The first step is to select a reliable gold IRA custodian that can assist you in setting up your account and manage the transfer. You'll need to complete the required documents and give the custodian details about your current 401k plan.
After the paperwork is completed after which the custodian will allow an easy transfer of your fund into the account. This will be a new IRA account. You'll be able to buy physical gold or other precious metals. These will be kept in a secure location for you.
The most important thing to bear on your mind is transfer of funds from a one to an gold IRA can take up to a week It's important to plan your move accordingly. Also, you'll have to keep track of tax or penalties that are associated with the transfer and any additional charges imposed by the custodian to manage your account.
In the end it's true that a transfer 401k to gold IRA could be an excellent option to protect the savings you have saved for retirement and to diversify your investment portfolio. It is important to research the options and select a bank with good standing and a strong history. If you have the right plan and guidance, you will be able to easily set up an gold IRA and reap the rewards from investing in gold and other precious metals.