There are a few things you need to do to set up a Gold IRA kit. First, you need to find a reputable gold dealer who offers IRA-approved gold. Next, you’ll need to open a standalone IRA account with a custodian bank that offers gold IRAs. Finally, you’ll need to fund your account and buy gold.
The gold in a gold IRA must be stored in an IRS-approved depot. You can’t store it in a safe, a house safe, or under your mattress. You then have to buy the approved gold or other precious metal and have it transferred to the custodian so that the custodian bank can book it, explains Moy. Once you reach 72 years of age, you’ll be required to accept the required minimum distributions (RMDs) from a traditional gold IRA (but not from a Roth IRA). In some cases, the company also acts as a custodian for your account, which means it also handles the paperwork and IRS compliance for your IRA.
However, to qualify for gold IRAs, custodians must be insured, which protects your investment as long as your account does not exceed the account value specified by the custodian bank. Investing some of these funds in gold, silver, and other precious metals is a good way to mitigate that risk and ensure that your portfolio can withstand a market downturn. And details of your existing retirement accounts should be handy in case you’re planning to transfer money from a 401 (k) or other IRA. Moy, chief strategist at Fortress Gold, who, as former director of the United States Mint, oversaw the world’s largest production of gold and silver coins.
If you’re looking to open a Gold IRA account to diversify your investment portfolio, protect yourself from inflation, grow your long-term wealth, or achieve another investment goal, you should compare your options first. With a self-governing IRA, you can buy IRS-approved metals and tangible assets, such as art, collectibles, and real estate. Opening a gold IRA may seem daunting, but it’s actually quite easy, particularly with the assistance of precious metals experts. As soon as money is available in the new IRA account, a customer service representative reviews the current precious metal options that a consumer can buy.
Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian. Chapters 4-6 focus on specific aspects of investing gold with a gold IRA to give you the tools you need to protect your assets and invest them for retirement.