Many Americans have seen their retirement accounts get eaten away by the declining values of stocks, mutual funds & bonds during the height of the Great Recession to the recent times of the Mortgage meltdown, also “low-risk” funds were not completely safe from this volatility, and the effects were felt by millions of people.
BEFORE INVESTING IN A GOLD IRA…
We all have different financial situations and retirement goals. Accordingly, we all must follow different paths to achieving those goals, depending on several factors that are unique to each investor.
Before taking the first step to preserving your wealth with a Gold IRA, An experienced precious metals IRA specialist can help you determine which investments are right for your specific goals and needs that you are trying to accomplish. Below, we’ve listed several frequently asked questions from investors like your self. But when you’re ready to take the next step, be sure to have your questions answered by one of our IRA specialist who can provide personalized answers.
WHAT RETIREMENT ACCOUNTS CAN I TRANSFER OR DIRECT ROLLOVER TO A GOLD IRA?
You can transfer any Traditional, Roth and/or SEP IRA also direct rollover any previous 401k and/or 403b to a Gold IRA without incurring any taxes or penalties.
WHAT EXACTLY IS A GOLD IRA?
A Gold IRA is similar to a regular IRA (individual retirement account), except it is backed by investments in precious metals.
WHAT TYPES OF INVESTMENT METALS CAN GO IN THE GOLD IRA?
Gold must have a minimum purity of 99.5% and silver a minimum of 99.9% to qualify for a IRA, those investment metal options include some gold & silver government bullion, Private Proof gold & silver coins, and other precious metals such as platinum and palladium. Typically, having a mix of several different investments in your portfolio provides the greatest diversification and growth potential.
AM I LIMITED TO ONLY PRECIOUS METALS IN MY GOLD IRA?
Absolutely not! In addition to precious metals, your Gold IRA may contain precious metals, stocks, bonds treasury securities, annuities and other investments. Most people choose GoldStar for Gold IRA to keep all funds invested under one umbrella.
DOES THE GOVERNMENT APPROVE A GOLD IRA?
Yes, the federal government has approved precious metals IRA’s so that individuals can enjoy some of the same benefits. In fact, Proof gold coins and Proof silver coins are designed to be held in a retirement account.
ARE THERE ANY PENALTIES OR TAXES IF I TRANSFER OR ROLLOVER INTO A PRECIOUS METAL IRA?
No. You can transfer or rollover any qualified retirement tax-free & penalty-free. You are simply transferring assets from one custodian to another.
WHAT IS THE MINIMUM AMOUNT I CAN INVEST?
The minimum investment to open a Gold IRA is $5000-$10000 depending on custodian you choose.
HOW MUCH MAY I CONTRIBUTE TO MY GOLD IRA ANNUALLY?
If you are under 70 ½ years, you can contribute a maximum of $5,000 a year, that’s why for those that are doing partial transfers really take time in considering how much you really want to transfer.
WHEN CAN I START WITHDRAWING DISTRIBUTIONS FROM MY GOLD IRA?
At the age of 59 ½ or older, you can take possession of your metals without any penalties, any withdraws before that date you are subject to a 10% penalty unless for a first-time home purchase and/or to pay college costs. For Traditional Gold IRAs you must begin withdrawals at age 70 ½. For Roth Gold IRAs after five years, you may withdraw metals tax-free & penalty-free, further more you don’t have to begin withdrawals from Roth Gold IRAs when you reach age 70 ½.
HOW LONG WILL IT TAKE TO COMPLETE THE PROCESS?
Our IRA department has a close relationship with Gold Star and will have your account setup with a Gold Star account number within 48-72 hours of your application completion. The process is typically complete in two weeks. An experienced precious metals IRA specialist can help you complete the documents for a fast, smooth, secure process.