Precious Metals, especially gold and silver, are great for portfolio diversification and can be used to hedge against market volatility as well. The popular method of rolling over a 401k to a gold IRA is a great way to invest in physical precious metals, as well as plan for a safer retirement. Now the question is, how do you establish an IRA-gold investment? You can get the best gold IRA in this sites.
The Tax Payer Relief Act of 1977 created the option of adding physical precious metals in an IRA. Gold, silver, platinum and palladium are the permissible materials in a IRA that is gold. The gold IRA does not allow for rare coins or collectable gold & Silver coins. Your precious metals broker will help you choose the right metals for your portfolio.
Before you make a decision regarding which metals to purchase, it is advisable to establish an IRA. It is a good idea to contact your current custodian for information about adding physical metals to an existing IRA. You may not be able to invest in precious metals if your current account has specific guidelines or IRA plans. The next step is to start the process for a 401k rollover to a new, gold IRA.
The broker will assist you in selecting a custodian specializing in handling gold IRA’s. Once your broker has chosen a custodian, you will need some paperwork. This will include information such as the amount you plan to roll into the new account, beneficiaries and other standard information.
Usually, the process of setting up an IRA for gold investments takes about 3-5 business day from the time it is started. Once the setup is complete, it is now time to choose and place the metals within your IRA account. Only certain products are permitted in an IRA. Your broker will be able to tell you more.