Things to Consider Before Getting a Precious Metal IRA
Financial planning is essential if you want to maintain your standard of living after you hang up your boots. Traditionally people choose to put their money in investments like stocks or mutual funds using traditional IRAs.
However, with the instability in the word right now, a growing number of Americans are now investing in precious metals IRAs that offer long-term stability. Learn about the things to consider before getting a precious metals IRA.
Opening up the Account
If you already have a traditional IRA account, the precious metals investment dealer can help initiate the paperwork to convert it into a precious metals IRA account. If you are starting from scratch, you need to open a self-directed regular IRA with them.
Metal exchanges have a wide range of custodians on board that you can choose from. Select a custodian and commercial depository that offers investor-friendly terms. After this, all you have to do is communicate with the IRA custodian to direct the exchange to buy the precious metals you need.
Quality of Metals Required
According to the guidelines of an IRA account, the gold and silver need to be of 99.9% purity. Platinum and Palladium can be of 99.95% purity.
American Eagle coins, Canadian Maple Leaf coins, Australian Koala bullion coins, and PAMP Suisse bars are examples of precious metals that qualify because of their high-quality levels. Rare coins, British Sovereigns, Swiss Francs, and German Marks don’t make the cut.
Cost and Service
When opening a precious metals IRA account, you need to look at the costs and services of an investment dealer. If costs, such as storage transaction, custodial, and setup fees, are high, then you might find it hard to operate your account.
Similarly, if the company has no in-house IRA department to coordinate with the custodian and make tricky processes simpler, you might get frustrated and lose interest quickly. This is why it’s critical you do your research before selecting a precious metals exchange. A company that has a proven track record of reviews to back up its claims should be your top candidate.
Choose an Experienced Precious Metal Exchange
Orion Metal Exchange is a highly experienced precious metals investment dealer that is accredited by the BBB and the NRA Business Alliance. We offer high-quality gold, silver, palladium, platinum bullion, and coins that meet the criteria required for a precious metals IRA account.
Our in-house IRA department makes the process of starting a precious metals IRA very simple. We have no setup fees or transfer fees as well. We also help with precious metal storage options.