Converting Your IRA to Physical Gold
A precious metal IRA is a great way to save for retirement, diversify your portfolio, hedge against inflation, and protect yourself against rising interest rates. If you already have an IRA, you can easily convert your IRA into physical gold with a precious metal IRA. Keep reading to learn more about precious metal IRAs, how to convert your IRA, and what you need in order to start one.
What is a Precious Metal IRA?
According to Forbes, a precious metal IRA is a special form of self-directed IRA. This is a special type of individual retirement account that allows you to invest in a broad variety of unconventional assets, including precious metals, real estate, and even cryptocurrency. Conventional IRAs typically do not allow you to own these kinds of assets directly. Note that self-directed precious metal IRAs have the same contribution limits as regular IRAs.
With precious metal IRAs, you can invest in gold, silver, platinum or palladium, and the IRS has specific standards your precious metals have to meet:
- Gold must be 99.5% pure
- Silver must be 99.9% pure
- Platinum must be 99.95% pure
- Palladium must be 99.95% pure
Funny enough, you may never get to actually see the physical gold that you own with a precious metal IRA. This is because you are not allowed to keep precious metals (for your IRA) in your home. The rules require you to choose a custodian who is responsible for holding your precious metals in a storage facility. The custodian also purchases these metals and keeps them safe for you, separate from other investors. It is very important to follow these particular IRS regulations for your precious metal IRA and find a trustworthy custodian, such as Priority Gold, to ensure compliance.
How to Convert Your IRA
If you have a Roth IRA, you can easily convert it into a precious metal IRA. At Priority Gold, we have a very simple four-step process for doing this. The four steps include:
- Gathering your information
- Designating the beneficiary
- Source your funds
- Transfer funds
Our proven four-step process makes it easy to open a precious metals IRA, and we guarantee you the highest caliber customer service. Our IRA specialists will answer all of your questions, work with your current custodians to ensure a seamless transition, provide you with a free metal evaluation, and continually help you to review your portfolio.
What You Need for a Precious Metal IRA
Don’t already have an IRA to roll over? Don’t worry; you can still own physical gold and open a precious metal IRA. Here is what you need to open a brand new Precious Metal IRA:
- Select a custodian. Priority Gold can help you choose your custodian. Priority Gold is proud to partner with Preferred Trust Company to provide custodial and administrative services for your IRA-owned precious metals investments. As a financial institution, they abide by IRS rules and regulations and the guidelines set forth by the State of Nevada Financial Institutions Division.
- Choose what to buy. As mentioned, you can choose from several different precious metals for your IRA. One of the most common choices for precious metal IRAs is American Eagle Bullion Coins, which are issued by the U.S. Mint. We can help you choose the right metals for your savings goals if you are unsure.
- Choose a depository. As we mentioned, you cannot keep your physical gold at home with you. You need to choose where to store it, and our partnered custodian can help you through all of those details.
How to Get Physical Gold with Priority Gold
There are many different ways to own physical gold. You can purchase coins, bars, bullion, and more to own in your home. While you can own gold confidentially this way, you run the risk of losing your gold and not maximizing its benefits. A precious metal IRA allows you the opportunity to own physical gold without the risks of owning physical gold. You don’t have to worry about it getting stolen, lost, or any of the other worries that come with it. You can also use your precious metal IRA to save for retirement, hedge against current inflation, and protect your savings account against interest rates.
The value of gold goes up as the value of the dollar goes down. There is no better time than now to invest in gold and get the most out of your physical gold. If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States, with a BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest customer service standards, which come with honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com