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Spend Your Retirement The Way You’re Meant Too…
A Gold or Precious Metals IRA can form in a number of ways, sometimes one may choose to rollover (convert) their 401K into gold or they may already have a different type of IRA and choose to roll this over. For those with spare cash they may simply open a gold IRA with cash , there are no given ways or certain rules on how to open a retirement account, the majority of these rules are to do with what you can do with these accounts and the assets allowed.
A modern day Gold IRA is a powerful financial tool used for both security and as a hedging option, for large companies it is simply a case of purchasing large amounts of gold outside of the IRA system, unlike say a commodity it does not have a sell by date.
Beware Of The Gold IRA Scams
With so much money flying around the market did not take long for scammers to start selling fake investment products, but as someone new to the market how can you tell what is real and what is not. Firstly you must understand that for a custodian to be eligible to sell and store gold on behalf of investors they must have an extremely secure and highly regulated system, bullion’s must be of near 100% purity, storage has to be some of the most secure places on earth and these are just the logistical questions. Follow some simple rules of thumb and you should be ok.
1. Due to such difficulty becoming an official precious metal custodian the few companies out there are large businesses, if you cant find plenty of information about the custodian through media, news and review sites then stay clear.
2. If they are offering home storage IRA then again probably a scam, not saying this is impossible but to pass IRS standards the home storage has to be extremely secure with state of the art vaults and the best modern security systems, this in itself exceeds the average value of most investor funds, unless the investor is super rich (billionaires) chances are they will not be able to pass the IRS standards.
3. Gold storage and management is very expensive, if the investor does not contribute enough to their IRA then for the most part the custodian will struggle to make profit from their services, assuming they provide all correct services. So if there is no minimum deposit usually $10,000 or in some cases $5000 then stay clear, unless storage and other fees are extremely expensive these custodians will not accept a random investment of say $1,243, if they do then perhaps they are just going to take your money and run?
Gold IRA Q&A
How do I find good, trusted gold IRA companies?
Shop around, just keep reading and doing your research and see what company pops up the most and you will then at least be able to guarantee they are real, as it is possible to trap yourself in a scam. We have partnered up with some of them biggest Gold IRA companies so just contact us and we can help guide you. Always read the companies fees and policy pages to make sure they are in depth and make sense. If you are investing a lot then get a professional to check all terms, fees, and policies before investing.
What is the job of my IRA custodian?
Your custodian or trustee is simply thier to perform the action of buying your assets. technically speaking they should not be advising, as such you may notice they use phrases such as “in my opinion” as they are simply salesmen not financial experts. As such you should enter an IRA investment with all your own knowledge before seeking your custodian. You may build a relationship with your custodian after a while and trust everything they tell you which isn’t necessarily a bad thing as they may know how well the market is doing based on experience. Most of the time this experience is helpful, however you must always remember they are making commission off you.
Can I have more than one Gold IRA?
Yes you can have many if you wanted, in fact it is common practice for savvy investors to to have both Roth and Traditional IRAs, this way they can convert from on to another for certain tax benefits, read more on this here. This benefits those who who may have a more erratic salary such as those in sales or business owners.
Is there a way to invest in gold through a Vanguard IRA?
The only way is to convert your account to Vanguard Brokerage IRA to buy non Vanguard funds. You then can buy ETF GLD. Typically no and you may have difficulty doing this and we certainly do not partner with anyone who can help, sorry.
Can I put Gold into my current IRA?
This will depend if your current IRA is self directed or not, if it isn’t then no, you must do a full rollover into a new IRA account. You can roll over from a 401K or any standard retirement account, but if you want to maintain control then ensure you go with self-directed. All gold IRA accounts are self-directed so this you do need to worry about. If your IRA is already self-directed but you want to put your first gold bullion’s into it then you can still go through a gold IRA company who will be more than happy to just sell you the bullion’s, but then you will have to arrange for your current custodian to accept them, which they may not do. If this is the case then you will need to open a separate IRA.