How a Gold IRA Works: A Step-by-Step Guide | Scottsdale Bullion & Coin
Interested in diversifying your portfolio with physical precious metals? Unfortunately, conventional retirement accounts such as a 401(k), traditional and Roth IRAs restrict investors to paper assets. With a precious metals IRA, you can invest in tangible gold and silver coins and bullion bars with tax-deferred dollars.
Also known as a gold IRA, this self-directed IRA plan is a strategic way to safeguard your savings from market volatility, inflation, and economic uncertainties while enjoying the tax advantages of a traditional Individual Retirement Arrangement (IRA).
You might consider expanding your nest egg with a precious metals ira if you’re unsure about the stock market’s stability, unhappy with the performance of your current retirement plan, or eager to diversify with physical gold, silver, platinum or palladium.
Setting up a precious metals IRA is a relatively straightforward process, especially when you work with an experienced precious metals advisor. At Scottsdale Bullion & Coin (SBC), we’ve created a streamlined process to help investors get a gold IRA up and running within a few weeks. Here’s how it works.
Step 1: Open a Self-Directed IRA
The first step is to establish a self-directed IRA which permits the investment in physical assets such as gold and silver. When working with SBC, you’ll have a personal IRA liaison guiding you through the application process. This is a crucial step for ensuring everything is accurate and submitted to prevent delays and tax penalties.
Step 2: Fund Your IRA
Next, you’ll fund your self-directed IRA plan by making an IRA contribution or through a direct transfer or rollover of an existing retirement account. Most conventional retirement accounts are eligible for a direct rollover.
Step 3: Choose Precious Metals
Once your account has available funds, it’s time to select specific precious metals to purchase. The IRS places strict guidelines on what assets are eligible through a precious metals IRA based on weight, purity, and metal type. Gold, silver, platinum, and palladium are the only types of precious metals permitted in this account. One of SBC's dedicated precious metals advisors can suggest approved precious metals for your IRA based on your specific investment goals.
Step 4: Choose a Secure Storage Facility
After purchasing precious metals, these coins and bullion bars will get sent to a secure storage facility. Scottsdale Bullion & Coin coordinates with a nationwide network of storage depositories so you can rest assured your investments are secure and nearby. SBC oversees the entire transfer process to ensure your precious metals arrive in a timely and safe manner.
By working with a reputable precious metals advisor, you can simplify the process and take full advantage of your gold IRA. This unique retirement account is a great way to diversify your portfolio, protect your investments, and maximize your returns.
Watch this in-depth video to hear Scottsdale Bullion & Coin’s IRA Liaison Michelle Ellis explain the benefits of a precious metals IRA, the steps to establish an account, and how SBC can help in the process.
⭐ RELATED RESOURCES:
● Read more about a Gold Backed IRA here:
https://www.sbcgold.com/precious-meta...
● Learn about Gold IRA Pros and Cons here:
https://www.sbcgold.com/blog/gold-ira...
● See IRA Approved Precious Metals here:
https://www.sbcgold.com/precious-meta...
● Learn 401k to Gold IRA Rollover: How to Transfer Your 401k to Gold Without Penalty:
https://www.sbcgold.com/blog/401k-to-...
Jump to:
0:00 - IRA Liaison Introduction
0:14 - Introduction to Gold IRA
0:47 - Why invest in a Gold IRA
1:14 - Benefits of a Gold IRA
2:04 - How to set up a Gold IRA
4:02 - Why choose Scottsdale Bullion & Coin
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#investing
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