Free Gold IRA Kit: What Happens After You Request One

Asking for a free gold IRA kit starts a process, but it doesn't commit you to anything. There are nine steps between the kit arriving and your first statement. We give rough timings for them, and you can stop at any point.

Step 1: The kit arrives

Most kits come by email right away, by mail within a week or two, or both. Inside you'll find an explanation of what a gold IRA is, how the company works, and what it sells.

Treat it as what it is: marketing. It's written to show gold and the company at their best, which is fine as far as it goes, but it might say very little about fees, markups, or the downsides you'd want to hear about before moving retirement money anywhere. Read it next to a neutral source, like our guide on how a gold IRA works.

Step 2: A specialist calls you

Expect a phone call, frequently within a day or two. The person calling might be a specialist, an account executive, or a representative, and whatever the title on the business card says, in most cases you're talking to a salesperson whose job is to open accounts.

If you're not ready, say so, and ask them to call back at a time that suits you or to email the information instead.

Step 3: The first conversation

Plan on 20 minutes to an hour, during which the representative will probably ask:

• How old you are and when you plan to retire
• Which retirement accounts you have and roughly what's in them
• Whether you still work for the employer that sponsors your 401(k)
• Why gold interests you
• How much you're thinking of moving

It's your turn to ask, too, so have a list ready. Our guide on choosing a gold IRA company has ten good questions, and the three we'd never skip are these. What's the total of all fees? What's the markup over spot on each product? What would you pay to buy it back today?

You don't have to decide anything on this call. "Thank you. Please email me the fees and a sample quote, and I'll get back to you" is a perfectly good way to end it.

Step 4: Opening the self-directed IRA

Decide to go ahead and the next step is a new self-directed IRA with a custodian. The dealer usually helps you fill out the application. Expect it to ask for:

• Your name, address, date of birth, and Social Security number
• A copy of a government-issued photo ID
• Beneficiary names
• Whether the account is a traditional IRA or a Roth IRA

The custodian, not the dealer, opens and holds the account. Plenty of these applications can be signed electronically, and opening the account often takes a few business days.

Step 5: Transfer or rollover paperwork

Now money moves from your existing account into the new IRA, and how that works depends on where it sits today.

• From another IRA: The new custodian usually sends a transfer request to your current IRA provider. That's a direct transfer, and you never handle the money.
• From a 401(k) or similar plan: You usually request a direct rollover from your plan. Some plans want a phone call or their own form. If you still work for that employer, the plan might not allow a rollover yet, so ask your plan administrator.

Go direct whenever your old provider allows it, since that's the safest choice. If a check is made out to you personally, taxes can be withheld and a 60-day deadline kicks in. Our guide on rollovers vs. transfers explains the difference, and our rollover checklist helps you track every step.

Step 6: Funding

Once your old provider releases the money, it goes to the new custodian. Figure about one to three weeks. Some 401(k) plans take longer, especially if they mail a check or want extra forms, and the custodian will tell you when the funds land.

In the meantime your money usually sits as cash, not in stocks and not in metal.

Some plans add days at every handoff. An old 401(k) at a former employer might release money only by mailed check, and only after you've returned a signed form that it first has to mail to you. Nothing's wrong; that's just how some plans work, and it's why we wouldn't hold a slow plan to the four-week figure.

Step 7: Choosing your metals

When the money arrives, you pick what to buy, and the dealer will make recommendations. Before you agree to any of them, get a written quote showing:

• Each product's name, weight, and purity
• The price per coin or bar and the total
• The spot price at that moment
• The markup over spot, in dollars or as a percentage
• The current buyback price

Common bullion coins and bars usually carry lower markups than proof or premium coins. Our guide to coins vs. bullion explains why that matters.

Purchases are often locked in by phone at a set price, and once you say yes, the trade is usually final. Understand the quote first. After that, the custodian pays the dealer out of your IRA and the metal is on its way to storage.

Step 8: Storage

The dealer ships the metal to the depository, which stores and insures it. You'll pick between commingled storage, where your metal sits with other customers' metal of the same type, and segregated storage, where your exact items are kept apart and you'll usually pay more for the privilege.

It can't come home while it's in the IRA, either, because IRS rules require it to stay with the custodian or an approved depository.

Step 9: Confirmations and statements

You should get written confirmation of each of these:

• The account opening, from the custodian
• The funds arriving in the account
• Your purchase, listing each product, quantity, and price
• The metal arriving at the depository

After that, the custodian sends regular statements showing what you own. Check the first one line by line against your purchase confirmation, and call the custodian if anything looks off.

How long does the whole process take?

Plenty of people finish, first call to metal in storage, in about two to four weeks. When there's a delay, it's the old provider most of the time, and 401(k) plans that want extra paperwork are the usual culprits.

What you never have to do

Requesting a kit isn't agreeing to anything, and you're not obligated to:

• Stay on the phone or schedule a second call
• Share your account balances or personal details before you're ready
• Open an account
• Move any money
• Buy any particular product or amount
• Move all of your savings, even if you do decide to go ahead

One exception matters. Once you approve a metal purchase, it's usually final, so your freedom to walk away is at its greatest before that moment.

How to say no

Deciding a gold IRA isn't right for you is a fine place to end up. A short, polite line does the job:

• "Thank you for your time, but I've decided not to move forward."
• "I'm not ready to make a decision. Please don't call again unless I reach out."
• "Please remove me from your call and mail lists."

You don't owe anyone an explanation. And if a representative keeps pushing after you've said no, that tells you plenty about the company.

If you're still on the fence, read when a gold IRA is not a good fit before the specialist calls. If you feel informed and want to talk with the company we recommend, start below.

Common questions

Does requesting a kit cost anything?

No. Kits are free, and costs only start if you open an account and buy metal.

Will requesting a kit affect my credit?

An IRA isn't a loan, so opening one shouldn't involve a credit check. If anyone wants to run your credit for an IRA, ask why.

Can I stop after I open the account but before I fund it?

Yes, in most cases. If no money has moved, you can close the account. Ask the custodian whether a fee applies.

Will my money be out of the market during the move?

Usually, yes. Most transfers move as cash, so your money isn't invested for the days or weeks it takes to arrive and be used to buy metal.

Do I have to move my whole 401(k)?

No. You decide how much. Lots of people move only part of their savings, provided their plan allows a partial rollover.

We base our guides on primary sources such as the IRS, the Department of Labor, and federal regulators. Read our editorial policy. Spot an error? Tell us.