How To Establish A Gold IRA
Precious metals such as gold and silver can provide portfolio diversification and a hedge against market volatility, inflation, or both. A popular way to plan for a more secure retirement is to roll over a 401k. It is now a question of how to establish an IRA that invests in gold. Visit our website and learn more about best gold IRA company.
The Tax Payer Relief Act of 1997 created an alternative to traditional 401ks. It allowed you to add physical precious metals to your IRA. The permissible metals for a gold IRA are gold, silver, palladium and platinum. All must be bullion bars or coins and of a specified fineness. In a gold IRA, rare coins and other collectible gold & silver coins will not be allowed. Your precious metals broker is able to help you determine which metals are best for your portfolio.
Before you decide on the metals that you want to buy for your Self Directed IRA it is wise to begin the process of establishing a IRA. Your precious metals broker can contact your current custodian and ask if you are able to add physical metals into your current IRA. Many cases won’t allow precious metals investment due to specific IRA plans. Then, you must begin the process to transfer your 401k account into a gold IRA.
Your broker will help you find a custodian who specializes on gold IRAs. Once the custodian has been chosen, you will need to fill out paperwork. This will include the amount you plan to roll into the new account and the beneficiaries.
Typically, the process of setting up an IRA for gold investments takes approximately 3-5 days from the time it is initiated. Now it’s time to place the metals in your IRA account. Keep in mind that there are certain products that can be placed into an IRA. This information should be provided by your broker.