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How to Transfer your IRA to a Gold IRA
Once you have opened your account, transferring funds from an existing IRA account is a simple process. Here are the steps involved:
1. Contact the administrator of your current IRA account and inform them that you want to initiate a transfer.
2. Complete the necessary paperwork, which includes providing your new account details and specifying the amount you wish to transfer.
3. Wait for your account administrator to wire the funds to your gold IRA. Once the funds are received, you can start purchasing gold and other eligible precious metals.
4. Select the specific gold coins and metals that you want to buy. Remember that only certain coins and metals are eligible for purchase.
5. Instruct your gold IRA account custodian to make the purchases on your behalf. They will use the funds in your account to buy the chosen metals.
6. Your purchased metals will be securely shipped to a depository for safekeeping. It is generally not recommended to keep your gold at home, as it may lead to IRS penalties. Beware of any claims suggesting otherwise.
7. Afterward, you can keep track of your investments’ performance by monitoring your account statements. Your gold IRA company might provide tools to assist you in this process.
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