TOP 10 FREQUENTLY ASKED QUESTIONS
Q: “HOW DO I SETUP A PRECIOUS METALS RETIREMENT ACCOUNT?”
A: Setting up a precious metals retirement account online can be a fairly simple process. All you have to do is fill out the secured online form provided by your chosen broker. Once the online form is complete all the appropriate paperwork will be gathered and once compiled, the “paperwork” most times may even be signed electronically online. Your new broker then works with your existing custodian to transfer the appropriate funds into your precious metals IRA account.
Q: “HOW DOES THE PROCESS OF ROLLING OVER MY RETIREMENT ACCOUNT INTO PHYSICAL PRECIOUS METALS WORK?”
A: Once your IRA account is setup with your new custodian your broker will work with your current custodian in transferring over the appropriate funds into your new precious metals IRA. Once the funds arrive safely you can purchase the precious metals you desire.
Q: “ARE THERE ANY TAX PENALTIES FOR MOVING AN EXISTING RETIREMENT ACCOUNT INTO PHYSICAL PRECIOUS METALS?”
A: There are absolutely no tax ramifications or penalties for taking an existing retirement plan and moving it into physical precious metals. The process used is commonly referred to as a “rollover” or “transfer” and with this process you will not incur any tax ramifications or penalties on your existing retirement account.
Q: “HOW DO I KNOW IF I CAN ROLL OVER MY EXISTING RETIREMENT ACCOUNT INTO PHYSICAL PRECIOUS METALS?”
A: Any IRA, whether it is a Traditional or a ROTH IRA, can be rolled over successfully into physical precious metals. 401(k) retirement accounts are a little more complicated and your eligibility depends on if you are still employed by the same company or if you have an old 401(k) from a previous employer. If you have an old 401(k) from a previous employer it is very easy to roll over into physical precious metals. If you have an existing 401(k) with a current employer you may have challenges rolling over your plan into physical precious metals. For all other retirement plans or if you are unsure about your account you can call and speak with one of the experts to see if you plan is eligible to roll over into physical precious metals.
Q: “CAN I STORE THE PRECIOUS METALS IN MY RETIREMENT ACCOUNT AT MY HOUSE?”
A: Unfortunately not. The government sees precious metals as cash since they can be liquidated anywhere in the world with ease. All precious metal retirement accounts are held in a private depository of your choice that you can visit in person anytime you please.
Q: “DO I OWN THE PRECIOUS METALS IN MY RETIREMENT ACCOUNT AND CAN I GET POSSESSION OF THEM AT ANYTIME?”
A: If you purchase your metals through our recommended company then the answer is to both questions is yes. You absolutely own the precious metals in your retirement account and can receive them in your hand at any time. Allocated storage of precious metals is the best way to store gold, silver, platinum and palladium because you are the direct owner of the precious metals, not any third-party/middleman. It is important to know that the government considers physical precious metals as cash and if you were to receive them in hand you would have to pay the appropriate taxes on your account, and if you cashed out before the age of 59 ½ you would incur additional penalties. It is best to store your precious metals in a government approved depository of your choice and when the proper time comes they can be delivered to your front door.
Q: “DO I HAVE TO PAY ANY ADDITIONAL FEES ON THE PRICE I AM QUOTED?”
A: That depends on the brokers you choose to work with Our recommended company does not charge any additional fees on your purchase. All fees are included in the price of the precious metals you purchase with them. The price your account executive quotes you for precious metals is the final price and there will be no additional fees added to it. All prices quoted are final and once you lock in the price you can expect that they will not change no matter how much the precious metals market fluctuates.
Q: “CAN I BUY PHYSICAL PRECIOUS METALS OUTSIDE OF MY RETIREMENT ACCOUNT?”
A: Absolutely! In fact there is a larger list of precious metals available for purchases outside of retirement accounts which can cost a lot less and give you an advantage on your portfolio. For retirement accounts maintained through our recommended company, all precious metals that are purchased outside your retirement account are delivered to your front door fully insured and typically arrive within 7 business days from the time your account funds.
Q: “WHAT DO I DO ONCE I RECEIVE MY PRECIOUS METALS?”
A: Immediate storage of precious metals upon arrival is strongly recommended. For most investors a safe deposit box at your local bank is the best place to store precious metals. They are relatively inexpensive and typically cost $75-$125 a year depending on the size. Safe deposit boxes are secure and easily accessible. You can visit your safe deposit box six days a week at most banks, and can store additional items of value including stock certificates, important documents and jewelry. Your safe deposit box is completely private and you are not required to disclose any information to the bank regarding the contents.
Q: “HOW DOES THE SHIPPING PROCESS WORK?”
A: For purchases made through our recommended company, all their packages are sent via UPS. On rare occasions they use USPS Registered Mail or FedEx depending on your location. All orders they ship out are sent in discreet packages and are fully insured for the full market value. They also take full responsibility for all precious metals shipped until the metals are safely in your possession and fully accounted for. With larger institutional purchases all orders placed through our recommended company are delivered via Brinks and are accompanied by an armored guard.