Gold IRA Rollover versus Transfer - Which option makes more sense?
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Should you transfer or rollover funds from a previous retirement account (for example, 401k) into a new Gold IRA? It’s important to understand the differences between these two options.
Let’s say, you want to move your funds from custodian one to custodian two.
The first and fastest alternative is a “transfer.”
How exactly does it work? You go to a custodian two, or just fill out the form on their website. And they send a request to a custodial one. In a direct transfer, the money flows directly from one IRA custodian to another. This means the distribution check from the old IRA custodian must be made out in the name of the trustee or custodian of the new IRA account that receives the funds.
This is something you can do at any time with your existing IRA.
The assets go from one custodian to another custodian, that’s why no reporting is required. Transfers may be made as often as you want.
The second alternative is a “rollover.” A rollover occurs when “you” receive the distribution from your existing retirement account and then turn around and deposit it in another retirement plan custodial account. In this case, custodian one sends the money directly to you, and you would need to re-deposit the funds into the new retirement plan account.
Within sixty days.
What is the sixty-day time period exceeds? You would be liable for taxes and penalties on the money withdrawn. You may roll over the same money only once every twelve months to preserve the tax-deferred status of your retirement savings.
Which option makes more sense? You decide! Let me know your opinion below.
If you want to learn more about these two ways to move your IRA money into physical gold and silver, feel free to click the link below or click this card and get your free 401k to Gold IRA investment guide.
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Disclaimer: I am not a financial advisor. This video is not intended to be investment advice. Seek a duly licensed professional for investment advice.
