Precious Metals IRA Transfers Explained
Preparing for retirement has you comparing many different options, one of which is a precious metal IRA. One of the best precious metals IRAs you can invest in is a gold IRA. There are many benefits to investing in gold, especially in the form of a gold IRA. One of the things you will come across is the process of a gold IRA transfer. Keep reading to learn more about gold IRAs, why they are so beneficial, and what the gold IRA transfer process is like.
What is a Gold IRA?
According to Forbes, a gold IRA is a type of self-directed individual retirement account (IRA) that lets you own gold bullion. You cannot own physical gold in a regular IRA, although you can invest in a variety of assets with exposure to gold, like the stocks of gold mining companies or gold exchange-traded funds (ETFs).
Opening a self-directed IRA lets you invest in alternative assets like real estate, physical precious metals, and cryptocurrencies. Gold IRAs follow the same general rules as conventional IRAs when it comes to tax benefits (traditional or Roth), contribution limits, and withdrawal rules. However, the IRS has implemented additional tax reporting and record-keeping requirements for self-directed gold IRAs due to the more complicated assets they hold.
The IRS does not allow you to personally store precious metals owned via a gold IRA at home. If you take personal control of the physical gold from a self-directed IRA, the IRS counts it as a withdrawal—making you potentially subject to taxation and early withdrawal penalties—and in some cases, the IRS is empowered to shut down your entire account.
Gold IRA rules mandate that you store eligible precious metals with a national depository, a bank, or a third-party trustee approved by the IRS. Your custodian can refer you to an approved facility and handle the gold transfer as part of setting up your gold IRA.
Advantages of a Gold IRA
There are so many advantages to having a gold IRA, including:
- Tax benefits. Having a gold IRA allows you to accrue gains tax-free, and only pay taxes when you are ready to take a distribution. It helps you maintain your wealth with pre-tax dollars.
- Easy portfolio diversification. Surely you’ve heard the warning: Don’t put all your eggs in one basket! Diversifying your portfolio is important when it comes to retirement. If case there is a crash in any sector, and all your money happens to be in it, your retirement is down the drain. However, if you have your eggs in many baskets, you will be protected. One of the easiest ways to diversify is by investing in gold, as it takes very little experience or knowledge.
- Inflation hedge. As you know, inflation rates are on the rise. You might be feeling the pinch in your wallet. Luckily, as the value of the dollar decreases, the value of gold rises. This means that your money is protected and can maintain its value into your retirement years.
Gold IRA Transfer Process
At Priority Gold, we have a proven four-step process that makes it easy to open a precious metals IRA, and we guarantee you the highest caliber of customer service. Our IRA specialists will answer all of your questions, work with your current custodians to ensure a seamless transition, provide you with a free metal evaluation, and continually help you to review your portfolio.
By rolling over your IRA, 401(k), 403, TSP, or 457 Plan into our Precious Metal IRA Account, you can achieve the same profits that you would gain by purchasing gold or silver directly, while also enjoying the benefits that your retirement account provides.
- Step #1: Account Holder Information
- Step #2: Beneficiary Designation
- Step #3: Source of Funds
- Step #4: Transfer Instructions
You can either transfer or rollover funds when it comes to IRAs. The benefits of choosing a transfer instead of a rollover include:
- No 60-day transfer rule
- No early withdrawal penalties
- Not taxable
- No annual limits
- No withholding taxes
Gold IRAs and Gold IRA Transfers with Priority Gold
If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com