How Do I Do a Gold IRA Transfer? Some Common Guidelines to Make the Process Smoother
A gold IRA transfer is a valuable investment for your retirement funds. According to a survey conducted in the U.S in 2019, approximately 12% of Americans own precious metals. It is a comfortable and safe option for the funds’ transfer. However, people get confused while transferring the funds to a gold IRA. Some of the guidelines to make the process smoother are:
Safety Questions:
Firstly, the prime query while transferring the funds to a Gold IRA is about the safety and security of the procedure. Gold prices move opposite to paper assets. There is also an insurance policy against inflation in a retirement portfolio. This balanced approach makes it easier to guarantee its safety.
Ease of Transfer:
Secondly, people get afraid to think about the tiresome transferring process. It is a misconception because the process is easy and smooth. You have to talk to an IRA custodian to help you. The process usually takes one to three weeks to complete. You can transfer any of your previous regular IRA accounts to a gold IRA.
Minimum Transfer Limit:
Different custodians provide different optimum limits. However, in most cases, the limit is $10,000 for rollover. On the other hand, the amount for non-rollover accounts is $5000.
Metals Quality Standards:
The precious metals allowed in an IRA must meet their standards of quality which is different for all metals. For example
Gold – 99.5%
Silver – 99.9%
Platinum – 99.95%
Palladium – 99.95%
When this quality of metals fulfills, it becomes acceptable for transfer and purchase.
Apart from these, it is simple to have a gold IRA transfer. The only thing to consider is your priority level and bank requirements. Gold IRA transfer is a better option than the traditional one as it provides beneficial prospects.