The Silver IRA Rules You Should Know
Is your retirement fast approaching? Are you still a few years away from it and want to be prepared for the next phase in your life? No matter what the case is, opening an IRA account is a smart way of setting yourself up to live out your golden years comfortably.
A silver IRA, especially, can help you maximize the funds that you have accumulated over the years and helps you create a sizeable nest egg that you can stow away to serve you well in your retirement years.
While silver IRAs are a great investment option, make sure you’re keeping these simple rules in mind before opening it.
A Silver IRA Will Operate Just Like a Traditional IRA
The good thing is that silver IRAs operate similarly to regular IRAs, so the same rules apply to them as they do to conventional accounts, or other precious metals IRAs. The main difference between the two is that while traditional IRAs contain paper-based assets such as bonds, stocks, and mutual funds; you will be able to add precious metals or silver to your silver IRA.
The Silver Must be Kept by a Guardian in an Approved Site
According to the IRS rules, you can’t just open a silver IRA and stash away your silver coins or bullion at your own house. The integrity and security of the account must be maintained so you will have to deposit your silver in an IRS approved depository that is supervised by registered caretakers.
The Silver Should Meet Necessary Purity Standards
In order to qualify for being placed in a silver IRA, the silver must be 99.9% pure or should hold a finesse grade of .999. The silver IRA firm that you work with will ensure these purity standards.
You Can’t Add Pre-Owned Silver to Your Silver IRA
Essentially, the silver IRA you open should be funded by means of buying new silver coins or bars by using your retirement fund. You can also rollover a preexisting IRA account to garner funds to purchase silver. And if you have silver coins or bars stored in another retirement account, they can be eligible to be transferred as well.
Only Specific Types of Silver Bullions Qualify to be Used in Silver IRAs
The investment dealer that you work with will ensure that your silver bullions are silver IRA-approved. These can include the American Eagle Coin, Silver Royal Canadian Mint Coins, Australian Kookaburra Silver Coin, Austrian Silver Vienna Philharmonic Coin, Canadian Silver Maple Leaf Coin, and more.