Physical Gold IRA Rollover vs. “Paper Gold” Rollover

If you’re self-employed, own your business, or run a small family-owned business, you may not have access to traditional banking services. That won’t stop you from saving for retirement. Self-employed individuals can use an Individual Retirement Account ( IRA ) to save for retirement, just like anyone else. You can even use an IRA to save for your children’s education and future if it meets the eligibility requirements. An individual retirement account is a type of savings account that allows users to save money for retirement. The main advantage of having an IRA rather than a standard bank savings account is that it offers much greater flexibility when it comes to how funds are invested. In this article, we will discuss the differences between a physical gold IRA rollover vs. a “paper gold rollover” option.

 

What Is A Rollover?

A rollover is a process in which an individual transfers funds from one account to another. For example, if you have a checking account at Bank A, you can transfer money from your checking account at Bank A to another bank (or brokerage) in order to use that money for other purposes. You can also transfer money between two accounts within the same bank or brokerage company. The term “rollover” is often used more broadly to mean “transferring funds from one investment account to another.”

 

What Is An IRA Rollover?

An IRA rollover is a transaction in which a client takes the money out of their old IRA and transfers it to their new IRA. This is similar to the way that people transfer funds from their checking or savings accounts. In most cases, the funds are transferred from one bank to another. The IRS requires that clients be notified if an IRA rollover is being made and how much will be transferred. Clients should also be able to review all of the details of the rollover before it is completed.

 

What Is A “Physical Gold Rollover”?

A physical gold rollover is a traditional method of transferring funds from one IRA to another. It involves physically moving the funds from one account to another. This type of rollover is usually done by sending a check or wire transfer. The amount transferred must be at least $5,000.

However, there are some benefits to using a physical gold rollover option:

 

1) The physical gold rollover option is the most secure way of transferring funds from one IRA to another.

 

If a client chooses to send a check in order to transfer their funds, the check can be sent to the custodian’s address. This means that the check will be handled by a third party and not by the bank or brokerage company. This is much more secure than having your check mailed directly to your new IRA custodian.

 

2) A physical gold rollover requires less paperwork than a “paper gold rollover” option. Paperwork is required if you choose to use a “paper gold rollover” option. In fact, there are no additional requirements in order for you to use this type of IRA transfer method. However, if you do choose this method, it may be beneficial for you to ask your financial institution about their fees and policies regarding sending wire transfers for such transfers.

 

Why Is A Physical Gold Rollover Important?

You may not have access to traditional banking services, but you still have access to an IRA account. With a physical gold rollover, you can transfer funds from one IRA to another without having to go through a bank. This means that the funds are not held in a bank account and are not at risk of being stolen or lost due to fraud. A physical gold rollover is also important because it will allow you to avoid paying taxes on your IRA assets.

 

What Is A “Paper Gold Rollover”?

A paper gold rollover is also known as a “paper” rollover. This type of rollover involves moving funds from one IRA into another by sending them via check or wire transfer. However, unlike a physical gold rollover, the paper gold rollover does not involve physically transferring the funds from one account to another. Instead, the amount transferred must be at least $5,000 and cannot come from more than one account. The money can come from any type of deposit that is held in your current bank account (checking, savings, or money market).

 

The paper gold rollover allows for tax-free transfers so long as it meets these two requirements: The transaction is made in full within 60 days of receiving notice of the previous transaction, and The new transaction does not exceed your annual contribution limit for that year ($5,500 for 2018).

 

This kind of rollover involves transferring the physical gold that you own into an IRA and then rolling it over into a new physical gold IRA. So, instead of having the physical gold available in your possession, you would have access to it only by way of paper documents like statements and confirmations. Since most banks will not allow this type of transaction, many people consider this method of rolling over their gold worthless.

However, there are some benefits to using a paper gold rollover option:

 

1) Paper Gold Rollovers Are Not Subject To Account Closure Rules

 

Paper gold rollovers are not subject to any restrictions or limits on how much you can transfer into or out of an IRA. This means that you could transfer as much as the IRS allows without any limitations on how much can be transferred each year. If your current employer or financial institution does not allow you to transfer any funds, then you can use a paper gold rollover.

 

2) Paper Gold Rollovers Are Not Subject To Bank Account Closure Rules

 

Another benefit of using a paper gold rollover is that it is not subject to any of the closure rules that apply to other types of IRA transfers. For example, if you want to transfer money from your 401(k) into your IRA, then your employer will likely require that you close the 401(k) account and open a new one before the money can be transferred. However, since paper gold rollovers are not subject to any closure rules, then you can use them even if your employer does not allow them.

 

3) Paper Gold Rollovers Are Not Subject To Transfer Restrictions

 

Paper gold rollovers are also not subject to any restrictions on how much money can be transferred from an account at one institution into an account at another institution (e.g., transferring more than $5,000 from a checking account into an IRA ). Because they do not involve moving physical gold or silver between accounts at different institutions, they are exempt from most regulations on transfers between banks and brokerage firms. This means that if you want to move $10 million out of your bank account into an IRA, then there is no limit on how much money you can move into your new IRA.

 

Why Is A Paper Gold Rollover Important?

Paper gold rollovers are an alternative to physical gold rollovers. They allow you to move funds between IRA accounts without having to physically move the assets from one account to another. This can be done through direct deposit or by having a check issued and deposited into your bank account. The paper gold rollover is also important because it will allow you to avoid paying taxes on your IRA assets.

 

Advantages & Disadvantages 

The advantages of using paper gold over physical gold include convenience and security. Paper rolls are more convenient because they require no movement of assets, as opposed to physical transfers that involve transporting physical assets across the country or even internationally. Paper rolls also offer greater security because they prevent theft of your IRA funds if you have your paperwork available at all times in case there is any doubt about whether you have sent all the required information to cancel your old account(s). However, paper rolls also have several disadvantages that make them less desirable than physical transfers: Paper rolls can be more expensive than physical transfers because there is no need for shipping fees on checks (which maybe $20 or more) or for having a teller exchange cash for you. Paper rolls can also be inconvenient because they require you to take your paperwork with you when you go to the bank, and they do not allow you to easily move funds between accounts online.

 

Physical gold rollovers are the most popular method of transferring money between IRA accounts. Goldman Sachs compared the costs of physical vs. paper gold transfers and found that it costs an average of $1,300 less to transfer funds through physical gold rollovers than paper gold transfers.

 

Goldman Sachs also compared the speed of a rollover from one type of IRA account to another and found that physical rollovers took an average of 8 days, while paper rolls took an average of 16 days. This difference in time is enough to make a significant difference in your ability to access your money during retirement, depending on how long you have until retirement and how much money is in your IRA account(s).

 

Another disadvantage is that paper rolls do not offer the same level of security as physical gold rollovers because it makes it easier for someone who knows about your old account(s) to obtain your new account information by simply asking at the bank or by calling up customer service (which may be free). In addition, there are some banks that will refuse to issue a check if they know that there are multiple accounts within “their” bank with multiple beneficiaries named on them (i.e., joint accounts with spouses, etc.). Paper rolls will not be accepted at that bank.

 

Physical gold rollovers are recommended for all IRA accounts but do not offer the same level of security that paper rolls do.

 

The State of New York requires a physical gold rollover of your IRA account to take place within 60 days of your request. If you have already made a request and have not received the physical gold rollover yet, contact your financial institution to find out what is taking so long.

 

Which Is Better?

Physical gold rollovers are recommended for all IRA accounts. The only exception is if you have less than $5,000 in your IRA account(s) or if you are concerned that your old bank might not issue a check. If you fall into either of these categories, then it would be better to wait until after you have made a physical gold rollover of your entire IRA account and you have the funds in an account where you can easily move them (e.g., checking or savings).

 

If your entire IRA account is $5,000 or less, then it may be more cost-effective to use paper rolls until all of the money is transferred to another institution where physical rolls will be accepted. Since paper rolls are more secure than physical gold rollovers, that should make up for any additional fees associated with the paper roll transfer.

 

If you want to be able to easily move funds between accounts online, then it would be best to use physical gold rollovers unless the cost difference is overwhelming (e.g., more than $1000). If so, then it may make sense for you to use paper rolls until all of the money has been transferred out of one institution and into another one where physical gold rolling will work best for you.

 

If you are concerned that your old bank might not issue a check, then it would be best to use paper rolls until all of the money has been transferred out of one institution and into another one, where physical gold rolling will work best for you.

 

Conclusion

The decision to use paper or physical gold rolls is a matter of personal choice. The important thing is to keep in mind that the security offered by physical gold rolls is not nearly as secure as that offered by paper rolls. A paper roll is just a piece of paper with your account number on it. In the event of an IRA account compromise, the thief would have to steal the physical roll and then forge your signature to make it look like you had signed for the funds. A physical gold roll is much more secure. It is a small piece of gold that can be melted down into ingots or bars if necessary and then shipped to your place of residence.

 

This does not mean that you should not use physical gold rolls for all of your IRA accounts. For example, if you are only concerned about keeping some money in a bank account (e.g., less than $5,000), then it may make sense to use paper rolls until all of the money is transferred out of one institution and into another one where physical gold rolling will work best for you.