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Rolling over or transferring an IRA (Individual Retirement Account) involves transferring retirement investments from one account to another. These accounts were established by law in the congress house to enable US citizens to plan and prepare well for their retirement. Many Americans are protected by Social Security and employer’s pension plans in their retirement years. Due to such factors like economic uncertainty and the need to be more secure, any American has the opportunity to diversify their retirement plans with a much better and more secure retirement plan when they choose.
As mentioned above, economic uncertainties and also the need to have a more private and diversified retirement plan, many investors have chosen to roll over their 401(k) or IRA to precious metals such as gold, silver, palladium or even platinum. In addition to the traditional retirement accounts being eligible for transfer or roll over, there are several other retirement accounts that can also be rolled over to precious metal IRA and they include:
SEP (Simplified Employee Pension) IRA
A SEP IRA is common among those people who either own businesses or those who receive their income on a freelance basis. One of the main reason why most self-employed people choose SEP IRA is that of the higher amount that one may contribute which can be up to 25% of their annual income. As long as you have a qualified precious metal account, IRS permits transfers or rollovers to those accounts. Additionally, you are free to transfer a portion or all the balance held in your SEP account to the precious metal account. It is also advisable to conduct a direct roll over instead of the indirect rollover so as to avoid such risks like early distribution.
The Roth IRA is a retirement account that is almost similar to traditional IRA accounts because of its tax-free contributions which are made after tax-deferred growth. You are also free to withdraw or deduct your Roth IRA contributions on your tax return and when you reach your retirement age they are not taxable. You can also contribute even after hitting the age of 70 years. However, due to uncertainty as a retirement plan, you can easily transfer or rollover this account to a precious metal account as long as you have a qualified account for a precious metal account.
SIMPLE (Savings Incentive Match Plan for Employees) IRA
A SIMPLE IRA is a retirement plan that allows both employees and their small business employers to contribute to the retirement savings plan who do not have a retirement plan. The SIMPLE IRA is known for its fewer administration rules and costs as well as their lower limits compared to other retirement plans. One very important issue to note is that you are only allowed to transfer SIMPLE IRA after two years of participation to another IRA plan failure to which you will pay a 25% tax penalty. This means you can only transfer SIMPLE IRA to another SIMPLE IRA within the first two years after the two years have elapsed, you can now rollover to a precious metal IRA account.
HSA (Health Savings Account)
HSA is set up after qualifying for an HSA trustee to cover the medical expenses, and it is a custodial account as well as tax-exempt trust. The trustee should be an IRA trustee who is approved by the IRS and can be any firm including an insurance company or a bank. The HSA can only be rolled over to a precious metal IRA if you qualify.
TSA (Tax-Sheltered Annuity)
TSA plan also known as 403(b) is a plan that allows college student employees, churches and other organizations that qualify to be tax-exempt to contribute into retirement accounts and defer the taxes until after taking the distributions. You can withdraw your balance after leaving your job but if you are not 59 and one-half years of age, you will pay a ten percent penalty on your distributions. Luckily, you can avoid this by rolling over your TSA distributions to another secure IRA such as the precious metals IRA account as long as you qualify for the transfer process.
Rolling over the above IRA plans to precious metals plan is one of the best decisions you can make to guarantee yourself a more reliable and profitable IRA plan. All you need is to follow the right steps and link with the qualified and experienced brokerage firm.