What Are the Steps for Opening A Gold IRA?
Written by Damon Geller
Opening a gold IRA can be done in a few easy steps. These steps simply involve setting up a new self-directed IRA, transferring your IRA funds into the new IRA, ordering your precious metals, and having your metals shipped to the vault. So let's go over the detailed steps.
First of all, it's important for you to understand that a gold IRA is a type of self-directed IRA, which means the account owner (you) has the authority to make investment decisions on behalf of the retirement plan. The law allows you to invest in a number of asset types, such as gold and other physical precious metals, in the form of certain government-minted coins or COMEX-deliverable bars. The main requirement of the IRS is that either a qualified trustee or custodian hold the gold or other precious metals on behalf of you, the IRA owner.
So as long as you follow these simple rules, you are ready to open a gold IRA. The steps for opening a gold IRA with Wholesale Direct Metals are as follows:
- Contact a trustworthy gold dealer and fill out an easy set-up form. You can expect two or three days for your new IRA to be set up with your new self-directed IRA custodian.
- Fill out a transfer request that is sent to your current custodian. This form and directs them where to send your IRA funds.
- You receive notification from your new IRA custodian that your new IRA is fully funded.
- With the help of your gold dealer, you choose what gold or other physical precious metal products you want to purchase with your IRA funds.
- Your gold is shipped to the vault of your IRA custodian where it remains fully segregated from everyone else's gold.
Now that you know the steps for opening a gold IRA, learn more about the many benefits of gold IRAs by asking for your FREE Gold IRA & 401K Guide. Call (800) 226-8106 or fill in the form below.