Getting a great return on your investments is the biggest objective you have. You can maximize what you save in your Individual Retirement Account by moving gold to it. According to current laws, you can easily buy gold coins or bullion and hold them in your IRA.
To do this you need to be working with a self-directed IRA. Establish this account if you do not have one opened already. You must do this before being able to take advantage of the laws that permit this.
Many people think of any type of movement from one retirement account to a different one as being a rollover. The IRS distinctly indicates that with a rollover the money moving is paid to you and then deposited by you into the other account. With a transfer, the original custodian transfers the money to a new custodian who you designate to receive the funds. Transferring funds from an IRA to Gold IRA is an option. However, choosing a rollover is a safer and more advantageous option for your taxes.
View this Gold IRA Rollover Guide and gain a better understanding of this entire process.
The first step, again, is to be sure you have the correct IRA open. Conventional plans will not allow for the transfer of physical gold. Self-directed IRAs do as long as certain rules are followed. Once you open your account, you can invest fund into your account in the form of gold coins, bullion, and silver coins if you choose.
Purchasing these in the physical form will now be a part of your retirement planning process. You will need to work with a trustee that you can depend on to help you invest in self-directed retirement plans.
When you are ready to move gold to an IRA, you want to have a good relationship with a decent gold dealer and a good custodian. Look for gold dealerships that have IRA-approved products. This may mean that you have to deal with someone besides your local gold retailer. To find a great dealer, search online.
The advantage of shopping for this person online is clear. You get more options to research together with reviews about their products and services. Look for custodians that allow you to choose the dealer from whom you buy your gold bars and coins. This gives you the most control over your savings and investments.
Companies that have offshore storage facilities are among the best. You will note many of these companies are in Hong Kong and Singapore.
Find your dealer and your custodian. Consult with the custodian over the phone. You get an initial consultation and then the firm will usually send you a few recommended trust company referrals. They allow you to make the final decision about which trustee to choose.
After you make your choice, you need to fill out paperwork to begin the process of rolling gold into your IRA. Once you are set up to receive gold in your IRA, you are on your way to a better future. You can see a greater return on your investments with gold in your portfolio.