Precious metals such as gold and silver can provide portfolio diversification and a hedge against market volatility, inflation, or both. A popular way to plan for a secure retirement is to roll over a 401k. It is now a question of how to establish an IRA that invests in gold IRA.
The Tax Payer Relief Act of 1997 created an alternative to traditional 401ks. It allowed you to add physical precious metals to your IRA. The permissible metals for a gold IRA are gold, silver, palladium and platinum. All must be bullion bars or coins and of a specified fineness. In a gold IRA, rare coins and other collectible gold & silver coins will not be allowed. Your precious metals broker is able to help you determine which metals are best for your portfolio.
Before you decide on the metals that you want to buy for your Self Directed IRA it is wise to begin the process of establishing a IRA. Your precious metals broker can contact your current custodian and ask if you are able to add physical metals into your existing IRA. Many cases won’t allow precious metals investment due to specific IRA plans. Then, you must begin the process to transfer your 401k account into a gold IRA.
Your broker will help you find a custodian who specializes on gold IRAs. Once the custodian has been chosen, paperwork will need to completed. These documents will include the amount to be rolled into your new gold IRA account, the beneficiaries, and additional information.
IRA Gold Investment Setup usually takes between 3-5 days and a maximum of 7-10 business days after the process is initiated. Now it’s time to place the metals in your IRA account. Keep in mind that there are certain products that can be placed into an IRA. This information should be provided by your broker.