What is a Gold IRA?

The first thing you need to know is what an 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 instead of currency.

To set up the account, you just need to register with your preferred company. Here you will need to fill out a series of forms, including the IRA account form. This account is open to anyone under the age of 70.

How much can be contributed to the account in a year?

You can contribute a maximum of $5,000; however, if you are over age 50, you must make a catch-up contribution of up to $1,000. Once you have made contributions, you will only be able to make withdrawals when you turn age 59½.

If you choose to withdraw before reaching this age, you will have to incur a 10% penalty.

What is a direct rollover?

This is the amount that is distributed from your employer’s retirement plan. Once the amount is earned, it is sent to your IRA.

Does one physically possess the gold metals?

No, you do not own the gold you buy. This is because the storage facility stores the gold on your behalf. To be sure your investment is safe, you need to make sure the storage depot is insured and has the right experience and reputation.

Can income from other retirement plans be transferred to a Golden IRA?

If you can do it. Here you just need to fill out an IRA account form and representatives from your chosen company will help you with the transfer.

How long does the transfer take?

The amount of time it takes depends on the company you are working with. It has been shown that the most efficient companies take a maximum of two weeks to complete the transfer process.

Before you decide on the company you want to work with, you should do your research and find out how long it takes for a given company to complete the transfer process.

What other metals are allowed in retirement accounts?

Other metals allowed are silver and platinum. To understand more about this, you should consult a precious metals specialist who will guide you in finding the right option for your retirement needs.

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