by David Yeo, Best IRA Options
The right way to invest in precious metals is through a self-directed IRA. Why? It offers future retirees many advantages like the following:
- tax benefits
- safe haven from inflation
- portfolio diversity
- US dollar protection
- acts as a retirement fund insurance policy
- complete control
Understanding a good idea and implementation are two totally different animals. To help you get started, we’ll provide a simple four step process.
Step #1: Researching the Top Gold Companies.
Researching gold brokers is the first necessary step. If you ignore this step, you could end up choosing an untrustworthy gold company with a negative reputation.
Websites like the Better Business Bureau, Business Consumer Alliance, and TrustLink gather many reviews about competing gold companies. You’ll see that certain brokers stand out amongst the crowd. Some of today’s top gold companies include:
When choosing a gold IRA broker, make sure you pick one with integrity, excellent customer service skills, strong online reviews, and quick account creation. Some gold companies take as long as 30 to 60 days to create your account. Others only take 24 to 48 hours.
Step #2: Opening Your Gold IRA Account.
Opening an account is simple enough. You can call your gold broker of choice and ask them to walk you through the account creation process. Or you can visit their website online and follow their step-by-step process on the web.
For rollovers or account transfers, you may need to speak with a qualified specialist. But if the option exists on the web, just follow the on-screen instructions to begin.
Step #3: Adding Funds to Your Precious Metals IRA Account.
It’s possible for investors to fund their account using multiple methods. Some of you will want to fund your account via an IRA rollover. Others might need to initiate a transfer. And still others might prefer to make a deposit from their personal bank account.
In each instance, here is what you can expect:
- Rollover – tell your existing IRA custodian about the rollover. They will send the distribution check directly to you. Within 60 days you must deposit the check with your new precious metals IRA custodian. Otherwise you’ll have tax consequences and penalties to deal with.
- Transfer – are you unhappy with your current IRA custodian? Is your current account limited or unable to accept physical gold deposits? If so, you can initiate a transfer and send your existing funds from your current IRA custodian to your new gold IRA custodian.
- Deposit – if you do not have an existing IRA, you can make a personal deposit to fund your account. Contact your gold broker and ask about the procedure.
Step #4: Purchasing Precious Metals.
It’s finally time to begin purchasing precious metals. Many investors stick to gold and silver. You can also buy platinum and palladium for your retirement account. If you do not know what to buy, speak with a qualified customer service rep at your gold broker to get advice and recommendations.
It’s a lot easier to open a self-directed precious metals IRA than it appears on the surface. But the process does present certain challenges nonetheless. Please use the information shared today. You’ll have no trouble finding the best gold IRA company, opening an account, funding your account, and buying precious metals.