When clients decide to open a Self Directed IRA, one of the most common requests we receive centers around facilitating the discussion with their old asset manager because it is never easy to ask people to release your money.
It’s like calling someone using a rotary phone system, when you have to physically disconnect a cord from one outlet to another, that’s how it could feel rolling money over from one account to another even if it’s a fairly common practice.
The bottom line is this. SpaceXgold can do everything for your except two things, sign the documents for you and talk to your old asset manager.
To protect you, the law prohibits anyone from transacting on your behalf with very few exceptions.
But here are a few things you can do to make this process easier and faster for you.
Make an advance call to the firm you are rolling the account from
First, you need to know what paperwork is needed for the money to be released. The best place to find this out is to call your current provider. Do not take anyone else’s word for it. The receiving firm may have a decent idea of what the other firm wants, but there is no way to know for sure if you do not contact the firm you are rolling the funds from.
To start, simply ask them what the procedure is to rollover your assets to another provider. Find out the following:
What timeframe can you expect from when you request the money to when it will be transferred?
Are there any costs?
What paperwork needs to be signed and filled up
What addresses do they have on file for you?
Can correspondence only be sent to those locations?
Be prepared for a little push back – you may be asked to reconsider and talk to someone to help you maintain the account where it is. If you are not interested in keeping your funds there, it is okay to be firm and state that you have made up your mind and to please give you the rollover information without further delay.
2. Let us know what type of account you want to open or if you need more information about your options
If you have a traditional 401(K) or traditional IRA and want to open a Roth GoldIRA, let us know so we can guide you through the process.
We have a complete list of requirements and we have the steps all laid out for you in order to make this as painless as possible. But giving us all the information beforehand, will make it even easier for you.
3. Initiate the transfer
Remember you can rollover or transfer part of your old retirement fund to a GoldIRA.
Once the transfer is initiated, we will keep you updated or you can keep an eye out on the transfer online if you have an online account with your previous asset manager.
Once the transfer is complete, we will reach out to you.
On your end, you can make sure that the amount that left your old account lines up with the amount received in your new account.
You may also consider leaving the old account open for a few weeks to collect any residual interest or dividends in the old account, then make sure those are transferred over as well.
You should receive a Form 1099-R from the distributing firm the following year. There should not be anything in the taxable box if you did the rollover correctly, but keep the form just in case. Use the paperwork and online history to make sure the transactions line up properly.
Hopefully, this will help you navigate the steps to a rollover.
In any case, we are here to help. You can always call us if you are unsure of what to do. SpaceXgold offers an elite level concierge service for your precious metals investment needs.
