Gold IRA FAQ (Frequently Asked Questions)

Here’s a brief rundown of the most Frequently Asked Questions about Gold Ira’s.  For a more complete list feel free to check out our FAQ section on our homepage.  

Are There Any Restrictions On The Type Of Gold and Precious Metals That Can Be Included?

Yes, only certain types of gold and other precious metals can be held in a gold or precious metals IRA. Here are details of what can be included:

Gold ira investing permitted gold… 

These types are determined by the 1997 Tax Payer Relief Act

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Can Other Forms of Gold Investments Be Included?

Yes, you are not restricted to just gold in its physical form so a gold ETF or stocks and shares in gold mining companies can be included too

Can Other Types of Investments Be Included In a Gold IRA?

Yes, any of your other investments can be included and they don’t have to be gold or precious metals related. You have to have a particular type of IRA set up in order that physical gold can be held in it, but it is not just limited to gold investments.

Can You Hold More Than One IRA?

Yes, there are no restrictions.  So, if you wish, you can have a gold IRA in addition to other IRAs at the same time.

Can You Transfer or Rollover an Existing IRA?

Yes. Any type of retirement plan can be transferred or rolled over to a gold IRA.

Your first alternative is a “transfer.” This is something you can do at any time with your existing plan as long as the assets go “from custodian to custodian.” In a direct transfer, the money flows directly from one custodian to another. This means the distribution check from the old custodian must be made out in the name of the trustee or custodian of the new precious metal retirement plan account that receives the funds. 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 you would need to re-deposit the funds into the new retirement plan account within 60 days. If the 60 day time period is exceeded, you would be liable for taxes and penalties on the money withdrawn. You may roll over the same money only once every 12 months to preserve the tax-deferred status of your retirement savings.

Do You Have To Transfer or Rollover The Whole Of Your Existing Plan?

No, partial transfers and rollovers can be easily done. This is a great way to invest just part of your retirement plan in precious metals, and in many cases, you can get exposure to Gold, Silver, Platinum, and Palladium with little or no out of pocket costs.

Are There Penalties or Taxes To Pay When Transferring?

No, there are no penalties or taxes to pay when you transfer a traditional IRA to a gold IRA.

Are There Lots of Fees To Pay?

No, that’s one of the advantages. Set up fees depend on the amount being transferred with a ball park figure being $250. Storage fees are also applicable and typically are around 1% of the total value of your IRA per annum. The company you choose will let you know all the details before you commit to anything.  

Can I Physically Hold The Gold?

No, you cannot take possession of your gold. It has to be held at an insured and IRS approved depository in your name until you reach the age of 59 ½, at which point you can take possession without incurring any penalties.

Is The Transfer Process Complicated and Time Consuming?

No, it is much more simple and straightforward that most people expect. The whole process can be completed in a couple of weeks, often less provided that you work with a company that specializes in both precious metals and precious metals retirement plans.  The best way to do that is to have a quick chat on our homepage. You’re sure to find a reputable Gold IRA provider that fits your circumstances and can quickly and easily walk you through the process.