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A Gold IRA is similar to other IRA's except for the fact that the Gold IRA is backed up by gold instead of the usual stocks, bonds and mutual funds. You get the same tax-free or tax deferred benefits of other IRA's.
You'll need to make sure you follow all rules and regulations set forth by the IRS to make sure you keep your tax benefits.
Typically, the process is as followed:
- Find a Gold IRA Custodian aka a Self-Directed Custodian. They'll help you set-up, rollover, transfer or contribute to your Gold IRA Account. Do you due diligence when searching for a custodian. Check consumer reviw sites, social sites, etc. Call a few companies and find out what all the fees are.
- Find A Depository. Some Gold Custodians have relationships with certain depositories. You may or may not have to use a certain depository if a custodial company only deals with them. If that is an issue find a Gold Custodian that allows you to choose your depository.
- Find a gold metals dealer. Your custodian may also give you options when it comes to this as well. Use the same due dilligence you would use when looking for a custodian, regardless of the recommendation(s). Call and vet a few companies. Ask about prices, buy back options, etc.
Note: Please make sure you know the basics of what you can and can't do with a Self-Directed IRA. Feel free to get the assistance of a financial and or tax advisor.
Hope this helps.
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