A Step by Step Guide to Investing in Gold and Silver Through an Individual Retirement Account (IRA)
Over its history, gold has taken a myriad of forms and played a number of roles.
It’s a marker of wealth, a unit of value, a special ornament, a good conductor of electricity, and most importantly, a way to ensure a financially secure future for your retirement years.
For something that’s as precious and expensive as gold and silver, it’s not recommended to store them at home or in a family owned vault. Instead, individual retirement accounts (IRAs) are the way to go. Let’s see how IRAs can be used as secure vault storage for gold and silver.
1) Open up an IRA account
To begin with, you’ll have to reach out to a precious metal investment dealer. Once you’ve done so, they’ll either open a new IRA or will roll over your existing IRA (if you have one) into a precious metals IRA. The entire process is very easy. Usually, IRA accounts specialists and managers are there to facilitate and guide you at every step.
Please note that a special gold IRA enjoys the same tax deferment advantages as a traditional IRA. For most IRA companies, there are no setup fees and they store gold and silver up till the first three years, free of cost.
1) Choose your custodian
After you’ve decided whether you’ll open up a new IRA or will roll over an existing one, the next step is to choose a custodian. The custodian is usually the investment company who is helping you out with the entire process, but this can vary. Your custodian will hold gold or silver for you in your IRA and will manage the transfer of funds.
2) Secure your purchase metals
There will be no need for you to set out and purchase gold and silver coins on your own. Your administrator or custodian will do it on your behalf, keeping your preferences in mind. You can buy silver, gold, or platinum. These are all IRS approved precious metals. The most common forms precious metals come in are coins, bullions, or bars.
3) Choose a storage option
The Internal Revenue Service of US doesn’t allow you to store your gold and silver coins in your bedroom drawer, if they’re a part of an IRA. Your investment dealer will help you choose a safer, insured, and discrete option which complies with the regulations of the IRS.
If you feel like you need gold at home for emergency purposes, your investment company will help you obtain a high security storage vault. Otherwise, it’ll be stored away from your house. Investment dealers usually have contacts with reliable storage vault providers all across the US and abroad.
If you’re looking for an investment dealer who can facilitate in purchasing, storing, and securing precious metals in your IRA account, look no further than Orion Metal Exchange. For expert advice, give us a call at 1-800-559-0088. You can also book our services online.