IRA Rollover FAQs
Frequently Asked Questions about Precious Metals IRAs
Q: Will I physically possess the gold and silver metals?
A: The gold and silver products purchased for an independent retirement account cannot be physically possessed. They are stored, on your behalf, via the custodian of your choice in a fully-insured, regulated storage depository. The custodian, storage depository and products purchased must be IRS approved for use in precious metals IRAs. Call one of our experienced Precious Metals Specialist today for more details.
Q: How long does the transfer process take?
A: On average, a rollover into a precious metal, gold and silver backed IRA is approximately two weeks. Working directly to fit your needs and your pace, a Fortress Precious Metals Specialist will ensure all steps are taken to efficiently convert your retirement funds into hard assets and have your retirement backed by precious metals as soon as possible. Call us today to get the process started.
Q: Will I have a tax implication?
A: Just like any other retirement funds rollover or transfer process, as long as the funds are in a new or existing IRA account within 60 days, there is no penalty or early disbursement tax implication. One of our Precious Metals Specialists at Fortress Gold Group will communicate directly with you and your custodian to ensure you are protected and informed throughout the process. We do advise that your tax professional is made aware of the pending financial decision, to provide any further information you may require.
Q: Is this expensive to set up?
A: The process of setting up a new precious metals backed IRA on average costs $275.00. Given the nature of your growing relationship with Fortress Gold Group we will often cover these fees to help in the decision-making process. We recommend you talk directly with one of our Precious Metals Specialist to determine any additional fees or waivers involved with your independent retirement funds needs.
Q: Is there a minimum amount I must transfer?
A: Yes. Custodians specializing and offering precious metals retirement funds require a minimum initial transfer of $10,000.00. Inquire with one of our Precious Metals Specialists to determine the best path to take in establishing your first gold or silver IRA.
Q: What types of metals are allowed in retirement accounts?
A: The United States Internal Revenue Service has specific policies and procedures in allowing actual gold and silver to be stored as hard currency in an independent retirement account. Certain bullion and American proofs in gold silver and platinum are allowed, while other numismatic coins are not. We recommend getting started by speaking to one of our Precious Metals Specialists to find the right fit for your retirement needs.