- Posted in: IRA Solutions
A transfer is the method used to move your retirement funds from your existing IRA to a new IRA. In a direct transfer, the distribution check is not sent you. Your assets are transferred from your old custodian directly to the custodian of your new precious metals IRA. You can choose to transfer your existing plan at any time, tax-free.
A rollover is used to move your retirement funds between two qualified retirement plans, such as from your current 401k to a precious metals IRA. With a rollover, the distribution from your existing retirement plan is paid directly to you. This distribution is tax-free as long as you re-deposit your funds into your new precious metals IRA within 60 days. It is important to note that if the 60-day period is exceeded, you will be liable for taxes and penalties on the funds withdrawn. You may rollover funds from an existing IRA tax-free once per year.