If you’re in the process of switching employers and you want to hang on to your retirement savings, one way to do this is with a gold IRA rollover instead of a traditional one. This is also a process that can be beneficial if you want to diversify your retirement savings to include other assets or reduce your dependence on current economic conditions with a reliable asset like gold. Regardless of what’s motivating you to take this step, here’s what you’ll need to do to set up a gold IRA rollover.

Open a Gold IRA

The first thing you’ll need to do is open a gold IRA by finding a custodian, since you’re not legally permitted to personally keep gold for this purpose. The custodian will hold on to your gold for you after it’s purchased through your IRA. You’ll also need a metal dealer or broker. An experienced custodian should be able to direct you to a broker. However, you’re welcome to do your own research to find one. You should be careful to work with a reputable firm, such as First National Bullion and Coin. Scottsdale residents rely on First National’s professionalism and expertise when they’re ready to invest in gold and other precious metals for their retirement. After you set up your gold IRA, you’ll have two options when you retire. You may collect your precious metals or liquidate them into cash.

Contact Your 401(k) Company

To start the rollover process, you’ll need to contact the company that manages your 401(k). When you do, you’ll be able to choose either a direct rollover or an indirect rollover.

Get a Direct Gold IRA Rollover

If you go with a direct rollover, funds will move directly from one account to another. Some investors prefer the direct option because it’s simpler. It also has fewer tax-related risks associated with it.

Get an Indirect Gold IRA Rollover

Should you prefer an indirect rollover, funds will be withdrawn from one account and deposited into another one, but not automatically. If you prefer to go with an indirect gold IRA rollover, you’ll have 60 days from the time you receive your funds to complete the transfer to a gold IRA company or your preferred custodian. If you fail to take this step within the 60-day period, the funds will be deemed a taxable withdrawal. Additionally, a 10 percent early withdrawal penalty applies to individuals 59 1/2 years of age or younger.

Satisfy Other Account-Related Requirements

Regardless of which rollover option you prefer, you’ll want to talk to your 401(k) company to see if there are any other special requirements associated with this type of rollover or rollovers in general. It’s important to take this step so you don’t run into any unexpected issues with the company or institution that’s handling your retirement accounts.

Receive a Check

After you’ve checked in again with your 401(k) company and met any additional requirements, they will issue a check. It will either go to you or directly to your gold IRA custodian. Once this last step is taken, you have completed your gold IRA rollover, and you’re all set. 

If you’re planning for your retirement and you’re looking for the best place to set up a gold IRA account or purchase Scottsdale gold and bullion, reach out to the trustworthy professionals at First National Bullion. We can answer all your questions and help you understand how gold can figure into your retirement planning decisions. Give one of our experienced dealers a call today at 480-546-8928.

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.