Last Updated on June 19, 2023 by Ben
Gold IRA Rollover
If you are similar to many Americans, you may be wondering if now is the time to consider your retirement options. If so, there are some things you have to know about gold IRAs. A Gold IRA may be the answer if you need a secure investment medium in light of the current financial downturn.
Many people are aware that real estate is an excellent medium for building wealth. However, as prices continue to drop, it could be some time before this invaluable resource bounces back. Put, unless you have an enormous amount of capital at your disposal, real estate may not be the wisest choice right now.
At a Glance Rating:
1. Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
2. American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
3. Augusta Precious Metals: Great Buyback Program (4.6/5)
4. Birch Gold Corporation: Great Staff Overall (4.5/5)
5. Red Rock Secured: Best at Home Gold IRA (4.2/5)
Gold IRA Rollover Company Reviews
Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
Goldco offers a diverse selection of mutual funds and other vehicles such as exchange-traded funds. More than 1500 different funds and ETFs to choose from, which should suit all types of investors regardless of age or experience level. For people who prefer to have a professional caretaker manage their investments, there is the option of working with a Goldco broker.
- For those who wish to take a keen hand in managing their assets, the sheer number of options makes it relatively easy to find a good fit for your personal needs and objectives. For those who want to have someone else do the work for them, Goldco has a dedicated team of professionals who can offer advice and suggestions based on your particular situation.
- It can take some time to analyze all of the various available investment options.
American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
The American Hartford Gold Group is a family-owned business with over 40 years in the precious metal industry. The company provides a wide range of financial and estate planning options, such as retirement accounts, special metal accounts, and specialty products for riskier investments.
The American Hartford Gold Group offers services to the general public and financial and legal professionals, enabling their customers to make knowledgeable, risk-free investments. Their reputation is built upon the principles of honesty, integrity, and loyalty. The company has a wide range of precious metal options, including silver, gold, platinum, and palladium. They also offer storage for your precious metals.
The company has been featured in the news on numerous occasions, including FOX business news, Yahoo Finance, Market Watch, and several other online and print publications. The company has also earned several awards in the precious metal industry.
- A large selection of precious metal investment options to meet the needs of every client.
- Extensive experience and knowledge in the precious metal industry.
- Slightly higher cost than similar services in the industry.
- No online ordering system, requiring you to place orders over the phone or through a broker.
- Several complaints of hidden fees and shady practices in the company’s history.
Augusta Precious Metals: Great Buyback Program (4.6/5)
For those interested in investing in precious metals, such as Gold and silver, but aren’t quite sure where to begin, Augusta Precious Metals is an excellent place to start. Not only will you buy precious physical metal through the website, but you can also buy exchange-traded funds based on the values of precious metal.
- Buying and selling are easy when doing business with Augusta Precious Metals. You will be able to do a lot of things online without having to physically go to a store or bank to make a transaction. Unlike with some other companies, there is no minimum purchase amount.
- All purchases are shipped either the same day or the next day, depending on the time of purchase. Augusta Precious Metals allows you to get your order much quicker than if you had to wait several days or even weeks for it to be filled. A shipping tracking number is provided via email when your package is shipped. This makes it simple to keep track of your package.
- Suppose you should experience a problem of any sort. In that case, whether it be with an order or anything else, customer service agents are available via email or phone to help resolve the issue as quickly as possible.
- While quite reasonably priced, some of the products offered by August precious Metals are sometimes not the lowest compared to other companies. This is especially true with lower-priced items.
- Not all things are available for immediate shipping. Some products have a waiting period before they can be shipped out.
Birch Gold Corporation: Great Staff Overall (4.5/5)
Are you looking to sell your Gold? Get top dollar for your unwanted gold jewelry with a click of a button.
If you have old, broken, or unwanted gold, you can trade it to buy brand new Gold from us at a low price. You do not need to inconvenience yourself by going to a pawn shop or jewelers to sell your old Gold. You can trade it in online with just a few clicks of your mouse.
This is especially helpful for people who are low on money or need fast cash. You can quickly sell a ring that you don’t wear anymore to get money to put towards a car repair or some other unforeseen expense.
Also, you have the option of trading in your old Gold to get new gold bars or coins if you prefer.
- Our buyback service makes it easy to get rid of your old, unwanted jewelry and trade it in for new Gold at fantastic rates. This is an outstanding feature for people looking to sell their old, broken, or unused jewelry to get money for something they want.
- You can also trade in silverware, electronics, and other items you no longer use. We’re always accepting new things.
- It doesn’t cost anything to look up your trade-in price or to sell us your items. It is free. However, there is a shipping fee if you want us to send you money.
- One problem we have is that some people think our prices are too reasonable to be accurate, assuming there’s a catch. There isn’t. Would you please stop asking us if there is?
- Also, we do get many people trying to sell us fake Gold or costume jewelry that is very low in gold content, and the silverware and random objects they’re trying to sell us are rusted, bent, broken, or empty soda cans and fast food containers.
Red Rock Secured: Best at Home Gold IRA (4.2/5)
When investing your money, you must have a partner you can trust. That’s where Red Rock Secured comes in. With their expert guidance and support, you can invest with the confidence that comes from knowing you’re in good hands.
Red Rock Secured offers a range of investment options to help you meet your financial goals. Their professionals will work with you to create a customized investment plan from precious metals to alternative assets. With their commitment to transparency and accountability, you can trust that your investments are safe with Red Rock Secured.
- At Red Rock Secured, clients can avail of expert guidance and support from a team of professionals in the investment industry.
- Red Rock Secured provides customized investment plans that can be tailored to meet the specific needs of each individual.
- Red Rock Secured offers clients various investment options, including alternative assets, precious metals, and more.
- Red Rock Secured demonstrates a solid commitment to transparency and has a proven track record of accountability.
- Years of experience prove they can help their clients meet their investment goals.
- Limited investment options compared to other investment firms.
- The firm may not be suitable for those who prefer actively managed investments, as they predominantly focus on alternative investments.
- Suitable for long-term investment, therefore not ideal for those who require short-term goals.
What is a Gold IRA?
For those who want to invest and save their money for the future, a Gold IRA may be the perfect solution. Gold has been used in trade and barters for centuries; its worth is based on supply and demand, making it a more stable option than, say, the dollar.
There are a few different types of Gold IRAs from which to choose, each with its own set of advantages:
- Single-Premium Gold IRA
This is a traditional IRA where you make a single significant investment, usually over a while, and you cannot take any money out until retirement. If you need to access your money before your retirement date, you will be penalized heavily. The upside of this plan is that you will have a lot to draw on when you retire because your money is compounding.
- Self-Directed Gold IRA
Rather than having your money in a pre-packaged IRA, you can have a self-directed Gold IRA, which allows you to choose your investments. This is favorable for someone who wants to buy and sell various types of investments because you can quickly move your money between them without any penalties. The downside to this plan is that you are responsible for choosing the best buys and monitoring their progress.
- Prodigal Gold IRA
Also known as a “self-discounted gold IRA,” this plan allows you to write off a portion of your investment, which essentially lowers the original cost of your purchase. This type of gold ira is beneficial if you are trying to save money for your investment, but you must use it in connection with a traditional or self-directed gold IRA.
There are numerous benefits to owning a gold-based IRA. Foremost, Gold has a long and stable history as a hedge against inflation; its value doesn’t falter when the economy declines because it is tied neither to the economy nor the dollar. Instead, it is worth whatever someone else is willing to pay for it.
Secondly, a gold-based IRA is ideal for people who worry about the security of the economy. The value of a paper currency is not guaranteed, and its worth can drop dramatically. On the other hand, Gold has been used as a medium of exchange for centuries due to its intrinsic value and has been increasing in price over the past decade.
What Is a Gold IRA Rollover?
The Internal Revenue Service allows individuals over the age of fifty to take out a certain amount of money from a retirement plan each year without paying an early withdrawal penalty. This money can then contribute this money to a Gold IRA, in which the principal invested will not be taxed. As a part of your income and any profits made on the principal investment can also be taken out tax-free when you reach the age of fifty-nine and a half. This is known as a ‘rollover.’
Gold IRA is the easiest way to invest in Gold through an IRA. You transfer the funds you would have put into your 401k or other IRA into a gold-based one and start buying Gold. If you need to use some of the money before you turn fifty-nine and a half, then you can transfer it back to a regular IRA or your bank account. This can be a suitable method if you want to make sure you have easy access to your money.
You may not get a good return with this method, but it is a great way for those who are risk-averse. Additionally, you may find that some gold companies offer a premium service with their rollovers, in which they will check up on your investments for you and advise you when to sell or buy more Gold.
How Are Gold IRA Rollovers Different?
With some gold companies, the rollover process is the same as opening up a regular IRA. You fill out some paperwork with the company and then buy Gold with the money you transferred from your bank account or 401k.
The difference lies in what happens after the initial purchase. Some companies will give you advice based on market trends, while some let you buy and sell your Gold. Others offer a combination of the two services.
The advantage of a specially customized service is that you are more likely to make a profit. Letting a company handle your finances can save you the hassle of continually looking up trends and doing calculations yourself.
There are a few variances, such as the size of the minimum investment, depending upon the company you invest in. It’s a great idea to review the company and make sure you know what type of company you are dealing with.
Also, make sure that your company of choice is well-established. While opening up a rollover isn’t going to make front-page news, some companies are bound to get more attention than others. It’s best to look at several companies rather than just going with the one that advertises the loudest.
Suppose you do open up a rollover IRA. Congratulations! You’ve taken the first step to secure your financial future. Not many take the time out of their busy lives to think about their future. So you are already ahead of the pack by taking this vital step.
Finally, don’t forget to deduct your IRA contribution from your taxes! This tax deduction is an additional bonus for opening up a rollover and making everyone happy come to tax time!
What Kinds Of Retirement Accounts Qualify For A Gold IRA Rollover?
Not all retirement accounts can transfer not all retirement accounts into a gold IRA rollover. Generally, if the version is with a well-established company and has been around for more than a few years, it should be fine. But, due to laws put in place to prevent fraud and other illegal activities, not every company is allowed to set up an IRA account. When in doubt, check with your accountant or the company that will set up your rollover IRA.
With rollover IRAs, you can use your previously established IRA to convert your savings into precious metals such as Gold or silver. There are some companies out there that allow this; however, there are limits. Most companies that set up rollover IRAs only offer the ability to use Gold for the investment portion of the account. In addition, there are limits on how much can be deposited and may charge annual maintenance fees.
Employee contribution 401(k)s are qualified retirement plans offered through an employer. If you have one of these, you can use it to invest in precious metals through a rollover. However, there are stipulations to this type of account that may make it less desirable than other types.
Some rollover 401(k) plans have annual maintenance fees and minimum deposit requirements. Moreover, you may not have a large selection of precious metals from which to choose.
Other concerns with rollover 401(k)s are tied to the employer. If the company goes under, then your 401(k) may suffer severe losses. If the company is forced into bankruptcy, you could lose your 401(k).
There is even the possibility that your employer could make changes to the 401(k) plan unfavorable to you. While this is always a probability with any job, it is still something to consider.
Sadly, there have been cases of fraud reported with rollover 401(k)s. This type of activity can cause significant losses to the account holder and costly legal battles for everyone involved.
Before signing up for a rollover 401(k), make sure that you thoroughly read over the documents given to you. Check them for any hidden fees or charges and never sign anything without having an expert review it first.
These are plans offered by specific nonprofit organizations such as schools, hospitals, churches, and charities. Not everyone working for these types of institutions will have this type of plan; however, if you have one, then a rollover is an option. The same stipulations regarding rollovers listed above apply here as well.
Another type of plan that nonprofit employers offer is the 457(b). These are typically referred to as deferred compensation plans. While they are slightly different than 403(b) and 401(k) plans, they should still fall under the umbrella of what you can and cannot do with them.
Unlike the other types of plans mentioned above, no rollover option is offered for a 457(b). Instead, the money that you contribute is typically deducted from your paycheck on a pre-tax basis. In other words, you won’t have to pay income tax on this money now, but you will have to pay it when you start taking distributions from the plan in retirement.
When selecting your investments in a 457(b) plan, there are more options than other types of projects. However, the rules and regulations regarding these options may be pretty extensive. Before investing in anything in this type of plan, make sure that you read the fine print and understand the various choices and what they mean to your savings.
All in all, it is still possible to roll over a 401(k) into a 457(b). However, there may be restrictions depending on whether your employer offers. Both types of plans or just one or the other.
The Thrift Savings Plan is only offered to participants in the Federal Government. It is similar to 401(k) in that there are multiple investment options available. However, it is slightly different from both the 401(k) and the 403(b) in that the contributions are made from the employee’s pay before income tax is taken out.
TSPs mean that if you contribute 5% of your income, 5% will take less off the top for income tax purposes.
The advantage to this is that you are getting a tax break upfront, which will take out at the end instead. If you find that you are in a lower tax bracket now than you expect to be in later, this can be advantageous.
However, if you find that you will be in a higher tax bracket in the future, this could prove costly as you will have to pay that additional tax that took out at the end.
The TSP offers a diverse range of investment options, all of which are considered safer than those offered by other types of plans.
We pride ourselves on having the lowest prices and best products. We are the most reliable and trustworthy company in this industry.
We’re not saying you should only shop through us. If you have an old, unused Xbox that you want to sell for cash, there are other options out there. But if you want quick, easy, reliable service with the best value and highest safety available, we hope you’ll give us a chance to take care of you.