So you’ve decided you want to open a Precious Metal IRA.
Don’t be intimidated: the process is actually quite simple. We’ll walk you through it and by the end you’ll be ready to open a Precious Metal IRA of your own.
First off, know that if you are transferring an employer-backed 401(k) plan to a Precious Metal IRA, you will have a much easier time if you do so after you leave your job with them. You can still transfer your 401(k) while you work for them, but you’ll go through a lot more steps.
If you want to transfer an existing Traditional or Roth IRA into a Precious Metal IRA, the process is a lot simpler. You will first want to familiarize yourself with the benefits of opening a Precious Metal IRA as well as the restrictions on what precious metals you can put into that IRA. Once you have done this the process begins.
You’ll need to start off by opening a Precious Metal Self Directed IRA and either funding the IRA or transferring from an existing IRA. Once you do this you’ll want to call United States Gold Bureau and place your order for precious metals. The United States Gold Bureau will then send you an order invoice.
Sign the invoice and send it over to Self Directed IRA Services, Inc. After they receive the invoice, they will take money from your account and pay United States Gold Bureau who will then send the precious metals to be stored by Self Directed IRA Services, Inc.
That’s all there is to transferring your Traditional or Roth IRA into a Precious Metal IRA. Know that you do not have to transfer all of your Traditional or Roth IRA into the Precious Metal IRA. Also, the same rules apply for early withdrawal: withdrawal any from your Precious Metal IRA before you turn 59 ½ and you will incur a ten percent penalty and be required to pay taxes on that money.