Opening a gold IRA account seems like a difficult process if you’ve never undergone it before. Believe it or not, there are a number of great gold companies out there that make opening a gold IRA account easier than ever.
Today, I’d like to lay your fears to rest and share a simple method to discover how to start a gold IRA account. If you follow these instructions with the top gold IRA companies, you should have no trouble opening your account in practically record time.
Continue reading to discover this foolproof method.
Step #1: Find the Best Precious Metals Dealer to Meet Your Needs
Before you can begin, you have to hook up with a precious metals dealer online. Top companies like Goldco, Regal Assets, Advantage Gold, and Augusta Precious Metals are a few solid companies that immediately come to mind.
Why must you find a precious metals company first?
It’s the precious metals company that will help you fill out the paperwork, fund the account, initiate the rollover or transfer, and help you choose the right precious metals products to add to your new portfolio.
Some important things to look for in a gold IRA company include:
- Positive online reviews – are the major watchdog websites receiving positive reviews about the company? Are they getting many five-star reviews on the Better Business Bureau, Business Consumer Alliance, and Trustpilot websites?
- High online ratings – and speaking of peer-reviewed watchdog websites, like Cayman Financial Review, does your company have a high grade or rating on these sites? Do they have an A+ rating on the Better Business Bureau website? Or AAA rating on the Business Consumer Alliance site?
- Buyback program – all the best precious metals companies are willing to buy back products from their customers at the going rate. And the top companies do so without adding additional fees as an extra markup.
- Types of precious metals – make sure to choose a company that sells all of the best common in premium gold, silver, platinum, and palladium products that have IRA approval. Otherwise you’ll end up purchasing coins didn’t do not meet the necessary purity requirements set up by the IRS.
- Great promotions – a few of the top gold and silver companies are offering new customers and incentives to join with them. In a few places, you can receive as much as $10,000 in free gold or silver, depending on the size of your account when you first open it.
- Free shipping – many of the better gold companies also offer their customers free shipping. Some base it on a particular dollar amount being spent, while others offer free shipping in every situation.
- Low fee structure – working with online gold companies to open a gold IRA requires one-time setup fees and additional annual fees. Make sure their administration and set up fees are low. And make sure they’re working with depositories with prices in line with the rest of the market.
Step #2: Opening Your Self-Directed IRA Account
During this next stage, it’s time to open your brand-new gold IRA account. I must warn you that there is a lot of paperwork that needs to be signed online, but you have nothing to worry about because the best gold companies will handle the paperwork on your behalf. All you have to do is provide a digital signature and your gold company will take care of the rest.
The best way to fill out the paperwork is to look for their online form. If you cannot find a form to fill out on their website, then you should do the next best thing and call them to speak with one of their customer service reps or sales people. They’ll fill you in on the next steps of the account creation process from there.
Step #3: Picking Your New IRA Custodian
Some people think this is the first step, but I like to find the gold company first and then choose the IRA custodian. Why? Because I prefer working with an IRA custodian that has an existing working relationship with the gold company that I’m going to do business with.
Not only does this add an extra incentive for the gold company to help me because they get to work with one of their people, but it also means that the account creation, funding, and opening process is going to go as smoothly as humanly possible.
So, speak with the representative at your new gold company and ask for IRA custodian recommendations. They’ll gladly provide you with the names of their favorites and you can pick one of their best people and trust that they’re going to do a great job for you.
Step #4: Funding the Account
Right now, it’s time to fund your new IRA account. You’ll have to initiate a rollover or transfer from your existing retirement account to get the ball rolling. This is the way that these companies work. But if your particular gold IRA company has a different funding method, you should talk with one of their customer representatives to find out about all of your options.
Step #5: Picking a Depository
I’ll make this step short and sweet. Similar to the IRA custodian, your gold company will have preferred depositories that they love to work with. Choose one of their preferred recommendations and move on to the final step.
Step #6: Buying Precious Metals Products for Your New Gold IRA
Now that your account is fully funded and you have your IRA custodian and depository in place, it’s time to begin purchasing gold, silver, platinum, or palladium. Talk with your representative at the gold company and see if they can make some recommendations. Or if you prefer, Peru’s their website and look at the available options under the precious metals IRA sections and choose new investments on your own.
Now that you understand how to start a gold IRA account, you see that there’s nothing to worry about. Sure, there are definitely a bunch of steps that need to be followed, but if you do what’s asked of you and pay attention to your IRA custodian and other advisers, you’ll have no trouble opening, funding it, and investing in silver and gold within your new precious metals IRA.