Have you thought about placing precious metal assets in your individual retirement account (IRA)? If so, great idea! Many retirees just like you are building their nest egg with a simple IRA. Simple IRAs offer fabulous tax advantages and they are easy to set up. In addition to this, financial experts actually recommend placing 10% (or more) of your assets in a self-directed IRA. In order to qualify for the simple IRA rules however, the products you place in your portfolio need to meet the requirements. From purity levels to the place they were minted, there are a few simple IRA rules that every account holder has to follow in order to make a return on investment (ROI) with precious metals.
Simple IRA Rules for Silver and Gold
Fineness requirements must be met in order to meet the IRS specifications for a simple IRA. If you make the mistake of buying counterfeit coins or bars that do not meet the purity requirements, the IRS may disqualify you from making further contributions. Every retirement savings account will have a maximum contribution limit and you will be required to make the required contributions. An additional rule relating to simple IRAs is that the contributions must be approved by an accredited refiner.
How to Open a Simple IRA
Finding a custodian is the first step for opening simple IRAs. The custodian will be responsible for storing the precious metals in a secure vault, as well as providing guidance in regards to asset allocation. Once you find a custodian, you will need to fund the account, so that you can start building wealth with a simple IRA. Your custodian will teach you the simple IRA rules and aid you in selecting assets, as well as assist you in completing the transaction. If you find a reputable IRA company, you can rest assured that the financial expert(s) working at the company will be able to offer valuable advice during times of economic uncertainty.
The simple IRA rules will be discussed in-depth by Goldco’s financial experts. If you need assistance with a rollover, contact the team.