What You Need to Know About Opening a Gold IRA Account
A gold Individual Retirement Account (IRA) is a great way for you to safeguard your retirement savings and diversify your portfolio. With a Gold IRA, you can invest in physical gold, silver, platinum and palladium bullion at the current market price. This form of investing offers many benefits, but it’s important to be aware of some of the key considerations before opening an account. Let’s explore what you need to know.
Eligibility Requirements for a Gold IRA
Before making any decisions, you must first determine if you are eligible to open a Gold IRA account. Generally speaking, most people who are over the age of 18 and have earned income qualify for a Gold IRA. Be sure to check with your financial advisor or tax professional to make sure that you meet the eligibility requirements before making any investments.
Gold IRA Account Setup
When setting up your Gold IRA account, there are some key pieces of information that must be provided including: full name, address, Social Security Number (SSN), date of birth, phone number and email address. Additionally, when you open an account with custodian firm or self-directed dealer for gold investment purposes, you will need to provide bank details as well as copies of valid photo identification such as a driver’s license or passport.
Types of Physical Precious Metals Allowed in Gold IRAs
The IRS lists certain types of metals that can be included in an IRA account such as gold coins or bars that meet certain purity standards set by the IRS; silver coins or bars; platinum coins or bars; and palladium coins or bars. The specific types vary depending on whether they are bullion bars and coins or “collectible” versions which may carry additional premiums. Be sure to speak with your financial advisor about which type is best for your needs before investing in any precious metal products.
Investing in precious metals can be a great way to diversify your portfolio and protect against market volatility. Before opening a gold IRA account however, it is important to understand the eligibility requirements as well as what types of physical metals are allowed under IRS regulations. Taking the time now to do your research can save you from potential headaches down the road so make sure that you consult with your financial advisor before making any decisions regarding investing in precious metals through a Gold IRA account. And be sure to visit these Goldco Reviews for more information about starting a Gold IRA Account.