Oct 31, 2013 | Views: 51
When it comes to your future finances, you deserve all the safety and reassurance you can find. Careful research into the background and business practices of any potential IRA custodian is very important for two reasons. First, you want to be certain your retirement savings are protected. Second, the Internal Revenue Service (IRS) only allows for one tax-free rollover of IRA funds each year and this rollover of the full amount of funds must occur within 60 days of removing the funds from your current IRA custodian’s care to avoid penalty. If you choose a custodian that you want to change later, you will have to wait the full 12 months or face tax penalties on the money you are moving.
Reputable Gold IRA custodians will be able to furnish you with all of the necessary paperwork and contact information needed to arrange your IRA rollover. Having this paperwork handled prior to the rollover date ensures that the money will be successfully transferred to the Gold IRA account within the IRS’s required 60 day period. In some cases, your existing IRA custodian may choose to issue you a check for the full amount of your IRA and then you will have to arrange deposit of the full amount of these funds with the new Gold IRA custodian. There may be fees associated with the rollover of your current IRA and these should be discussed with your IRA custodian prior to making any decisions.
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