There are many advantages to rolling over a 401(k) plan or account into an IRA. In the past, most people selected the rollover of their 401(k) into a Roth or a traditional type of IRA, which is still an effective choice for many individuals.
However, there is also the option to roll over an existing 401(k) into a gold IRA, which is sometimes referred to as a gold 401(k) account. This rollover has to be done correctly to avoid taxes and to ensure the gold IRA is set up to meet all requirements.
Unlike a traditional IRA, the gold 401(k) account is actual gold that is held in a depository facility and managed by an approved custodian. The individual with the IRA cannot hold the gold or be the custodian of the IRA.
Know the Rules
As with any type of IRA or other plan, the IRS determines what is allowable and required to comply with the program. In the case of a gold 401(k) account, there are only specific types of items that can be held in the IRA. In other words, all items made with gold, silver, palladium, or platinum are not eligible to be held in a gold IRA.
The Setup Process
The first steps are to choose a custodian for your gold IRA. They should have a strong track record of performance with their gold IRAs. The service should be able to work with you to find metal brokers and assist with finding a depository to hold the precious metals.
If you are interested in assistance in rolling over a gold 401(k) account, talk to the experts at Orion Metal Exchange. For more details on our services, see us at orionmetalexchange.com.
