What is gold IRA?
The first thing you need to know is what IRA is. IRA is an acronym for individual retirement account. A gold IRA on the other hand is a self-directed IRA that allows you to deposit physical gold in it rather than currency.
To set up the account you only need to register with your preferred company. Here you will need to fill a number of forms including the IRA account form. This account is open to anyone under the age of 70 years.
How much can one contribute to the account in a year?
You can contribute a maximum of $5, 000; however, if you are older than 50 years, you need to make a catch up contribution of up to $1, 000. Once you have made the contributions, you can only make withdrawals when you reach the age of 59 ½ years.
If you choose to withdraw before you reach this age, you will have to incur a 10{a61c4e1b991c7f3a090c87cb66410712d4121fe18ab0f6421d85cbe80290558f} penalty.
What is a direct rollover?
This is the amount that is distributed from your employer’s retirement plan. Once the amount is obtained, it’s sent to your IRA.
Does one physically posses the gold metals?
No, you don’t possess gold that you purchase. This is because the gold is stored on your behalf by your storage depository. To be certain that your investment is safe, you should ensure that the storage depository is insured and has the right experience and reputation.
Can one transfer proceeds from other retirement plans to a Golden IRA?
Yes you can do it. Here you only need to complete an IRA account form and the representatives in your chosen company will help you with the transfer.
How long does it take for the transfer to take place?
The amount of time it takes depends on the company that you are working with. The most effective companies have been shown to take a maximum of two weeks to complete the transfer process.
Before you decide on the company that you want to work with, you should do your research and know the time that it takes a given company to complete the transfer process.
Which other metals are allowed in the retirement accounts?
Other metals allowed are silver and platinum. To understand more about this, you need to consult a precious metals specialist who will guide you in finding the right fit for your retirement needs.
