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Tuesday, October 25, 2016

Opening a Precious Metals Ira? Here’s 3 Questions You Need To Ask

Precious metals IRAs are exceptional vehicles for protecting your retirement savings. However, it is still important for you to act as your own advocate. Make sure you ask these questions before you open a precious metals IRA.
Having a diversified retirement portfolio is generally considered a sound financial decision, and gold IRAs offer additional security, since many investment options for conventional IRAs have tremendous inflation vulnerability (gold prices tend to run in the opposite direction of stocks and bonds). Nevertheless, many brokerage firms don’t offer gold IRAs because it’s such a specialized area within the world of finance. Here are some questions you need to ask before considering a gold IRA.

How much does a gold IRA cost?

Generally speaking, the fee structure for gold IRAs is significantly less complicated than they are for standard IRAs, but it is nonetheless crucial to understand what that will mean for you, the account holder. The prices for precious metals IRAs vary, but they exist to cover expenses such as insurance, storage, and account access. Make sure your firm delineates the exact costs of your IRA, so that you don’t have any unpleasant surprises later on.

Do you have all of the appropriate certifications?

When it comes to gold and precious metals, it is extremely important to know if your custodian and depository have all of the proper qualifications and insurance. You don’t want to work with any companies that won’t prioritize the protection of clients’ investments. Make sure your transaction is insured.

Where are my metals stored?

While you might want to take custody of your precious metals and store them in your own home, most experts will tell you that this is a very gray area of the IRS code, since a third-party must verify the value of the metals and report it to the IRS. In order to comply with the IRS, the account holder must adhere to an elaborate network of regulations, or risk losing approximately 35 percent of the value of your savings. The facility where your precious metals are stored must be secure, private, and IRS-approved.
For more information on buying precious metals or opening a precious metals IRA, contact the professionals at Birch Gold Group.

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