IRA, or Individual Retirement Account, is a retirement plan, provided by a number of financial institutions. It provides tax advantages for retirement savings for individuals living in the United States. An Individual Retirement Account to store precious metals that have been approved instead of paper-based assets or currency is a precious metals IRA. It usually holds these precious metals in the form of physical bullion coins or bars. Four precious metals that have been approved to be held in an IRA account are gold, silver, platinum, and palladium.
1. What is a Self-Directed IRA?
Precious metals IRAs that allow diverse investments to be held, giving the holder more control over them, are self-directed. Most gold IRAs are self-directed. A Self-Directed IRA allows you to own precious metals, as well as, bonds, mutual funds, real estate, stocks, in a tax-deferred account in a specialized depository. It also gives the power of deciding exactly what to invest in into your hands.
2. What Types of Precious Metals self-directed IRAs are available?
There are 2 types of self-directed Precious Metals IRAs: Private Storage IRAs in which you open an LLC and take physical possession of your metals; Vaulted IRAs in which you select the custodian of your choice and your metals are stored for you in a insured depositor.
3. How do I set up a Self-Directed Precious Metals IRA?
Gold Silver Group has a simple 3 step process for setting up your IRA. Our expert staff assists you in the simple forms necessary, you make arrangements to transfer, rollover or fund your IRA, you choose the metals and they are sent directly to you or your designated depository fully insured and with free shipping.
4. Will I be in physical possession of my Precious Metals?
With a Private Storage IRA you will be able to take possession of your Precious Metals.
With a Vaulted IRA the metals you purchase for your independent retirement account cannot be possessed physically. They remain stored, on your behalf, in a fully insured, pre-IRS-approved storage depository.
5. Do I require a custodian?
Yes, the IRS requires custodian administrators for all IRAs. For a Vaulted IRA you can choose from a number of well respected Custodians. For a Private Storage IRA you will form an LLC and you will become the Custodian.
6. What is a Direct IRA Rollover?
An employer-sponsored retirement account, such as a 401(k), 403(b), undergo a direct “rollover” to an IRA; this is a Direct IRA Rollover. To start your IRA rollover, call us now.
7. What does an IRA transfer mean?
When you want your standard IRA to be replaced by a precious metals IRA, so that you may benefit from the advantage of owning physical Gold and Silver, you transfer your assets from to a Gold and Silver IRA. This tax-free transfer is between your old and new IRA custodians.
8. How long will the transfer take?
On average, a rollover takes two to four weeks. Since we will be accommodating your unique needs and your pace, the duration may differ.
Will I be able to access my Silver IRA account online?
Absolutely! We believe in full transparency, so that you have 24/7 access to your account online to see the full value of your portfolio.
9. What are IRA-approved Gold & Silver?
IRA-approved silver coins includes:
IRA-approved Gold coins includes:
10. Can I add bullion or coins that I already own to my IRA?
No. Except for transfers and rollovers, all contributions to your Silver IRA must be in cash.
11. What other precious metals can I store in my Silver IRA?
You may have IRS-approved gold, silver platinum, and palladium in Self Directed IRA.
12. What is the minimum amount that I need to invest in precious metals?
The minimum amount that can be used for investment is $15,000.
13. Where exactly is my Vaulte IRA being stored?
It is being held in secure storage at our depository that is IRS-approved and fully insured, so that your silver stays secure and you can sleep peacefully at night.
14. How does Distribution work?
The laws for distribution state that an account holder may either liquidate their IRA metals for cash or take physical possession of them–another benefit of owning a gold IRA. The tax-free gold IRA is stored in a depository approved by the IRA until your retirement. On retirement, you may have the metal shipped to you directly or liquidated for cash. Until then, your gold stays in our vault, kept safe by all-risk insurance coverage and 24/7 state-of-the-art security.
Since this is a long-term investment, allowing your gold to grow in value is an ideal defense against the unstable conditions of today. We believe in a minimum holding period of 5-10 years.
15. What form will my distributions be in?
On retirement, either you may receive your distributions as physical metals or, if you prefer, the metals can be liquefied and you will be receive cash.
16. When can I start receiving my distributions from my Silver IRA?
You may begin receiving the penalty-free distributions at the age of 59 1/2.
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