The silver or gold coins and bars used in an IRA must meet purity standards. Gold must be 99.5 percent pure to qualify for a gold IRA. The only exception to this rule, however, is the American Gold Eagle coin, which has a purity of 91.67 percent. Silver coins and bars must be 99.9 percent pure to be used in an IRA
.
When you choose a reputable custodian bank and a reputable storage unit, you can rely on the security of your IRA precious metals. The money is transferred directly from your previous IRA trustee to your new custodian bank as part of a direct rollover. Once you’ve set up your Gold IRA, you can transfer or transfer the funds from an existing IRA or other retirement plans. With a gold IRA, you can receive your RMDs “in kind,” which means that you have the physical precious metals sent to you
directly.
There is no limit to the number of direct IRA transfers from one IRA custodian bank to another that you can initiate. There are tons of options on the gold and silver markets, but it’s important to remember that the IRS only allows certain types of gold bars that meet their standards. You can sell the gold or precious metals in your IRA anytime without taxes or penalties, unless you withdraw the money from your IRA. The documents are sent to you and the IRS, and they keep records of the amount of gold you bought for your gold IRA
.
For example, you can’t store precious metals that you’ve invested in your IRA in your own home under IRS rules. Thankfully, you shouldn’t have any problems transferring money from a 401k IRA that a previous company recommended to a new Gold IRA. They’ll help you evaluate options and select the ones that meet the criteria for IRA Gold accounts. Opening a self-directed IRA and investing in precious metals is a bit more complicated than opening a traditional IRA or Roth IRA
.
You can name the beneficiaries of your IRA when you set up the account, and you can change the beneficiaries anytime. After the rollover, your Gold IRA provider can help you select and purchase physical gold and other precious metals, such as silver, palladium, and platinum, and have them transported to the secure storage location
of your choice.
