While it's been possible to add IRS-eligible gold, silver, platinum, and palladium bullion coins and bars to an IRA savings mix since 1997, not everyone is aware of how to go about doing so. At U.S. Money Reserve, we understand this, and we're proud to walk our clients through the process of protecting their retirements with precious metals. Follow along for step-by-step insight into how to set up a Precious Metals IRA through U.S. Money Reserve's Gold Standard IRA program and get started today! Our highly trained IRA Account Executives are here to make your move into a gold-backed IRA safe, easy, and convenient.
How to Set Up Precious Metals IRA
Step 1: Establish Financial Goals for Your Future
Outlining your financial goals for retirement is like planning an amazing vacation. To plan for the future, you need to know where you are today, where you want to be, how you're going to get there, and how much it's going to cost you.
While your goals and dreams for retirement will likely change over time, they'll never be cost-free. Your plans can be as flexible as you want them to be, adapting as your income and knowledge grow and change with the seasons of life.
This step in the process is also a great time to make sure you and your family are on the same page as far as what you envision for the future, and to reach out to trained professionals for additional guidance. U.S. Money Reserve offers free IRA consultations for exactly this point in the process. Our experienced IRA Account Executives can discuss your current retirement status and explore your individual retirement needs. Help our Account Executives understand where you are today and where you want to be in the future, and they'll help you chart a course to get there with the help of a Self-Directed IRA through U.S. Money Reserve's Gold Standard IRA program.
Step 2: Start Fresh or Choose Between a Transfer or Rollover
With a plan in hand, it's time to evaluate your various IRA options. Choose between a transfer, a rollover, or start fresh with an entirely new account. It's important to note the distinction between these three options to avoid delays and maximize tax advantages.
- Transfer: A transfer is when you directly move your retirement funds from one custodian to another. Transfers are not reported to the IRS and are not taxable, as the assets are never made payable or distributed to you, the taxpayer.
- Rollover: A rollover is the process of moving your retirement funds from your current retirement plan (often a 401(k)) into a new IRA, perhaps one that offers more asset flexibility and better benefits. Rollovers differ from transfers in a few ways, one being that the funds are distributed directly to you. They are not sent from one custodian to another. It’s up to you to deposit the funds in your new IRA within 60 days. If the funds aren’t put into an IRA within this period, they must be reported to the IRS as a taxable distribution. Not all IRA providers allow their clients to hold precious metals, so it's important to know the ins-and-outs of your account if you already have an IRA.
- A New IRA: When you want to start fresh, open a new Self-Directed IRA. The process is fast and easy, and your IRA Account Executive will be there for you every step of the way. Note that opening a new IRA account does not mean that you must close any others. You can contribute to multiple IRAs as long as your combined contributions don't exceed the annual limit set forth by the IRS.
Step 3: Choose Your Custodian
After you've decided between a transfer, rollover, or opening a new account, it's time to consider custodians. To hold physical gold and silver in a Self-Directed IRA, the IRS requires you to open an account with an approved custodian and have the custodian purchase precious metals on your behalf.
When you work through U.S. Money Reserve's Gold Standard IRA program, your IRA Account Executive will take care of all the heavy lifting. They'll coordinate with your custodian to set up your IRA account and if needed, facilitate the transfer of funds from your old custodian to your new custodian.
Step 4: Secure Your Precious Metals
Once your account setup is complete, it's time to secure your physical precious metals! You select the gold and silver that best suits your retirement goals and your IRS-approved custodian will purchase the precious metals on your behalf.
These metals are then held at an IRS-approved depository of your choosing, as the IRS will not allow you to possess the physical metals while they're held in the IRA. A depository is a secure, third-party storage facility that specializes in protecting precious metals. You can physically see and hold your assets at the depository at any time, you just can't store them at home. Work through U.S. Money Reserve's Gold Standard IRA program and your Account Executive will arrange insured, discreet, and direct delivery of your precious metals to your depository for safekeeping.
Download U.S. Money Reserve's free Gold IRA eBook to find out why more and more soon-to-be retirees are limiting their exposure to paper assets and turning to gold-backed IRAs.
Step 5: Enjoy Peace of Mind
Once your precious metals arrive at the depository, there's not much more for you to do except enjoy the peace of mind that comes with safeguarding your savings with gold and silver. Plus, Self-Directed IRAs offer you the freedom and flexibility to continuously diversify your retirement plans with a variety of assets, including stocks, bonds, and CDs, as well as a variety of alternative assets like real estate, private equity, and even franchises. You're in charge of the asset mix and can adjust it at any time.
Whether you're transferring gold and silver into your current IRA or opening a new account, start enjoying all the benefits of a traditional IRA with the added performance and security of precious metals today. Call 1-844-307-1589 with any questions you may have about Precious Metals IRAs and work with a highly trained IRA Account Executive to select the right gold and silver products for your Precious Metals IRA. We'll be there for you every step of the way!