Frequently Asked Questions

Unfortunately, there isn’t one clear-cut answer to this question because each precious metals IRA company has their own method.

But, I’ll provide three answers that should definitely help you get a better understanding of this topic. I’ll tell you how to open an account at Regal Assets, Goldco, and Birch Gold. Their protocols include:

• Regal Assets – they have a form on their website that customers can fill out online. This form is at the top of their webpage. Or if you’d like, sign up to receive their Free Investment Kit before getting started. Once the form is complete, you’ll receive paperwork from Regal Assets. Fill it out and sign it electronically to officially open your account.
• Goldco – Goldco offers a free precious metals guide, which you can sign up to receive on their website. From here, it’s important to contact their customer service department. Their representative will help you from beginning to end while opening your new gold IRA account.
• Birch Gold – their setup is very similar to the others. Sign up to receive their information kit first. Afterward, fill out the form online, sign all your digital paperwork, and get set up via customer support.

It’s a lot easier to get started with the gold IRA rollover than you might think. All of the top gold IRA companies including Augusta Precious Metals, Goldco, and Birch Gold can help you get started.

Overall, contact the gold dealer that you prefer doing business with and tell them you want to open a gold IRA. At this stage, they will set you up with a self-directed traditional or Roth IRA. Once the account is open, the new IRA custodian will contact the custodian of your existing retirement account. From there, they will complete the transfer or rollover process on your behalf.

After funding your brand-new account, you can start purchasing gold and silver and other precious metals with IRA-approval. You can buy them from the gold dealer that you’ve chosen as your new provider. More than likely, you’ve picked Augusta Precious Metals, Regal Assets, Birch Gold, or Goldco because they’re the industry’s best.

Thankfully, you’ll never have to pay penalties or taxes while moving your current retirement account into a gold IRA. This process is known as a transfer or rollover. Unfortunately, during a rollover, if you fail to deposit the funds within 60 days, you will face taxes and penalties.

But it doesn’t have to happen as long as you follow the rules. Failure to follow the rules means paying taxes on an early withdrawal and paying a 10% penalty to the IRS.

The retirement account vehicle that you currently use will determine whether or not it can be rolled over or transferred. For example, you’re definitely allowed to rollover a traditional and Roth IRA every time. It doesn’t matter which company is helping you like Augusta Precious Metals or Goldco. This account qualifies every single time.

Potential complications arise with a 401(k) account. To be eligible for a 401(k) to IRA rollover, it depends on whether you remain employed with the company or not. A different factor includes if the 401(k) comes from a previous employer.

So, is the 401(k) from your former employer? Do you no longer work from them? If the answer is yes, then you’ll have no problem initiating a gold IRA rollover. On the other hand, if your 401(k) is with a current employer, it might be challenging to accomplish a rollover.

For those still employed by your 401(k) account provider, it’s best to talk to an expert who knows how to answer this question. Contact the customer service team at your gold dealer of choice. My best recommendations include Augusta Precious Metals, Goldco, Birch Gold, and Regal Assets.

No, this is definitely against the rules. The federal government and IRS doesn’t allow home storage of palladium, gold, platinum, or silver.

Why is this a problem?

Gold and other precious metals are a form of legal tender. They can be used as money or liquidated fast no matter where you are in the world.

Instead of storing them at home, precious metals IRA account holders must store them with a private depository. Your gold dealer will have excellent depository recommendations. More than likely, you’ll end up storing your investments with Delaware Depository, Brink’s Global Services, or IDS among others.

Don’t worry because these depositories are fully insured. In fact, the top storage facilities use the highly-respected Lloyd’s of London as their insurance company of choice.

The good thing is that you are allowed to take possession of your physical precious metals. But remember, you aren’t allowed to take possession at any time. If you are below retirement age of 59 ½ years old, taking possession will constitute an early withdrawal.

Although, it’s more than your right to take possession of your physical precious metals after becoming 59 ½ years old or older. You’ll have reached retirement age and you can take home your precious metals. Just remember that you’ll have to pay taxes if you have a traditional self-directed IRA account.

In truth, you are allowed to take possession of your precious metals at any time you desire. Just realized that you may have to face specific consequences. The biggest consequence is paying your taxes early and incurring a 10% early-withdrawal penalty. If you’re willing to face these consequences, then you can take an early distribution. I wouldn’t recommend it because you’ll give away a lot of your well-deserved profits, which is foolish in my opinion.

In truth, I can only tell you what happens at my top recommendations and nothing more. I know Augusta Precious Metals, Goldco, Birch Gold, and Regal Assets don’t tack on extra fees after quoting a price.

But be forewarned. There are other companies out there that will charge you additional fees on top of the quoted prices. That’s why I always tell people to stick to the top gold IRA companies that I recommend.

It gets even worse, when companies like this quote a price, they aren’t always quoting the final price. But my recommendations mentioned above quote a final price every time and lock it in for their customers. As long as they say the price is locked in, you don’t have to worry about market fluctuations or other potential pitfalls.

In truth, I can only tell you what happens at my top recommendations and nothing more. I know Augusta Precious Metals, Goldco, Birch Gold, and Regal Assets don’t tack on extra fees after quoting a price.

But be forewarned. There are other companies out there that will charge you additional fees on top of the quoted prices. That’s why I always tell people to stick to the top gold IRA companies that I recommend.

It gets even worse, when companies like this quote a price, they aren’t always quoting the final price. But my recommendations mentioned above quote a final price every time and lock it in for their customers. As long as they say the price is locked in, you don’t have to worry about market fluctuations or other potential pitfalls.

If you’re purchasing it for your gold IRA, you will get shipped directly to the depository of your choosing. You don’t have to do anything at all in this case.

If this is a cash purchase, you should definitely protect and safely store your precious metals. Keep them at home in a secured safe or deposit them in a safety deposit box at your local bank. This costs around $75-$125 a year and it will give you great peace of mind.