There are two ways to invest in gold using an IRA. One option is to set up a self-directed gold IRA, which allows you to buy physical gold and silver with pension funds. If you’re not sure whether transferring funds to a Gold IRA is the right move, talk to your account or financial planner. Also, look for custodian banks that have specific experience with precious metal IRAs
and IRA rollovers.
Once you’ve filled out the required paperwork and opened your account, you’ll need to deposit money into the account (details below), choose which gold and other metals you want to invest in (only certain are eligible under IRS rules), and then tell your account manager to buy the metals on your behalf. A self-managed IRA account gives investors additional choices in alternative asset classes such as precious metals, futures, and real estate. Gold IRAs can be a good option if you want to take advantage of the stability of gold and other precious metals while diversifying your investment portfolio and saving for retirement. When someone decides that he or she wants to invest in precious metals on their IRA account, the following steps are required
.
When setting up an IRA account for precious metals, you should also consider aspects such as what type of allocation might be right for them and which products best suit their needs or objectives. Self-directed IRA custodians are very familiar with processing these types of transactions and will handle them in a way that protects your account status. After you’ve opened your account, transferring funds from an existing IRA account is pretty easy. If you choose to wire transfer instead, the money is sent directly to your Gold IRA custodian bank, meaning there are no additional fees
or penalties.
With a rollover, your existing IRA custodian gives you the money you want to withdraw and you then have 60 days to deposit the money into your new Gold IRA account. This is compared to a traditional IRA account, where investors may be limited to traditional investments such as stocks, bonds, and mutual funds. If you’re considering transferring money to a Gold IRA, contact your existing IRA custodian for information about the fees or charges you may incur. However, it can be a great option for those looking to amass more gold, silver, or other precious metals over time.
For investors looking to add precious metals to their portfolios, the process is easy and convenient, even for investors who already have existing IRA accounts. If you meet IRS guidelines, you can continue to contribute to your precious metals IRA once it’s set up
.