Many consumers understand gold’s track record of offering performance and diversification benefits — and, as a result, they’ve chosen to reserve a place for gold in their portfolio.
However, if you’ve never invested in gold or other precious metals — and you aren’t too familiar with gold IRAs (individual retirement accounts) backed by gold — figuring out how to get started may feel daunting. But it doesn’t have to be.
Below, we’ve included a brief breakdown of helpful information to help you better understand gold IRAs and their benefits.
What Is a Gold IRA?
Physical precious metals like gold can be held in a self-directed IRA. Much like with a conventional IRA, your account can include assets like stocks and bonds, but with a self-directed IRA, you can also incorporate less traditional assets, such as gold coins.
Some stipulations apply. For example, only certain coins or other precious metals products are eligible for inclusion; precious metals assets must meet specific qualifications, according to the Internal Revenue Service (IRS), such as having a minimum purity level. With few exceptions, gold items need to contain a fineness level of at least 0.995.
Precious metals assets that you purchase for inclusion in a gold IRA also cannot be kept at your home. The IRS requires the assets associated with your self-directed IRA to be stored in a recognized financial institution or IRS-approved depository for safekeeping. Private possession of an IRA-related precious metals asset would technically be viewed as taking a distribution.
To be able to legally store IRA-related precious metals, approved depositories must adhere to a list of strict IRS considerations—confirming they can meet the appropriate size, management, and recordkeeping requirements. The federal government closely monitors the facilities’ qualifications, which can help ensure your metals will be stored in a safe manner.
Who Uses Gold IRAs?
Just as anyone can open a conventional IRA to help them save for retirement, anyone can open a self-directed IRA backed by physical gold.
Dozens of U.S. Money Reserve reviews on Google, the Better Business Bureau website, and other outlets describe portfolio holders’ experiences purchasing physical gold and other precious metals assets, including for inclusion in self-directed IRAs.
Emery S., for instance, is one of the portfolio holders who has worked with the company. He praises the assistance he received when purchasing precious metals.
“I’m certainly not a novice, and I can tell you that this company not only knows the market and their products well, [but] they genuinely want to help people who don’t understand how it works,” Emery says in a U.S. Money Reserve review shared on Google.
Robert E., who comments about his interaction with the company in one of U.S. Money Reserve’s reviews posted on the Better Business Bureau website, thanks the precious metals provider for assisting him with the process involved in establishing an IRA.
“Having someone watch over what is going on and helping me to diversify my portfolio is priceless,” Robert says. “The help I received in setting up my precious metals [IRA] was handled well and makes me sleep comfortably knowing I was able to lock in my life savings.”
Additional Information to Know About Gold IRAs
If you are interested in establishing a gold IRA, a U.S. Money Reserve Account Executive can walk you through the steps that are involved, beginning with filling out an application.
Once your IRA is established, you can fund it with money from a checking or savings account, or you can have the custodian of a preexisting IRA — such as a Roth, SEP, or SIMPLE IRA; a 401(k), 403(b), or 457(b); a Thrift Savings Plan account; or a pension plan — roll funds directly over to the new custodian without incurring any tax penalties.
You can also withdraw funds from your preexisting IRA through that account’s custodian and deposit them in your new account. With this type of transfer, you will need to complete the process within 60 days to prevent tax penalties from potentially applying.
Lawrence L., in one of the reviews U.S. Money Reserve portfolio holders have shared this year on Google, says that based on his experience with the process, he would recommend working with the company.
“I heard the ad several times before I called U.S. Money Reserve,” Lawrence says. “I’m glad I did. Transferring my IRA was easy, and the company continued checking to make sure I was satisfied. The company [also] continued to offer me any help that I might need.”
After establishing and funding your self-directed IRA, you can have a U.S. Money Reserve Account Executive help you select an inventory of eligible precious metals coins, bars, and rounds and arrange for the assets to be purchased by your custodian and sent to a secure depository.
In addition to those services, customers of U.S. Money Reserve can take advantage of the company’s helpful return and buyback policies. These allow customers to return qualified certified coin purchases within 30 days for a full refund or potentially sell items back to the company at a later date if they are not completely satisfied with their order.
“I love ownership of gold,” portfolio holder Dountray D. says in another review of U.S. Money Reserve posted to Google. “And I appreciate that they’ll back it.”
You can read more U.S. Money Reserve reviews and view some of the available government-issued bullion, bars, and certified coins on U.S. Money Reserve’s website. If you have further questions about setting up a gold IRA or placing an order for precious metals, call 1-888-356-7074 to speak with an experienced Account Executive.