You may have heard of gold IRA investing, but have you ever asked yourself how it works? The investment is very simple. It just involves transferring your savings from your ordinary IRA account or 401k into an IRA account that stores its value in the form of gold. There are many companies available that offer the services of gold IRA investing where you can open an IRA account and get started. To understand well how the process works, here is a simple guide:
How gold IRA investing works
- 1 How gold IRA investing works
- 2 Tips for you to select the best gold IRA custodian
- 3 3. Get funds into your IRA account
- 4 Methods you can use to fund your gold IRA account
- 5 Decide on the best investment plans
- 6 List of IRA Approved Coins
1.Fill an IRA application form
It is the first step that you should take for you to be able to invest in gold IRA. First, you need to take time and decide on the best IRA Company which will easily approve your application. The company should have fair rates for the service of running your IRA account. You should also consider a company that will enable you to diversify on the precious metals, remember you can decide to have gold, silver or platinum in your gold IRA investing.
You need to visit the website of the best Gold IRA Company before you fill the form. Always provide your official details so that the account will be set up using the right details.
2. Select a custodian to manage your account
In the gold IRA investing you will be dealing with physical gold. It makes it necessary for you to have a custodian who will help you in storing the precious metals. The custodians available will differ in their standards of storing the precious metals and the fees that they will charge you.
Tips for you to select the best gold IRA custodian
There are several factors you should take into consideration when looking for the best Gold IRA Company for you to invest. First, gold investing is a serious venture you are about to carry out. It is always necessary for you to get it right from the start rather than regretting later. Employ the following tips, and everything will be okay with you:
You should ask the company all details concerning your account. There are those who can have a lot of hidden charges; you should be careful when choosing such companies. A company such as Regal Assets has a good reputation in offering quality services. The process should be self-explanatory. Avoid cases where you are pushed too much to make an investment. The best company will only explain everything in detail to you so that you can always make your final decision.
Track record of the Gold IRA Company
You should avoid companies which apply hard sale tactics. It is easy to spot the right company after you visit reputable third party review websites such as Business Consumer Alliance and Better Business Bureau. There are lots of information out there, but you should always read them with an open mind so that you can get to know genuine information and those who will be after influencing you to make a rash decision. A company which has few or even no court cases should be your choice if you will like to invest in a place where your gold bars and bullion will be safe.
Different customers have their needs. You may be out to invest in gold for a given period. The best company should always offer you the necessary advice you need or even advice you on the specific services you can choose from their wide range of services so that you can meet your specific needs.
Qualifications of the Gold IRA Company
The company should be fully registered and licensed to offer the services. Always check and ensure the company has a comprehensive insurance cover which will protect your investment against any form of risk which may arise.
3. Get funds into your IRA account
After you have set up your IRA account and selected the right custodian, it will be time for you to move funds into your IRA account. You can decide to rollover your already existing IRA account into gold IRA account or use your money. In case you like to use IRA rollover as a way of transferring funds into your account, you should only fill a form and let the trustee deposit the money directly into your new gold IRA account. It is necessary to avoid taxes.
Methods you can use to fund your gold IRA account
401k rollover to gold IRA
You can just fill a transfer form for you to move funds from your traditional IRA account to the gold IRA. The prices can take different periods of time depending on the company you decide to open an IRA account.
Some companies allow you to transfer funds to your gold IRA account via wire transfer. Always check with your custodian for you to know whether they accept the wire transfer method.
Some gold dealers accept you to pay using PayPal. It is a simple process where you can take few steps, and the funds will be transferred to your account for the purchase of precious metals.
Money transfers from your bank
You can sign a check, or any other methods of money transfer and the funds will be moved to your gold IRA account.
Decide on the best investment plans
You can choose to have gold bullion or coins in your gold IRA investing. In case you choose on coins, here are common coins that you can have in your gold IRA investing: There are different items you can have in your gold IRA account. You can go for gold coins, gold bars among others. Always ensure the items you have in your account are IRA approved. Some investors can convince you to have other collector coins in your account. If you are serious about opening a gold IRA account which will safeguard your investments, then you should always go for gold IRA eligible metals such as gold, silver, palladium and platinum.
List of IRA Approved Coins
- American Gold Eagle coins
- American Buffalo Gold Bullion Coins
- Canadian Maple Leaf Gold coin
- Austrian Gold Philharmonic coins
- Credit Suisse – PAMP Suisse Bars
- Australian Kangaroo/Nugget Gold coins