Silver IRA Rollover ☛

silver IRA rollover

Are you considering a silver IRA rollover in 2021? If the answer is yes, you're in the right place!

In this article we're going to:

  • remind ourselves of the benefits of investing in silver

  • consider one or two of the risks (no investment is 100% risk-free, after all!)

  • look at IRAs; specifically silver IRAs

  • explore how to convert your 401k to silver

  • explain one tweak that could turn a good silver IRA into a great silver IRA

  • finally, we’ll reveal our research on the best companies to perform your silver 401k rollover for you.

Why do a Silver IRA Rollover?

Inflation caused by reckless money printing -- aka quantitative easing -- by central banks and the general instability of the world economic system has created fear among investors.

Due to this fear of economic dip or collapse, investors are searching for ways to secure their savings. Gold and silver, being tangible assets, are being used by many as the preferred vehicle to preserve their wealth.

Why Silver and not Gold?

Nowadays, the value of silver is much less than gold. That said, many experts argue that silver is grossly undervalued and will one day find a true value much closer to that of gold.

This is due in part to the constant industrial demand for silver, the surprising fact that it is actually rarer than gold and also to evidence that its price is being manipulated to keep it low.

As value of paper currency is getting weaker and weaker, more and more investors are getting interested in converting their liquid assets into precious metals like silver and gold.

However, as we'll see later in this article however, there are times when you should consider investing in gold instead of (or as well as) silver.

What are the Benefits of a Silver IRA?

convert ira to silver

There are many factors that make silver a great investment, whether that be inside or outside of an IRA:

  • There is strong industrial and global demand for silver. Properties like thermal and electrical conductivity, its strength and its ability to bear extreme temperatures make it ideal for industrial applications.
  • Silver is used in technology and around ¾ of silver supply is used in production of solar panels, batteries, microwaves, televisions and medical instruments.
  • There is very limited ability to mine silver; this scarcity is always going to positively affect its value.

  • Globally, along with other countries, India and China have acquired extraordinary amounts silver. In China, citizens are actually encouraged to purchase silver bullion by making it available in local banks!
  • Due to changes in economic stability and devaluing of paper currency, more and more investors are trying to invest in tangible assets like gold and silver.
  • Silver being undervalued in comparison to gold makes it a preferable choice for investment as monetary security. A lot of investors are selecting an option do a silver IRA rollover and withdraw a portion of their IRA or 401K and invest them in precious metals.
  • If you are interested, you can also convert your 401K to silver or convert an IRA to silver from a reputable company and secure yourself from future inflations or losses.

What are the Risks of a Silver IRA?

Of course, it would be foolishness not to consider the risks of any investment you are considering:

  • There is no getting away from the fact that silver is a volatile asset. This means that you will see a lot if fluctuations in the short term. If you can ride that out and keep an eye on the long-term then you're on to a great investment.
  • As with any industry, there are better and worse companies to deal with. There are also out and out charlatans!

So, it goes without saying that you need to deal with a reputable precious metals company that has minimum number of complaints registered against them as it will help you in securing your money, otherwise you may face some issues.

Fortunately, we have done the groundwork for you though; check out our top 10 silver IRA rollover companies.

What is a Silver IRA?

IRA is abbreviation for "individual retirement account". Silver has always been considered one of the most popular precious metals and has been used as money on many occasions throughout history. Paper dominated assets can be converted to physical silver since the IRS now allows inclusion of precious metals in an IRA account.

During worldwide crises, social unrest and economic uncertainty, it is better to invest in liquid asset like silver instead of just paper currency.

What is the Difference Between an IRA and a Silver IRA?

The main difference between these is that, in IRA you hold paper assets whereas in a silver IRA you will be able to hold silver bars or coins. Many successful investors want to add it to their retirement portfolio as they considered it as hedge against inflation in long term.

What is a Silver IRA Rollover?

A rollover occurs when a distribution is received from an already existing retirement account and then it is deposited in new retirement plan custodian account. In such a situation, funds need to be deposited into the new retirement account within 60 days.

If that time limit is exceeded, the money that is withdrawn will be liable for penalties and taxes.

Andrew Jackson currency gold quote

How Often Can I Rollover My IRA?

The money can be rolled over just once in every 12 months to save the tax deferred status of the retirement savings.

Where is My Silver IRA Stored?

When you wish to open a Silver IRA, you should know that your physical silver coins and bars will be stored in IRS-sanctioned depository and it will be kept there till you reach retirement age.

At retirement, these will be either shipped to you directly or can be sold for cash at the required time. This silver IRA rollover process is 100% tax free and IRS approved.

What Accounts Can be Rolled into a Silver IRA?

Clients who already have Simple IRA, Roth, SEP and traditional IRA are considered ideal to convert to Silver IRA rollover. Other eligible accounts for rollover are as follows:

  • 401(k)
  • 457 Deferred Compensation Plan
  • Thrift Savings plan
  • 403(b)
  • Non prototype IRA
  • Beneficiary IRA
  • Pension Plan

When Can a Silver 401k Rollover be Performed?

In the event that your 401(k) is with an organization or organizations for whom you don’t work anymore, then you can convert your 401k to silver. Once your 401(k) monies have been saved in an IRA, they can be used to purchase Gold or Silver.

You can choose one of the Top 10 Silver IRA Custodians recorded on our site to do this, and they will offer you some assistance to easily complete the process.

What’s an In-Service Distribution?

If you still happen to work for the organization that has your 401(k) account, you could still conceivably free up those assets for a rollover. This alternative, if available, is called an "in-service distribution". For this situation, you would need to ask your current 401(k) supplier if its arrangement takes into consideration an in-service distribution.

purchase silver

What if My Employer Doesn’t Have an In-service Distribution?

In the event that your organization 401(k) does doesn’t allow for an in-service distribution alternative, you can still contact your organization's Human Resources Department and request for precious metals to be incorporated into the organization's 401(k) arrangement.

What is a Self Directed IRA?

  • Self-Directed IRA gives the investor power to own silver in their IRA.
  • Self Directed IRA gives you, the holder, power to decide what you can invest in.
  • It allows investors to own precious metals like silver, gold and platinum along with bonds, mutual funds, real estate and stocks.
  • Investing in silver can be very beneficial for investors in the long term as the value of paper currency is going down and investing in precious metal gives you monetary security.
  • Silver and all other physical assets must be stored safely in a secured IRS-approved depository.
  • When investing, make sure you do research and select the best IRA company that has great testimonials and low (or no) complaints. Get the best professional help from a top ranked company and secure your assets.

Silver IRA Rollover Tip

At eGoldAdvisor, physical silver is one of our favorite investment classes... There is never really a “bad” time to buy silver. But there is a great time to buy silver and a “less great” time to buy silver.

Depending on the prevailing fundamentals, you may be better to begin with an investment in gold, moving into silver later when conditions shift. You may even decide to balance your portfolio with a combination of the two.

Whatever you decide, considering a silver IRA rollover is bound to pay you dividends in the long run.

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