If you have just made up your mind to venture into the field of Gold IRA investment, we are here to give you everything you need to make better decisions for your financial future. Below are the best Gold & Silver Backed IRA Account:
On this site, you would be able to access a lot of useful information about Gold IRA investment, such as Gold IRA Rollovers, Roth IRA’s, 401(k) rollover as well how to get FREE Gold Investment Kit. There are also comprehensive reviews of the best service providers in the Gold IRA business today. You can also benefit from our step-by-step guidance for setting up your own Gold backed IRA.
In this article today, the first thing we are going to do is addressing the most frequently asked questions from investors. Next, we will discuss the best Gold IRA Companies we have reviewed to find out the best and most trustworthy one in the business nowadays.
We always prioritize your peace of mind, so in case your concern has not been covered here, do not hesitate to contact us using our contact form above.
Gold has been proven thorough history to have record sustainability. In a long run, it is a very smart investment to protect your retirement portfolios. Another bonus for this commodity is that it is quite easy to set up a Gold Backed IRA. Below are some typical frequently asked questions we have received and our answers to them.
Gold Backed IRA
It is, in short, is a type of self-directed IRA that complies with federal IRS rules and regulations.This means precious metals such as physical gold, silver and palladium can be chosen as an investment rather than traditional paper based investments. This also provides everyday people like you with long term security.
Any Other Metals Options?
Yes, besides gold, you can choose to invest in other types of precious metals such as silver, palladium, platinum in this type of IRA account.
Yes, as of now the US government only allows certain types of gold and other precious metals to be held in a precious metals IRA (Individual Retirement Account). The details are below:
- All coins that have gone through ‘certification’, including the American Eagle (aka ‘slabbed coins’), are not allowed to be held in retirement plans at the moment.
- Rounds and Bars produced by manufacturers who have been accredited by Comex/Nymex, LME, NYSE/Liffe/CBOT, LBMA and ISE-9000 or a national mint. As for bars, the minimum finenesses are: Gold .995+ Silver .999+ Platinum .9995+ Palladium .9995+
The types of gold coins, bars and rounds permitted to be included in an IRA are listed in the 1997 Tax Payer Relief Act.
Yes, investors are not confined or limited to just physical gold. In fact, a gold ETF (Exchange Trade Fund) or other stocks and share options in different gold mining companies are also allowed to be included.
Other Investments In Gold IRA?
Yes, you can choose to take any of your other current investments and include them even when they are not related to gold or other precious metals. All you have to do is setting up a specific type of IRA to have your gold held in it. Just remember that you are not limited.
How Many IRAs Can I Have?
You can have as many IRAs as you want. You can even have additional IRAs on top of your gold IRA if you want to. There are no rules restricting the amount of IRAs you can own.
Rollover or Transfer an Existing IRA?
Yes, it is. You can rollover or transfer any of your retirement plans to a gold IRA.
The first option for you is doing a ‘rollover’, which is a process when you take the distribution from your current retirement account and deposit it into another retirement plan custodial account. You have to re-deposit the funds into a new retirement plan within 60 days upon receiving the distribution from your previous retirement account. Exceeding the 60-day holding period will make you liable for taxes and penalties on the money that was initially withdrawnas prescribed in the Federal Law. If you wish to retain the tax-deferred status on your retirement savings, you can opt for the rollover of the same money every 12-month period.
The second option for you is doing a ‘transfer’. This is a process when your existing plans assets transfer from one custodian to another (also known as a ‘direct transfer’). In other words, the check issued by your old IRA custodian must be made out to the new custodian or trustee of your own new precious metals retirement account that is on the receiving end of your funds. You are able to make transfers as often as you wish.
Rollover or Transfer My Existing Retirement Plan Entirely?
No, you can choose to rollover or transfer your existing retirement plan in parts. In fact, this simple process is a smart method of investing parts of your retirement plan into precious metals. More exposure to more precious metals means less or even no cost for you.
Taxes or Penalties When Transferring?
None. Transferring traditional IRAs into a gold IRA does not cost you any taxes or penalties.
Virtually nothing, that is why many investors are in favor of doing a gold IRA transfer or rollover. Although most Gold IRA companies require a minimum transfer fee of $250 and storage fees that are usually 1% of the total values of your IRA each year. Fortunately, there are certain previous metal dealers, such as the one recommended here (link) who accept to defer your set up and storage fees for one year when you do a transfer of $10,000.
Can I Hold My Gold?
Unfortunately no. Not until the age of 59½ can you physically posses your gold without any penalties inflicted upon you. Before this point, your gold must be held at an insured backed and IRS approved depository in your name.
This is a very simple and straightforward process. If your custodian specializes in both precious metals retirement plans and precious metals, you can expect the transfer process to be completed in a matter of weeks.
Why Invest In Gold?
Nowadays, there is always impending uncertainty in our economy. The US national debt has reached a staggering number of over $17 trillion, and it keeps growing out of control. So this is the best time to examine the reality of our debt and how it is increasing.
In case you need to know more about our national debt: The US National Debt is increasing at an exponential rate of $3,600,000,000 per day or approximately $42,000 per second. It is damaging our economy every single second.
Some of you might think that the USD value is still high compared with other currencies. In fact, its value is declining day after day. The European debt crisis across the globe is just there to make matter worse. Gold, on the other hand, has greatly benefited from the economic turmoil. During times of economic distress, gold price keeps soaring higher and higher. In the previous decade alone, gold price has tripled and kept showing a consistent track record of growth in over 12 years of sustainable growth, from 2001 to 2012.
Gold did have its wavy moments, but from the line graph you will be able to notice that the jagged line represents sustainability rather than a declining trend. As a result, investors can rely on the historically proven upward trend in gold price.
For instance, during the year 2013, the price of gold saw a little decrease from the previous high points. Nevertheless, smart investors still consider buying into the dips a great investment opportunity.
Some of you may wonder: what was the cause of the ever increasing gold price in the past decade? The answer lies in the close relationship between gold and economic downfalls: whenever the economy suffers, the overall gold price tends to rise. This explains why in time of difficulties, people usually seek to gold for security, and in fact gold has never failed us.
Look around your hometown, you should be able to realize that recently, gold businesses have been sprouting up like wild grass. The gold business is so lucrative that even big companies and the governments have been investing in it. The latest countries to get involved into this modern time gold rush are China and India.
Another great thing about gold is that it is now accessible to ordinary people, not just exclusively held out to the super wealthy like in the past. It is now very easy to purchase gold and add it into your individual retirement plan.
In case you still wonder whether you should invest in gold right now, the answer is “Absolutely yes!” As a long term investment, gold is the perfect choice, and this is proven by investors, the charts and the history. It all makes sense to secure your economic nest egg by investing in Gold IRA.
When you follow through with a rollover or transfer or an entire existing retirement plan such as a 401k to gold or even precious metals, your IRA will let you invest in gold even if you do not have available funds.
In other words, you can invest in gold using your existing funds that have been put away rather than looking for capital elsewhere, which in most cases, does not perform as well as you expect.
How Do I Start?
The decision on your financial future and retirement plant is of extreme importance, so make sure you do not mess up the process.
First, the most important choice is the choice of a precious metals company that not only is trustworthy but also agrees to purchase coins on your behalf within your IRA. Standard procedures and policies do not allow you to purchase coins yourself.
As a result, it is very important that you pick a gold IRA company specializing in both precious metals and precious metals retirement plans.
In case you do not have an IRA custodian already, do not worry, since most precious metals companies can refer you to general and specific gold IRA custodians. Just keep in mind that the custodian of your choice must be IRS approved.