Gold IRA Rollover Guide: How To Do It?

Oxford Gold Group receives numerous inquiries about a reliable and up-to-date gold IRA rollover guide, especially for people moving closer to retirement. Our advisors find that the looming prospect of retirement drives investors to commodities like gold, a bid to shield themselves from depreciation and inflation. Investments in cryptocurrency and decentralized finance only work if time is on your side, and it is certainly possible to recoup losses from high-risk bets when you have enough ‘time in the market;’ if you don’t, gold IRAs present a handy solution.

Millions of professionals look for the best financial strategies to further their retirement plans. Their motivation may be that it is becoming harder to save with today’s tight labor market and record-high inflationary pressures. However, it could also be a growing awareness of how important it is to safeguard wealth for a comfortable and well-deserved retirement on your own terms.

Many factors could influence your strategic approach to gold investing and retirement funds. Oxford Gold Group’s professionals are the right people to help you decide whether going through the gold IRA rollover process is going to suit your financial goals. Here is one way to take money from other investment vehicles and place it safely into a gold IRA as a retirement plan.

What is a Gold IRA Rollover?

An IRA stands for an Individual Retirement Account, a retirement savings vehicle. IRAs are a popular investment option cropping up for employees of Fortune 500 corporations, self-employed individuals, and gig economy contributors. It allows you to choose commodities you like to bolster your IRA; a gold IRA means investing in gold.

If you make contributions from earned income, you can acquire an IRA, differentiating it from a 401k account that only employers can offer. Many people have multifaceted investment strategies, paying into multiple IRAs, 401k accounts, and mutual funds. This “gold IRA rollover” guide refers to the process of moving funds from one of these accounts into a gold IRA, betting that its value will appreciate until the day you retire.

A gold IRA rollover usually works by moving a sum of money from your 401k account to a gold IRA account from a third-party institution that is not affiliated with your employer. However, funds inside IRAs and 401k accounts face complex taxation laws compared to savings accounts at a bank. You might need to think about the investment decision carefully to prepare for these tax-related commitments.

What is a Gold IRA Transfer?

Gold IRA transfers are not the same as gold IRA rollovers. The two processes fall under different sanctions and rules which the IRS enforces. For example, you should expect more scrutiny from the IRS for a gold IRA rollover because this appears to be a riskier move than doing a straightforward IRA transfer.

A typical IRA transfer sends funds from one gold custodian to another. However, a gold IRA rollover is carrying money from one investment vehicle onto a completely different one. It is essentially the difference between transferring planes during a layover or changing routes altogether.

Which Retirement Accounts Can Fund a Gold IRA Rollover?

Investors take money from virtually all types of retirement accounts and roll it over to a gold IRA, and people invent new retirement investment vehicles every year. The most popular retirement funds that can give you the currency you need to buy gold include:

SEP IRA, Roth, and Traditional IRAs

Investors need a self-directed IRA account to buy gold with funds from SEP, Roth, and traditional IRAs. A gold IRA provider like Oxford Gold Group can help you file a request (most forms include a preferred custodian, account number, complete name, and transfer amount).

TSP, 457(b), 403(b), and 401(k) Accounts

Investors can roll over funds from a 457(b), 403(b), 401(k), and TSP account to any precious metals IRA. However, most investors prefer to buy gold as an inflation hedge. Most rollovers occur when people switch careers, change employers, or retire, so employers do have different rules and structures.

For example, your company may provide in-service distribution (to roll over part of the funds into a gold IRA tax-free). Qualifying standards differ for different employee types; your plan administrator should be able to tell you more.

A Quick Gold IRA Rollover Guide To The Rules

Oxford Gold Group believes in the power of information for financial decision-making. If you need some help strategizing, our team is available to clarify any gold and silver investing questions as they arise and give you sound advice. In the meantime, here are a few rules that may apply to your gold IRA rollover:

  • Investors can only perform one gold IRA rollover every calendar year.
  • There are sixty days to transfer funds into a gold IRA during a gold IRA rollover.
  • If the sixty days lapses, the IRS will treat the investment as ordinary taxable income.
  • If you are under 59-and-a-half or fit to work, you get a 10% premature withdrawal penalty and may go beyond the 60-day reinvestment period.

None of the above restrictions apply for a gold IRA transfer.

Two Types of Rollovers

Investing in Gold via Indirect Rollovers

An indirect rollover will involve paperwork.

  • Your 401k provider writes a check containing the amount you wish to invest in a gold IRA.
  • You have sixty days to clear it from your bank account to a gold IRA provider.
  • If you do not reinvest it within that timeframe, you incur a 10% charge.

Investing in Gold via Direct Rollovers

Under a direct transfer, your 401k provider will merely write a check that’s payable to your gold IRA custodian. Established 401k providers like Charles Schwab and ADP do rollovers by conducting a fund transfer. However, you may need to wait six weeks for rollover verification document checks if you’re moving money from a government-sponsored retirement fund.

Tax and Withdrawal Rules You Need to Remember

man calculating tax

No gold IRA rollover guide would be complete without a discussion about tax implications since this is the primary advantage that most people seek in their move toward favorable retirement funds. Rollovers to gold IRAs are non-taxable from other tax-deferred accounts, such as:

  • 457(b)s,
  • 403(b)s,
  • 401(k)s, and
  • Thrift Savings Plans (TSPs).

Rollovers from 401(k)s to TSPs, 457(b)s, and 403(b)s are non-taxable, as well.

Moving money between tax-deferred funds avoids tax charges from the IRS, but there are other regulations. For example, once you reach 72, the Setting Every Community Up for Retirement Enhancement Act requires you to withdraw a certain amount every year from your traditional gold IRA as taxable Required Minimum Distributions or RMDs.

You can also request an in-kind distribution, where your custodian will send precious metals to your address for permanent safekeeping.

How To Select a Good Custodian

Individual retirement accounts emerged in 1974, so a modern gold IRA rollover guide will look quite different from those simpler times. The United States’ financial landscape has changed, with thousands of top-rated custodians now available. Most investors work with two to three custodians to offset the risk of certain metals and withdraw bullion freely so that they have the versatility to diversify any precious metals portfolio.

Oxford Gold Group works with two reliable and cost-effective custodians who charge flat fees for their services:

  • The STRATA Trust Company has been in business for over 13 years, serving self-directed IRA investors as a subsidiary of Horizon Bank, a nearly 150-year-old institution.
  • The Equity Trust Company is a private alternatives custodian. It has over 45 years of IRA investment experience and is the custodian of choice for America’s real estate investors.

There are annual storage fees with any of the IRS-approved facilities that comply with the Internal Revenue Code IRC-408n. The larger your investment, the lower your fee. These storage facilities don’t charge any shipping fees.

Designating Beneficiaries, Representatives, and Interested Parties

If you live in one of the Community Property States, the government will automatically split your IRA revenues between you and your spouse if you pass away:

  • Arizona
  • California
  • Idaho
  • Louisiana
  • Nevada
  • New Mexico
  • Texas
  • Washington
  • Wisconsin

In other states, residents can designate beneficiaries such as grandchildren, charities, or siblings to receive from your IRA without signing an election waiver. The representatives you name in your gold IRA rollover application will receive Power of Attorney to use your IRA account as their own. We recommend never handing over your Power of Attorney to a precious metals company; they will not have your best interests in mind.

Why not appoint an Interested Party to deal with and record the interactions between the custodian and your metals supplier? They won’t have the right to transact using your gold IRA account.

The Gold IRA Rollover Guide on Miscellaneous Fees

A gold IRA rollover is often a near-retirement investment decision. Investing in a Gold IRA requires a new account and storage space in an IRA-approved depository, and there are fees:

  • Account setup fees
  • Annual account administration fees
  • Storage and insurance fees
  • Transaction fees that allow you to buy and sell gold

Oxford Gold Group is happy to provide more details about the possible fee structure for your first investment year, with discounts for larger investors.

Call The Gold Experts Today

busines man having a meeting with a gold investment company

Do you have questions about smart investing in a gold IRA?

Contact Oxford Gold Group at (833) 600-GOLD today for reliable long-term investments in precious metals; our gold IRA rollover guide could be the beginning of a whole new outlook for you.


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