History Of Gold IRAs
IRAs were first introduced in 1974 when Congress passed the Employee Retirement Income Security Act. But it wasn’t until the Taxpayer Relief Act of 1997 was passed that individuals were allowed to hold certain precious metals, such as gold, silver, platinum and palladium in their retirement accounts.
- What Types Of Retirement Accounts Qualify For A Gold IRA Rollover?
You can transfer any existing Traditional IRA, Roth IRA, SEP IRA, Simple IRA or Self Directed IRA to a gold IRA.
If you have an inactive 401(k), meaning you no longer work with the company that created it, you can execute a gold IRA rollover. If you are over 59.5 years old and have a current 401(k) through an existing employer, you may be eligible for an “in-service” distribution, allowing you to do a partial gold IRA rollover.
A 403(b) plan is a retirement account offered to employees of public schools and tax exempt organizations. You can complete a rollover with a 403(b) plan after you have terminated employment. And in some cases, you can do a partial gold IRA transfer after you’ve turned 59.5 via an “in-service” distribution.
A 457(b) plan is a retirement account offered to state and local government employees, such as police officers, firefighters and other civil servants. A gold IRA rollover is only permitted with 457(b) plans once employment is terminated or in some cases at 70.5 years of age if still working.
Thrift Savings Plans are government-sponsored retirement accounts for Federal employees, such as civil servants and military. You can perform a gold IRA rollover with a TSP plan once employment is terminated. And in some cases, you’re able to do a partial gold IRA rollover via an “in-service” distribution if you’ve reached 59.5 years of age.
- How Do I Transfer My Current Retirement Account to Precious Metals
In order to move your existing retirement account, you must first establish a Self Directed IRA with a custodian that allows you to hold physical precious metals. Your chosen gold dealer is likely to be authorized with several custodians for you to choose from. Most metals dealers will also help you to complete the paperwork to ensure a smooth transfer.
Transferring From A Traditional, Roth Or SEP IRA
If you’re moving funds from your current IRA to a new Self Directed account, you’ll simply complete a transfer request form with your new application. Your transfer request form contains your existing IRA’s basic information, such as the current custodian, your name, account number, and the amount you’re transferring.
Moving funds between IRAs are considered a direct transfer because you never take possession of their funds.
A direct transfer typically takes between 10 and 14 days. You can expedite the process if your existing custodian accepts faxed transfer request documents and if they’ll send your funds via wire rather than check.
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