Silver IRA Rollover: Guide to Converting IRA/401(k) to Silver
Part of the process of investing silver in an IRA involves a Silver IRA rollover. This step is crucial to ensure the new self-directed IRA is funded and ready to start purchasing physical silver with the newly moved funds. Gold IRA Planners breaks down how this conversion process works and what to expect once you move funds to an SDIRA.
How a Silver IRA Rollover Works
A Silver IRA rollover moves funds from an existing retirement account (401(k), Traditional IRA, TSP, etc.) into a self-directed IRA that invests in physical silver coins or bars. The rollover can be done through a direct rollover or a custodian-to-custodian transfer, depending on your current account type.
Your funds retain their tax-advantaged status, and the process typically takes 7 to 14 business days. Below we have detailed the Silver IRA rollover process, based on the account you're transferring from:
Rollover From an Employer-Sponsored Plan
Employer-sponsored plans (401(k), 403(b), 457(b), TSP) can be rolled over into a Silver IRA, allowing for the inclusion of physical silver from the rolled over funds. If choosing an indirect IRA, only one rollover is allowed per year so it is important to time when you plan to rollover into silver. The process is similar to rolling over to a Gold IRA, and can even be done in the same investment or as a partial rollover.
Transfer From an Existing IRA
An existing IRA (Traditional, Roth IRA, SEP, SIMPLE) can be transferred to a self-directed Silver IRA, allowing for the investment in silver assets from the funds of the original IRA account. You won't take possession of the funds during a Silver IRA transfer as this is a custodian-to-custodian transfer. There are no limits on the number of transfers in a year.
Companies Specializing in Rollovers to Silver IRAs
While the rollover process takes place directly with the custodians, it's common to see Silver IRA companies used for a seamless investment experience when buying silver for retirement. These silver companies work closely with experienced custodians and IRS-approved depositories, guiding through setup, purchasing silver, and storing the silver with a depository.
Once they've helped you roll over funds to a new Silver IRA, you'll then be able to start choosing IRA allowed silver coins and bars. Only approved physical silver bars and coins can be included. Once you decide on the best Silver IRA company, you can download their Silver and Gold IRA rollover kit to learn more about their service.
Use Gold IRA Planners Before You Roll Over to a Silver SDIRA
The rollover is a key part of the setup process to investing in silver, moving funds from an existing retirement account to a new self-directed IRA. This process is just one part of the entire process of opening an account and investing. Gold IRA Planners covers everything about Silver IRAs so you can properly plan for this alternative precious metal investment.