Are there penalties for moving assets from an IRA or 401(k) to a Precious Metals IRA?
No. When performed correctly, a rollover or transfer of assets into a Precious Metals IRA takes place with no taxes or penalties.
What types of retirement accounts are eligible to roll over into a Precious Metals IRA?
Types of retirement accounts eligible for rollover or transfer into a Precious Metals IRA include 401(k), 403(b), 457, Pensions and TSP accounts. You can even roll over funds from a Roth retirement account into a Roth Precious Metals IRA, or perform a Roth conversion when rolling over from a 401(k) or similar account into a Roth Precious Metals IRA.
Will I be charged any fees like I see in my mutual fund statement?
Unlike mutual funds, the fees for your Precious Metals IRA are often charged as one flat fee per year, rather than as a percentage of your assets. That means that the more precious metals you own, the lower your fees are as a percentage of assets; the less precious metals you own, the higher your fees are as a percentage of assets. Ask your Goldco Specialist about current promotions as Goldco may reimburse you for these annual fees.
Can I take physical possession of my metals?
While your metals are owned by your IRA, they are securely stored in a depository. Once you are eligible to begin taking distributions at age 59 ½, you can choose to take your distributions either as a cash payment or in the form of precious metals.
Should I rely on this site for tax or legal advice?
Solvency Gold cannot provide tax or legal advice and will not advise as to the tax or legal consequences of purchasing or selling precious metals or opening a Precious Metals IRA.
Can I buy precious metals without an IRA?
Yes. Goldco is a full-service precious metals firm. We can help you buy gold and other precious metals for secure delivery to your location.
Why do I need a custodian to administer the precious metals in my IRA?
This is the case with any IRA. The IRS requires that a custodian administer and track the assets in an IRA – a Precious Metals IRA is no different.
Who is eligible for a Precious Metals IRA?
As a general rule, anyone who has earned income can be eligible for a Precious Metals IRA.
How do I keep my precious metals safe while they’re in my IRA?
When you open a Precious Metals IRA, all of your precious metals will be stored in a secure vault at an insured depository. The IRS requires physical metals funding a Precious Metals IRA account be maintained by a depository and administered by the custodial financial institution.
In what form can I receive distributions?
You may receive distributions from your Precious Metals IRA in the form of physical gold or silver depending on what metals are in your account. If you prefer to receive cash, Goldco will help you convert your precious metals into cash.