- Account Selection
The first step is to understand which account will be opened under your name.
You can choose to go with a self-directed IRA, which can then be used as a traditional or Roth IRA. The difference is going to involve the taxation regulations associated with these accounts. A traditional IRA is going to have taxes paid on withdrawals, while a self-directed IRA is going to be taxed before the deposit.
- Contribution Limits
It’s important to recognize there are contribution limits on these accounts. It will depend on your age. A person that is under the age of 50 can invest up to $6,000/year. Once you hit 50, you can invest $7,000/year.
- Storage of Asset
Let’s assume you have gone ahead and purchased the precious metal, it will now be stored in a bank or depository. Each account is going to be different and there are specific regulations associated with storage methods. It’s best to look into this and only go with a trusted option.
- Choosing the Gold IRA Company
You will want to take the time to choose a gold IRA company. This includes recognizing which account will be created, how the funds are going to be transferred, and how the metals are going to be shipped to the selected depository.
Always go with a reputable company that has years of custodial expertise. This goes a long way with an asset of this magnitude. You only want to go with those who are the real deal with tangible experience. It’s a must.
- Fund the Account
You will want to get all of your finances in order beforehand.
This includes looking at what the deposit is going to look like. You will want to start the transferring of funds as soon as you create the account to ensure the funds are ready when you need them to be.
You will have to also make sure you are choosing the right precious metal. This can include gold, silver, and other types of precious metals.
- Choose the Right Metal
Which metal are you going to buy? You will want to go with the right type of metal as that will go a long way in delivering results for your portfolio.
You can look at what the firm has to offer when it comes to precious metal assets. This can include buying coins and bullion if necessary.
- Track Your Assets
Once you have bought the assets, it is not time to ignore them.
This asset is going to grow and you will want to keep tabs on it in your portfolio. This ensures you can buy or sell based on how the market is doing and what you believe is right.