Questions and answers
Will I be able to cash out my Gold?
A precious metals IRA means you own real, physical precious metals. Depending on the site you choose to work with, once you are age-eligible (usually 59 ½) you may take distributions and the depository will ship them directly to you. You can also choose to liquidate for cash. But always ask about any taxes you may need to pay for each situation.
What are the penalties for moving from a traditional to precious metal backed IRA or 401(k)?
A rollover or transfer of assets into a Precious Metals IRA takes place with NO taxes or penalties when performed correctly. Make sure to choose a reputable dealer.
What other types of accounts are eligible to be rolled over?
Along with 401(k) accounts, you can also roll over: 403(b), 457, Pension, SEP, annutiy, and TSP accounts as well as Roth retirement accounts.
Will gold make me RICH!?
Gold has historically increased in price by leaps and bounds over some periods of time, but you should NOT expect to get rich by purchasing gold. GOLD is a GREAT way to diversify a portfolio. If you are looking for a way to have long term assets that are based on real value, gold, silver, and palladium will always be backed by their own true value. But unlike any fiat currency, Gold and Silver have NEVER been worth close to zero.
How long does it take to open and set up or rollover an account?
It usually takes one business day to open a Precious Metals IRA with a new custodian, but the timing of funds transferred will depend on you current IRA custodian. The transfer from an existing IRA will usually take two-weeks to over a month.
Are there minimums and maximum amounts you have to purchase?
Different gold companies have different minimums. Most reputable ones start with as low as $10,000 – $50,000 minimums. There are no limits to max orders and you can even purchase large physical quantities of coins or bars directly.
Where are my assets stored?
Precious metals are usually stored in a secure vault at an insured depository. The IRS requires physical metals funding a Precious Metals IRA account to be maintained by a depository and administered by the custodial financial insitution.
What fees are associated?
Unlike most mutual funds, fees for Precious Metal IRAs are often charged as a yearly flat fee rather than a percentage. Always ask about promotions that can reimburse these fees.
How do I know who to choose?
This is the major question and MOST IMPORTANT one! Here is a list of some of the red flags to look out for.