One important rule to know about storing physical gold in an IRA is that your precious metals MUST be stored at an approved depository institution such as the Delaware Depository Service Company or Brink’s Global Services, not in your home or in a safe. Gold IRAs tend to have higher fees than traditional IRAs. Investing in gold, silver, and other precious metals is a good choice if you’re worried about the constant rise in the cost of living and dubious market trends. Converting your 401 (k) savings into a gold IRA can be crucial to securing a financial feature.
The primary goal of virtually all gold IRA investors is to preserve wealth over the long term — and a precious metal IRA is a safe, stable, and powerful means of maintaining long-term wealth growth. Your custodian bank can refer you to an approved institution and process the gold transfer as part of setting up your Gold IRA. Investing in such an individual retirement account is not just about procuring and protecting the gold — in addition to gold, there are also many options. If you currently have an IRA, you can transfer some (or all) of it to your new self-directed gold IRA using a process known as direct transfer.
Many investors choose gold to diversify their portfolio, either by investing in a gold IRA or buying the metal outright. Secure your future with this unique investment tool from American Bullion — take the first step and request your free Gold IRA Guide today. A self-directed IRA can give you the freedom to choose which types of investment you want to invest in. It doesn’t matter whether it’s gold stocks, physical gold, mutual funds, futures, or options. This reliable precious metals company offers services such as direct procurement of silver and gold coins and bars, precious metal IRAs, wealth management services, and many others.
There are three types of gold IRAs, and each is essentially the logical consequence of the traditional IRA for gold IRAs. To varying degrees, both gold and silver can provide protection against a possible economic or market downturn and during sustained periods of rising inflation. While you can gain exposure to gold in a normal retirement account by owning stocks or funds, you can’t hold the physical asset in an IRA or 401 (k). Gold IRAs are usually defined as alternative investments, meaning that they are not traded on a public stock exchange and require specialized expertise to value them.
First, you should meet the IRS or Internal Revenue Service requirements to qualify to convert your retirement plans to a Gold IRA. Once you’ve opened a self-employed gold IRA, you can transfer cash to the account to fund your purchase of physical gold. If you take personal control of the physical gold from a self-managed IRA, the IRS counts it as a payout, meaning you may face taxes and penalties for early withdrawals. In some cases, the IRS is authorized to close your entire account.