How Does the IRA Transfer/Rollover Process Work?
The first step is establishing a self-directed IRA (SDIRA) with your new custodian. An Oxford Gold Group Partner will walk you through the short application. Once your application has been completed and returned to our office, your Partner will process and complete the opening of your new SDIRA, usually within 24 hours.
Once your new SDIRA has been established, your Oxford Partner will contact your current IRA custodian and make arrangements to complete the tax-free/penalty-free rollover of your retirement account funds. Transfers can take anywhere from 3 business days to 10 business days, depending on how quickly your custodian is able to send the funds.
Your Oxford Gold Group Partner will contact you as soon as your funds are transferred to your new SDIRA. Your Partner will then go over your precious metals options. You will decide what combination of gold, silver, platinum, and palladium is best for you. Your metals will then be shipped, via secured courier to the depository where the metals will be inspected, itemized and placed into your personal deposit box.
Do I receive physical precious metals in my account?
The Oxford Gold Group does not provide any paper or certificate products. When you open an SDIRA with the Oxford Gold Group, your depository will have actual physical precious metals in your own safe box. In fact, you will have the actual metals you purchased.
You will have access to your metals at any time. You will have 24-hour online access to your account and when you reach the mandatory age of distribution, you will have the option to either take possession of your precious metals or choose to have an Oxford Partner liquidate your assets so you receive the cash value as required by the IRS.
Click here for a list of IRS approved Gold, Silver, Platinum and Palladium products.
Where are my metals stored?
Once you have decided which metals you would like to have in your SDIRA, the Oxford Gold Group will ship your metals, via insured carrier, to either the Delaware Depository (DDSC), located in Wilmington, Delaware, or to the Brinks Depository in Salt Lake City, Utah. Both DDSC and the Brinks Depository are insured through Lloyds of London – one of the oldest and most respected insurance providers in the world. Your metals are completely cover should anything happen to them while in either depository. The insurance policy protects your assets against physical loss or damage arising from any cause, even Acts of God (fire, flood, etc.).
Are there any taxes or penalties for transferring my IRA/401(k) into a Precious Metals IRA?
There are no taxes or penalties for transferring your retirement account into an SDIRA. Your Oxford Gold Group Partner will work with you and your custodian to ensure that all proper procedures are taken during the rollover/transfer process. We will make sure that you do not incur any taxes or penalties for the transfer process.
How long does it take to complete the application to begin the process?
The entire application process usually takes between 10-15 minutes to complete. You should have your beneficiary information available as well as a copy of your driver’s license or state identification as well as a copy of a statement from your current retirement account. Your Oxford Gold Group Partner can even complete your application for you over the phone and send it to you to review and sign.
What types of accounts are eligible to transfer/rollover?
You may only rollover IRAs or other qualified retirement accounts into an SDIRA. Qualified retirement accounts include Roth, SEP or a SIMPLE IRA, 401k, 403b, 457b, Pension plans, or Thrift Savings accounts. You can visit our IRA Information page for more information.
How long does it take to complete the entire process?
Your Oxford Gold Group Partner can open your new SDIRA within one business day from when we receive your completed application. The time it takes to transfer funds from one retirement account to another varies, depending on your current IRA custodian. Most custodians can transfer your funds within 7-10 business days.
How much does it cost to maintain my SDIRA?
Your new SDIRA has a flat fee charge. There are no percentages or charges outside of the $175 yearly charge for accounts with less than $100,000, and $225/year for accounts in excess of $100,000. All charges to maintain your account are tax deductible and there are no other charges for having a precious metals IRA.
How do I know how my precious metals portfolio is performing?
Your SDIRA custodian will provide you with online access to your account. You can track the performance of your precious metals at your convenience. You will also receive a quarterly statement from your new custodian. All clients also have the option of receiving a monthly statement mailed to them for an additional fee.
Can I continue to make contributions to my new account?
You are able to continue to make contributions to your new SDIRA. You can either send the contributions on your own to your new custodian, or an Oxford Partner can make arrangements to have your contribution to be automatically transferred to your SDIRA. Your contributions can remain as cash in your account or you may invest in additional precious metals.
How do I take my Required Minimum Distributions (RMD) or take a distribution from my new account?
Your Oxford Gold Group Partner will make all RMD and distribution arrangements for you. Your Partner can either liquidate your metals for you so you receive a payment, or you can have your metals shipped to you directly. If you choose to liquidate your metals, your distribution can be wired to your bank account or you can have a check mailed to you. Liquidations and distributions usually take one business day to process.