Regular individual retirement accounts (IRAs) consist of traditional assets such as stocks, bonds and cash. Gold and silver have proven to be an inflation hedge and are assets that tend to have an inverse relationship with the dollar’s value. Including precious metals in your retirement savings may offset losses from other assets Click here
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Transfering your retirement savings from an IRA into precious metals is a simple process if done via a professional dealer. Benzinga details how to convert an IRA to gold or silver and reviews the best dealers that make the process convenient.
Investors will also learn the benefits of having a precious metals IRA and the key things to consider with gold or silver IRAs.
How to Convert an IRA to Gold or Silver
Investors can choose to convert a portion or the entire balance of an existing IRA to a gold IRA or silver IRA. Two options are available for completing the process: a rollover or a transfer. A transfer involves moving funds from your current IRA custodian directly into a gold IRA.
An IRA rollover requires you to take possession of the money paid by your existing custodian. You have 60 days from receiving the funds to deposit them into a gold IRA or report it to the IRS as a taxable distribution. If you’re under 59½ years of age and opt for the withdrawal, you’ll incur a 10% penalty.
A transfer is simpler because your current custodian does the majority of the work and ensures the funds are transferred within 60 days.
After your current custodian has transferred the funds into your gold IRA, you select the precious metals to buy — specific coins and metals are IRS-approved to hold in a gold IRA Click here.
Your gold IRA custodian uses the funds in your account to complete the purchase. After the purchase, your precious metals are transferred to a depository for safekeeping.
Best Gold or Silver IRA Companies
The best gold or silver IRA companies make investing in such accounts convenient and affordable. Benzinga discovered five companies that you might consider.
1. Advantage Gold
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Precious Metal and Gold IRA Investing
Advantage Gold consultants are specialists in gold and silver rollovers. It makes investing in a precious metal IRA convenient by doing all the heavy lifting. Besides making arrangements with your current IRA custodian for a rollover or a transfer, a consultant educates you about the available investment options.
The consultant works with you to provide a solution that meets your investment goals. Access to support is available to you during the entire duration of your account. You can choose to invest in 13 approved gold coins and 12 silver coins, which are stored at Brink’s Global Services USA or Delaware Depository after purchase.
Advantage Gold offers a buy-back service if you want to liquidate your precious metals. It offers a fair market value or spot price for your assets or enables you to take physical possession of your assets.
2. Augusta Precious Metals
Get Startedsecurely through Augusta Precious Metals's website
Choosing Augusta Precious Metals means opting for a dealer that has proven to provide a satisfactory service. Numerous customers have rated Augusta’s services highly for several reasons.
Augusta enables you to include several gold and silver coins in your IRA such as the American Eagle Proofs, Australian Striped Marlin and Gold Canadian Eagle. Instead of working with government facilities, Augusta provides storage in private facilities in the main U.S. cities.
Your precious metals are secure and covered by all-risk insurance provided by London underwriters.
Besides providing lifetime support, Augusta covers shipping and insurance costs during transit for qualified purchases.
3. American Hartford Gold
Best For
Best for Gold IRAs, New and Experienced Investors
Get Startedsecurely through American Hartford Gold's website
American Hartford Gold is a highly ranked precious metals provider that is a three-time Inc. 5000 winner and top-rated by Consumer Affairs and Business Consumer Alliance. Personalities such as Billy O’Reilley and Lou Dobbs believe this company is the only choice for investing in precious metals.
Some of the offerings that make American Hartford Gold stand out are the free shipping, insurance and tracking of your assets. It doesn’t have a minimum order size, and the depository storage fees are determined by your account size and metal holdings read more.