What if you decide you want to change the makeup of your Precious Metal IRA?
Perhaps you want to increase the percentage of silver or change the overall makeup of gold coins in your Precious Metal IRA. Thankfully that process is simple. However, keep in mind that you will be paying for shipping costs when you go through this process, so it isn’t something you’ll want to undertake regularly.
First, make sure you have enough funds in your IRA to cover shipping costs. After you do this, contact United States Gold Bureau with your Self Directed IRA Services, Inc. account number and social security number.
The next step is to sign the Optional Authorization Change Form and send it to Self Directed IRA Services, Inc. This form makes it so that you United States Gold Bureau is able to exchange your funds for precious metals without you needing to sign individual invoices each time.
When you speak with a representative at United States Gold Bureau, let them know what you would like to change. Again, you will first want to familiarize yourself with the restrictions on what can go into your Precious Metal IRA. Then you can tell the United States Gold Bureau which coins, including the year and ounce, to send to Self Directed IRA Services, Inc. and which coins—again including the year and ounce—you want sent to United States Gold Bureau from your existing Precious Metal IRA.
A Precious Metal Individual Retirement Account, or Precious Metal IRA, is another option for individuals to save for their retirement.
As discussed elsewhere, diversification is important when planning for your retirement and a Precious Metal IRA can help you do that. And, although a Precious Metal IRA isn’t as common as other retirement funds, opening one is not as confusing as you might expect.
The first thing you need to know is that there are rules concerning what is allowed in a Precious Metal IRA. Here is a brief overview.
If you want to add a gold bar into your Precious Metal IRA, it must be 24 Karat. This also holds true for gold coins. However, the US Gold Eagle, which comes in at 22 Karat, is allowed to be a part of your Precious Metal IRA. The coins do not need to be from the United States, as long as they meet the 24 Karat requirement.
Silver must have at least a purity of 0.999% to be allowed into your Precious Metal IRA. As with gold, coins don’t have to be only from the United States as long as they meet the purity requirement. Unfortunately, this does rule out silver coins from before 1965 as they don’t contain enough silver. Silver bars can be a part of your Precious Metal IRA along with silver coins.
Platinum and Palladium
Although much less common than a Roth or Traditional IRA or a 401(k) an increasingly large number of investors are turning to Precious Metal IRA for their retirement funds.
The Precious Metal IRA offers investors a number of benefits. These are just a few.
While you might think the process for opening a Precious Metal IRA would be difficult it’s actually quite simple. Whether you’re opening a Precious Metal IRA from scratch, rolling over your existing retirement fund, or making a transfer within the Precious Metal IRA, it couldn’t be simpler.
Diversification safeguards your retirement fund
Diversification is the cornerstone of any retirement fund. As we’ve seen in recent years, as soon as stocks can gain value, they can also decrease in value. Investing in precious metals through an IRA will help you safeguard against any sharp decreases in value. You don’t want to be left with a big shock come retirement age—a Precious Metal IRA protects against that.
Precious metals will always have value
Irrespective of its value in hedging against inflation, you can rest easy knowing that no matter what your Precious Metal IRA will always have value. There will always be a demand for gold, silver, and platinum. Additionally, because these precious metals are a physical commodity in an unchanging amount, your investment can’t suddenly “disappear.”