Transferring From A Traditional, Roth, Or SEP IRA

If you’re moving funds from your current IRA to a new Self Directed account, you’ll simply complete a transfer request form with your new application.  Your transfer request form contains your existing IRA’s basic information, such as the current custodian, your name, account number, and the amount you’re transferring.

Moving funds between IRAs are considered a direct transfer because you never take possession of their funds.

A direct transfer typically takes between 10 and 14 days. You can expedite the process if your existing custodian accepts faxed transfer request documents and if they’ll send your funds via wire rather than check.

Rollover From A 401(k), 403(b), 457(b), Or TSP

If you’re moving funds from a 401(k), 403(b), 457(b), or TSP account to a new self-directed precious metals IRA, it’s called a rollover. A rollover is permitted when you change jobs or have retired. If you are over 59.5 years of age and still employed with the company that created your 401(k), you may qualify for an in-service distribution. An in-service distribution would allow you to do a partial rollover, so speak with your plan administrator to confirm if you qualify.

There are two distinct types of rollovers, direct and indirect.

Indirect rollovers tend to be more complicated. With an indirect rollover, your existing 401(k) provider sends you a check for the proceeds that you deposit into your personal bank account. You then have 60 days to re-deposit those funds into your new IRA. Failure to reinvest the monies into an IRS-approved plan within the allotted 60 days creates a taxable event and if you are under 59.5 years of age, you will also incur a 10% penalty.

A direct transfer between custodians is less complex. With a direct transfer, your 401(k) provider will issue a check payable to your new custodian. They will then mail the check to you to forward or they will send it directly to the custodian on your behalf.

Most 401(k) providers can initiate your gold IRA rollover verbally over the phone. Government-sponsored retirement accounts require you to complete your own internal rollover documents. The complete rollover process can take between 2 and 6 weeks.

How Do I Take Required Minimum Distributions From My New Account?

An RMD is a minimum amount you must withdraw annually once you’ve reached 72. The previous threshold was 70.5 but is currently 72 because of changes enacted in the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

All retirement accounts except Roths are subject to RMDs.

The custodian calculates RMDs by dividing the previous year’s account balance on December 31st by a distribution period from the IRS’s “Uniform Lifetime Table.” Once you’re 72 years of age, your custodian will provide you with the minimum amount you must withdraw each year.

In addition to a cash RMD, you have the option to take an “in-kind” distribution, whereas the depository will ship your metals to your home. 

When you request a cash distribution, most custodians will send ACH payments for free and on any timeline you choose. Please, consult your tax professional to calculate the taxes associated with your RMD.

Choosing Your New Custodian

Although certain types of physical gold, silver, platinum, and palladium are legally permissible in an IRA, not all custodians offer this service.

We recommend:

Pacific Premier Trust, a Division of Pacific Premier Bank

For over 30 years, Pacific Premier Trust has helped clients take an active role in allocating their retirement investments, providing the opportunity to diversify their portfolios and grow wealth. We’re proud to offer award-winning expertise in alternative assets and self-directed IRAs to both individual investors and institutions.

As a division of Pacific Premier Bank, Pacific Premier Trust is one of the most well-capitalized organizations in the self-directed IRA industry. In 2020, Pacific Premier Bank acquired Opus Bank and its wholly-owned subsidiary, PENSCO Trust Company, now Pacific Premier Trust, expanding the capabilities of the 5th largest bank headquartered in the Western U.S.1 Founded in 1983, Pacific Premier Bank® is one of the strongest-performing and fastest-growing banks in the nation with total assets of over $21 billion.2

Clients and solutions are our priority. This is the reason institutions continually use our expertise to the custody of their clients’ alternative assets, and individuals keep working with us, transaction after transaction. We are highly regulated and industry experts in the custody of alternative and standard assets.

• Pacific Premier Trust, a Division of Pacific Premier Bank
• Individuals and Professionals – Open Account: 855.453.4960
• https://www.pacificpremiertrust.com

How To Designate Beneficiaries

Just like with traditional retirement accounts, your self-directed gold IRA will require one or more beneficiaries. If your primary residence is not in a community property state, you can designate any person or entity, as well as what percentage they will inherit should you pass away.

If you live in a community property state and choose a primary beneficiary other than your spouse, they must sign a waiver consenting to your election.

If your spouse is your primary beneficiary, children, grandchildren, or favorite charities make popular contingents. A contingent beneficiary is “second in line” should both the account owner and primary beneficiary pass away in proximity to each other.

For each beneficiary you choose, your custodian will require their full name, Social Security number, and date of birth. You have the right to change beneficiaries at any time by submitting a one-page form.

Difference Between A Representative And An Interested Party

On your new account application, you will have the option to designate a Representative or an Interested Party.

If you designate a Representative, it’s the equivalent of giving that person (or company) a Power of Attorney. Simply put, they can transact on your account at their sole discretion. SmartGold.com cautions you against giving Power of Attorney to a precious metals supplier. Reputable gold dealers will not agree to become your Power of Attorney, but unethical suppliers will jump at the chance. If a metals company suggests you designate them as a Representative (Power of Attorney), it’s a red flag and you should contact us immediately.

However, designating an Interested Party can be helpful because it enables the dealer to speak freely with the custodian about your account. Without listing an Interested Party you are required to be on the telephone during every interaction between the metals supplier and custodian. More importantly, an Interested Party has no authority to transact on your account because your signature is required to authorize all buys, sells, and trades.

How To Buy And Sell Precious Metals In Your Self-Directed IRA

To execute a buy, you simply select the gold and/or silver items you would like to acquire, and your chosen precious metals dealer will complete an Investment Direction form for you. They will then forward you the document for your signature.

Upon receiving your signed document, your precious metals dealer will work with your custodian to finalize the purchase. Your dealer will then send your precious metals to your selected depository for its safekeeping.

Selling your precious metals is just as easy and as fast a process. First, simply call your dealer to lock in your buyback price. They will then send you an Investment Direction form for your signature to authorize the transaction. Next, they will work with your custodian to have your metals transferred to their account and will wire the cash proceeds to your IRA.

Upon selecting your custodian, you must choose your 3rd party (non-bank) precious metals depository qualified under Internal Revenue Code IRC-408n.

We work closely with Deleware Depository.

Just a few minutes on the phone with one of the Gold IRA Experts at SmartGold.com can have you well on your way to adding owning real physical gold to your IRA.

1. We will recommend the right IRA custodian for your situation With your help, we provide you with a pre-filled form to open your new IRA or retirementplan with your new custodian.

1. We help you with a tax-free direct transfer or rollover from your current IRA custodian or plan administrator.
2. We help you select your insured depository of choice for the secure storage of your gold. The most popular choice is the Delaware Depository With the help of SmartGold.com, your purchase of physical IRA Gold and the delivery of that gold to your elected precious metals IRA depository will go smoothly, securely, and privately, giving you the ultimate peace of mind. Your physical IRA gold will be secure and reported on your IRA statement until you decide to withdraw or sell the physical IRA gold.

When you chose SmartGold.com as your precious metals IRA company, you will experience the Elite Difference. Kind, knowledgeable, smart financial solutions. You will receive a level of service and expertise that is unmatched in the industry.

We understand that precious metals are not a one-size-fits-all investment. You should ask yourself such questions as: