How to Open Your Self-Directed IRA

If you are reading this article, then you have understood that it is better to invest in gold rather than investing elsewhere. But, if you are not yet convinced about how safe and profitable gold is, then you should read this article explaining why gold IRA is the best retirement option you have right now.

Many people get confused or get scared about the legal procedures a gold IRA involves. But it is easier than it sounds. All you have to do is to follow the procedures. If you are planning to invest in precious metals in bulk and still get tax benefits on your investment, then opening a self-directed gold IRA is an ideal option.

Open a gold IRA

The first step in gold-investing is to open a self-directed gold IRA. The process of opening a gold IRA is as simpler as filling up a normal application. Normally, a new account is opened instantly or within two business days of receiving the application. It depends on which company you are trying to open an IRA with.

2. Fund Your gold IRA with your savings

This is the second step of investing in a Gold IRA. Once you have opened your new account, you can fund it in three ways:

⦁ Through direct transfer
⦁ Through a gold IRA rollover
⦁ Through contribution

The process is simple if you are funding your new IRA by directly transferring the money through a wire transfer. If you are transferring your own retirement funds by a rollover, such as a 401k to gold ira rollover, or a direct transfer, then the process will take some time. But, people normally rollover from their existing IRA most of the times.

3. Select a Storage Depository

Before purchasing gold from an approved dealer, the account holder must select a depository/custodian where their assets will be stored. Every custodian usually has a list of their affiliated storage depositories. However, a user can always rollover their funds to another custodian if they do not offer storage options of their choice. There are two kinds of storage systems.

Segregated Storage: Where your precious metals will be kept away and will not be pooled along with other investors. Normally top gold IRAs have these kinds of storage systems.

Non-segregated Storage: Where your precious metals can be pooled and shared with other investors. You can not take back your precious metals whenever you want. It is always recommended to keep away from such storage systems.

4. Find a dealer

The last step is to find an IRS-approved dealer so you can buy gold and store it in your individual retirement account.Once you have selected a dealer and funded your account, you can buy gold from your selected dealer by placing an order.

Back in 80’s, owning gold was a real challenge and the legal procedures were too lengthy to follow. But these days, companies like regal assets have made it easier for their customers and all you have to do is to is to visit their official website or call their toll free number.

But if you still have your doubts, you can get their free gold IRA kit to understand about it if you are totally new to the industry.

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