Asking a detailed question like how to get started with a Gold IRA means you’re already knowledgeable about the benefits of a precious metals IRA. You’ve looked around, and you’ve seen that investing in gold, palladium, silver, or platinum can be an important way to diversify your assets and protect your future.
If you’ve almost made the decision to go forward, and you just have a few more questions, then this is the place to look. We’ll walk you through the three things you need to know before getting started, and then the one thing to do once you’ve decided.
Three Important Questions
If you’ve come this far in Gold IRA questions, then you don’t need to be told all the benefits of a Gold IRA. You already know it’s a hedge against inflation.
You already know that world-changing technologies use precious metals like gold and palladium, and that the prices will continue to rise as demand increases. And you already know that gold has held its value for thousands of years.
Now you just need to know how to get started. Before you choose a Gold IRA company, there are three questions you need to ask and get answered. With that information in hand, you can make a better, more secure decision.
1. How Much Does the Gold IRA Cost?
A reputable Gold IRA company will be transparent with you about the costs of managing your account. This will include pricing on initial set-up, how much to transport and house your gold, even telling you about special discounts or extra fees for transactions of a certain size.
Don’t be shy about getting somebody on the phone and asking them direct questions about pricing. There are laws to safeguard us, but we are our own best defense, and a good company isn’t afraid to answer honest questions.
2. What’s the Reputation of the Gold IRA Company?
Reputation in business is as important as any other factor. And a good reputation is as easy to spot as a bad one. Really it just takes a little looking around.
Find a company with a long history—you don’t want any fly-by-night start ups. You want a company that’s been around, and has good business relationships.
3. Broker or Custodian?
Investing in precious metals requires several steps, and it’s important to know how many people are involved in your money. A broker manages your account, but the gold itself needs to be held by a custodian. Some companies do both. On the other hand, a broker may only help you facilitate the sale, and then recommend a custodian to hold your gold.
Yet another option is for you to arrange to have your gold housed at your bank or financial institution, if they offer that service.
No matter what route you take, though, you need to be clear with your Gold IRA provider what the plan is, and make sure it’s in writing. Once your gold is purchased, you don’t want any questions about how to transport it, store it, secure it, or insure it.
Once you’ve done the research, the next step is the most important one: making the call. After you’ve decided on a quality Gold IRA broker or manager, they should have all the services you need and all the assistance you’ll ever require.
When you call, make sure you have all your asset information ready to go. If you have a current IRA, make sure you have the latest statements and investment overviews. Also, make sure your current IRA manager knows what you’re planning. They might have a recommendation on a trusted Gold IRA manager, and it could make the whole process that much easier.
The process itself goes like this:
A qualified Gold IRA company will be able to walk you through every detail pertaining to your unique situation. Just make sure you’ve got the Three Important Questions answered before choosing a broker.