Most people realize that investing in precious metals is best accomplished through a self directed gold IRA. They appreciate the tax benefits and other rewards that an individual retirement account provides.
Other advantages include:
- It’s a safe haven investment that protects your overall portfolio.
- It provides investors with full control over their financial future.
- It’s an excellent way to add diversity to your portfolio.
- It protects against a shrinking US dollar.
- It acts as an insurance policy for your retirement fund.
But knowing something is a good idea is very different than actually knowing how to get started. Today we’d like to help you begin the process of opening a gold IRA. By the time you’re through reading this, you’ll know exactly what to do to get started.
Step #1: Researching Gold Brokers
Many investors would love to dive in before they learn how to set up a self directed gold IRA. While it’s noble that they’re so eager to get started, it’s not necessarily the best approach.
Instead of jumping into bed with the first gold broker to cross your path, you need to perform research first. As an investor, you need to know everything there is about the available gold brokers working in the industry.
Why is this so important?
First of all, you’re putting your faith, trust, and financial future in their hands. Wouldn’t you like to know everything about them first?
What happens if you trust the wrong company and end up losing your retirement nest egg? Don’t leave yourself vulnerable. Instead, take a week (or much less) out of your life to evaluate your options.
Note: You have two options when it comes to researching gold brokers. One is easy and the other is much harder. You can look at our list of the top 10 gold IRA companies and read our full individual reviews. Or you can visit each company’s website, read over their testimonials, read through their negative reviews, and make a determination.
To help you get started, you should research the following companies because they are the best in the industry. They include:
- Regal Assets (Our #1 Trusted Gold IRA Broker)
- Birch Gold
- Augusta Precious Metals
- Cornerstone Bullion
- Advantage Gold
- California Numismatic Metals
There are other companies to look into as well. But based on our years of experience, we’ve narrowed down this list to the top 10.
In all honesty, you’re better off reading our reviews. We look at each company thoroughly and tell you our likes, dislikes, and reasons why each company made our list.
Step #2: Opening a Precious Metals IRA Account
Our favorite gold IRA broker Regal Assets makes it simple to open a precious metals individual retirement account with their company. Just visit their website and click the green button that says “open account” to get started. Pretty simple, right?
This method works for those looking to initiate a rollover or transfer. You can simply fill out the form on the web and quickly get started.
On the other hand, you may prefer to talk to a specialist before opening your account. In this case it’s best to call Regal Assets to speak with one of their precious metals specialists. You can call them at 1-855-906-5964.
They’ll walk you through the entire step-by-step process. They’ll also answer any questions or concerns you might have regarding funding your account, purchasing precious metals, and much more.
Step #3: Funding Your Account via Rollover, Transfer, or Deposit
As you can see, it’s possible to fund your account in multiple ways. You can initiate an IRA rollover, a transfer, or make a deposit from your personal checking account. You’ll know which funding method is best based on your personal situation.
Do you currently have an existing IRA account? If it doesn’t have the ability to purchase precious metals, you may use a distribution to initiate a rollover.
In the case of a rollover, your existing IRA custodian will send you a distribution check. You will use the proceeds of this distribution check to fund your new self-directed precious metals IRA account.
Remember to keep the 60 day rollover rule in mind. You have 60 days to deposit this check with your new custodian. If you go over the 60 days you’ll suffer tax consequences and potential fees and penalties.
In the case of a transfer, you’ll initiate this process if you plan to change from one custodian to another. Your existing IRA custodian will transfer the account to your new self-directed gold IRA custodian.
Why would anyone want to transfer custodians? Some reasons include:
- You aren’t happy with their services.
- You cannot purchase gold and other precious metals under the rules and regulations of your existing IRA account.
A third funding option is to deposit cash directly from your personal bank account. Contact a Regal Assets representative at 1-855-906-5964 (or the rep from the company you choose.) Ask them to help you make a deposit to fund your account.
Step #4: Buying Gold, Silver, or Other Precious Metals
Now that your account is fully funded, you can finally begin buying precious metals as investments for your gold IRA. You can choose from four types of the following metals:
Remember, certain types of precious metals aren’t considered investments under the gold IRA rules. Make sure you’re dealing with a broker that knows and understands the investments eligible for your retirement fund.
Regal Assets only sells IRA eligible precious metals. So if you purchase from our top recommended company, you’ll never have anything to fear. All of your investments will be eligible for your gold IRA account.
On the other hand, some brokers sell many other types of gold investments. So you’ll need to be careful when purchasing from these brokers. You’ll have to research your purchases and ask them to confirm that these products are eligible for a precious metals IRA account. Otherwise you could end up buying metals that won’t benefit you in retirement one way or another.
Opening a self directed gold IRA certainly presents its challenges. But the process isn’t too difficult.
And even more important, when you’re dealing with a well-respected gold company you’ll have nothing to fear and everything to gain. They’ll teach you their process and walk you through it every step of the way.