing IRA company if they have any recommendations or if they refer to anyone specific. If you’re given more than one recommendation, make sure to do your research before committing. There are several websites that compare and contrast the best gold ira companies, so that you can make an informed choice. Check out all the reviews, ratings and feedback. Once you pick a Gold IRA company, call them and let them know that you want to perform a Gold IRA Rollover. They should be able to provide you with both an account application and transfer form. Go over all parts of the form twice to make sure everything is as accurate as possible. Providing incorrect information can lead to delays and rejection. It may also be possible for you to set up your Gold IRA account online. It can be slightly easier, but also make sure you’re reading all the fine print and disclosures. Ask questions if you’re even slightly unsure. See more
What happens after your Gold IRA account is approved?
Once you’ve filled out all of the required paperwork for your Gold IRA Rollover, it’s time to fund your account. You can send a signed check back with your initial paperwork (you’ll get this from your previous IRA account custodian) to streamline the process. Most of the financial side will happen from account custodian to account custodian so you won’t have to worry about the physical money side as much. It’s good to let the professionals hand it. Remember that it may take from several days to several weeks for your account to be fully transferred and funded so don’t panic if the money doesn’t show up right away. You’ll receive a statement when it is fully funded. You may also be asked to select a storage plan. Some of the options may include storing several gold coins at home, in a safety deposit box at a bank, or storing gold bullion bars at a depository provided by your Gold IRA Company.
Make sure you ask lots of questions both before and during your Gold IRA Rollover process. It can sound confusing at first but many companies provided streamlined service, both online and in person, to make your new Gold IRA accessible and safe while still keeping you informed.
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