How To Establish A Gold IRA
Precious Metals, especially gold and silver, are great for portfolio diversification and can be used to hedge against market volatility as well. The popular method of rolling over a 401k to a gold IRA is a great way to both invest and plan for a safer retirement. Now the question is, how do you establish an IRA-gold investment? You can see gold IRA fees for more information.
After the Tax Payer Relief Act of 1977, physical precious metals were allowed to be added to an IRA. Gold, silver, platinum and palladium are the permissible materials in a IRA that is gold. The gold IRA does not allow for rare coins or collectable gold & Silver coins. Your precious metals broker will help you choose the right metals for your portfolio.
It is a smart idea to establish an IRA first before making a decision regarding which metals you wish to purchase for your Self Directed IRA. It is a good idea to contact your current custodian for information about adding physical metals to an existing IRA. You may not be able to invest in precious metals if your current account has specific guidelines or IRA plans. The next step is to start the process for a 401k rollover to a new, gold IRA.
Your broker will assist you in selecting a custodian specializing in handling gold IRAs. Once your broker has chosen a custodian, you will need some paper work. This will include information such as the amount you plan to roll into the new account and the names of any beneficiaries.
Typically, the process of setting up an IRA for gold investments takes between 3-5 working days. Once the setup is complete, it’s time for you to choose and place the metals within your IRA account. Only certain products are permitted in an IRA. Your broker will be able to tell you more.