Gold IRA’s are self-directed IRA accounts that allow investors to hold precious metals like gold, silver, platinum and palladium in compliance with IRS regulations. This allows investors to benefit from a variety of tax advantages associated with traditional and Roth IRAs.
Getting Started with Gold IRA’s
Before you can invest in precious metals for your retirement, you need to open an IRA and fund it. You can do this either directly or through a rollover from an existing account, such as your 401(k) or traditional IRA.
How to Choose a Gold IRA Company
When you set up a gold IRA, you will need to appoint an IRS-approved “custodian” that can handle all the paper work. The custodian must source the precious metals that are eligible for investment, store them in an approved facility and handle any transactions between you and the gold IRA companies.
Picking the Best Gold IRA Company
You need to make sure you’re dealing with a reputable company that specializes in IRAs and is transparent about fees. You should also read through their customer reviews and accreditations before making a decision on which to use for your precious metals IRA.
Check their reputation: Look for a firm with a strong online presence, an impressive customer service team and solid financial credentials. The Better Business Bureau and Business Consumer Alliance are excellent resources for finding out if there have been any complaints against a particular company.
Find an IRA-approved dealer: You can find a variety of IRA-approved gold and silver bars and coins on the internet. These include bars and rounds produced by a NYMEX or COMEX-approved refinery or national government mint that meet minimum fineness requirements.
Choosing your IRA provider: Once you have picked the right company, it’s time to choose your metals. The most common choices for an IRA are gold and silver, but you can also buy platinum and palladium.
How to Deposit Your Gold IRA:
When you open an IRA, it is important to make sure that review you have the proper amount of gold in your account. Your custodian can help you do this and refer you to an IRS-approved precious metals storage facility.
The minimum investment for a gold IRA is a wide range and depends on which company you choose. Some require a substantial sum while others accept lower investments, such as $2,000.
What to Expect when You Deposit Your Gold IRA:
After opening your IRA, you should contact your custodian and let them know you want to deposit your precious metals. This is typically a quick process and the gold will be transferred to your account. You can either transfer the funds yourself or let the custodian do it for you.
Once your funds are in your gold IRA, you can start putting them to work. You can deposit cash, checks or wire transfers to your account to purchase gold and other precious metals.
You can also roll your existing retirement funds into a gold IRA to increase the total value of your assets. This can be done without owing any additional taxes on the move, as your funds will remain in your qualified retirement plan.