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Investing Your IRA in Gold
How to Invest your IRA in Gold
Gold IRA investing i.e. adding gold to an individual retirement account has become increasingly popular in the recent past because of many things the most notable revolving around higher returns and the security of retirement investments. Gold has been proven to be one of the most stable commodities in the event of economic/financial crisis. Gold has also been one of the best performing commodities in the past decade. No wonder people are increasingly becoming interested in gold investments.
Gold IRA investing gives individuals with individual retirement accounts (IRA’s) an opportunity to invest in gold. The process of setting up a Gold IRA has however proven to be challenging to many people. If you are one of those people interested in knowing how to invest your IRA in Gold, you are in the right place. Below is a step by step guide on how to invest in gold in your IRA.
Consult your custodian
All IRA account holders have custodians. You can start by consulting your custodian to find out if you are allowed to add gold in your IRA portfolio. This step is important since there are some custodians who don’t permit physical gold IRA investing. If you are permitted to invest in gold by your current custodian, you can proceed and request for your options. You should also ask about all applicable fees i.e. storage fees which are usually charged by custodians to hold your gold.
Find another custodian (if necessary)
If your custodian doesn’t allow gold investing, you can proceed and find another custodian. You can contact a finance professional i.e. a financial adviser to help you find a good custodian. Alternatively, you can search online. It is however better to use a financial adviser for obvious reasons. Once you find suitable custodians, you can ask them about their fees before you make a final decision.
Fill out and submit all the necessary paperwork
Once you find a good custodian, you will be required to fill and submit some paperwork. Your custodian will then review the paperwork and give you a go ahead if they have all the information necessary to set up a physical gold IRA for you.
Submit funds and instructions
This is the last step to consider. Once you get a go ahead, you can submit funding and instructions directing your custodian to buy gold for your individual retirement account. It is important to note that you can get funds to invest in a gold IRA from other retirement investments i.e. 401k. If you choose this path, you will be required to rollover or liquidate such investments to fund your gold IRA.
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Investing Your IRA in Gold