Secure Your Retirement With a Gold IRA
Many investors want to add physical precious metals to their retirement, but don’t know where to get started. The goal of this website is to provide answers to frequently asked questions and provide a blueprint for getting started with precious metals.
Click Here to Review Our Gold IRA Comparison Chart - For your convenience, we’ve compiled the contact information for only the top Gold IRA providers and included their Better Business Bureau, Business Consumer Alliance, and TrustLink ratings.
Click Here to Visit Our Top Rated Gold IRA Provider – We’ve chosen this company as our current top precious metals dealer based on their
- Highest ratings with the BBB, BCA, & TrustLink (zero complaints).
- Low FLAT Fees (Zero fees for the 1st year)
- Best Storage Options – Brinks Segregated / Allocated Vault Storage
- Efficiency – Ability to Open / Liquidate Accounts in 7 Days
Protect Your Retirement With A Precious Metals Backed IRA
Although a large number of baby boomers are about to retire, many may have not saved enough money to see them through their sunset years. This is the conclusion of a report published by the Administration on Aging (AoA). The report identifies several factors responsible for this sad state of affairs. To start, most baby boomers have modest incomes (median of $27,707 for males and $15,362 for females). In addition, 86% of elderly people 65 years or older rely on social security payments to buy food and pay utility bills. As a result, 3.6 million senior citizens live below the poverty line. The small percentage of Americans who have saved and built a sizable retirement account are now worried whether or not their investments will hold value long term. If you are 50 years or older and smart enough to have planned wisely, you may consider a gold IRA rollover as a smart way of diversifying retirement funds in order to protect against inflation, an unstable global economy, and a weak US dollar.
What is a Gold IRA Rollover?
You can use the money in your retirement plan, including a 401k, to buy precious metals. Even better, a gold IRA rollover would allow you to continue to grow your retirement money without having to pay taxes on your investment. In general, there are two types of IRA rollover accounts: direct and indirect rollover. In terms of requirements, the former account is straightforward since the trustee/custodian of your retirement plan would send funds from your retirement account directly to the custodian of your gold IRA account.
The latter type, however, has a number of requirements. First, while you would be able to withdraw funds from your retirement plan, your employer will withhold 20% of your distribution for the IRS. Secondly, you would have to deposit the distribution you have withdrawn into an IRA within 60 days. What’s more, you would have to top up the 20% withheld by your employer with money from your own pocket. Now, it is worth noting that you do not have to rollover 100% of your distribution. However, all the money that you do not rollover will attract ordinary income tax as well as a 10% distribution penalty if you are younger than 59 ½ of age.
How to choose a gold IRA company
Of course, it is vital you choose the right precious metals IRA company. You do not want to give your money to a company that has a history of unsatisfied clients. With this in mind, consider the following factors carefully.
• Fee Structure
Some of the typical fees and charges associated with opening and maintaining a precious metals IRA include establishment, maintenance, storage, transaction and recurring annual fees and charges. Of course, the aforementioned charges vary from one company to another. For example, some companies that we’ve reviewed charge a simple flat fee for storage and maintenance. Our top recommendation even waives fees for the first year for new clients. Other companies have fees that vary depending on factors like amount of gold IRA rollover funds invested in precious metals and company policy. For example, storage fees for an individual who buys gold worth $80,000 will be lower than for a person who invests $200,000. They justify this because the latter requires more space to store than the former. Evaluate the fees quoted by the company you are eyeing to ensure they do not constitute excessive investment costs. There is no reason to give your business to a company that will charge more for the same service.
• Type of Storage
Since the IRS does not allow owners of gold IRAs to store precious metals at home, storage matters a lot. Metals bought with gold IRA rollover funds are usually stored at a specialized depository. If you desire, you can visit the depository to see and handle your precious metals. The rule of thumb is to choose a precious metals IRA company that can guarantee storage of gold, silver, or platinum on an allocated basis. This simply means that you will have an account directly in your name that holds specific metals that you have bought. Make sure that you have segregated storage – meaning, your gold is separately held in your own vault. Depositories that store metals on an unallocated basis just pool everything together without specifying which metals belong to a particular person. Make sure to ask about this before doing business with your gold company.
• Choice of IRS Allowable Metals
It is important to note that the IRS does not allow IRA owners to buy all manner of precious metals available on the market. Allowable metals must meet certain requirements. For instance, gold metals must have a fineness of .9950 while silver metals must have a fineness of .9990. For platinum and palladium, fineness must be at least .9995. Moreover, a professional gold IRA company should provide you with names of precious metal coins, bars, and proof coins that meet the IRS’s requirements. Make sure that the company you choose is knowledgable and specializes in gold IRAs.
To be on the safe side, go for a company that has a stellar reputation when it comes to handling gold IRA rollovers. You can learn more about the reputation of any business by carrying out some bit of research online. This includes reading reviews, visiting complaint and industry specific forums, as well as visiting the Better Business Bureau’s (BBB’s) website. If a company appears to have a murky past or is unable to address 401k rollover concerns raised by past clients, take your money elsewhere. With this in mind, we have decided to become affiliates of Regal Assets. We recommend this gold IRA company because they currently hold an AAA Business Consumer Alliance rating, zero BBB complaints since March 2013, flat annual IRA fees, and five star Trustlink rating. Based on our findings, we are confident to direct our readers to Regal for all gold or silver IRA investing needs. You can learn more about Regal Assets in our company review, or visit our top recommended company directly at www.RegalAssets.com.
In conclusion, a gold IRA rollover can help you secure your retirement through precious metal investments. This will involve transferring the money in your 401k to a precious metal backed IRA. Our website is here to help you research different gold IRA rollover companies, learn more about the process, and make informed investment decisions.
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