If you are pondering whether you can convert your 401(k) or 403(b) account into a Precious Metals Individual Retirement Account, then you need not think any further. Yes, you can convert.
You can move your money from your existing 401(k) or 403(b) account into a Precious Metals IRA via something called a rollover. The process is not complicated but is fast and straightforward.
What is a Precious Metals IRA?
When you think about investing in your retirement portfolio, you can now consider a lot of options as many assets are now available. Investing in precious metals using your self-directed IRA, is one of the best ways to grow your retirement portfolio. It allows you to hold financial assets in your retirement account.
When you invest in precious metals, such as gold, silver, platinum, or palladium, through your self-directed IRA, the account is also called a Precious Metals IRA. One of the advantages is that it helps your retirement funds to grow faster.
Things to Know About the Rollover
If you are considering a rollover, then it makes sense to acquaint yourself with the underlying aspects. Read on the following:
- There is no minimum order to purchase precious metals to hold in your Precious Metals IRA, so it is a straightforward affair
- You, the account holder, is the owner of the precious metals, and not the IRA holder. The IRA bears purchasing, shipping and depository costs and all gains go back to the IRA
- You need to name all legal documents related to the IRA-owned assets must be in the name of your IRA, and not your name
- The IRS does not allow you to possess the physical metals while the assets are in the IRA
- The precious metals must meet specific standards, as per IRS specifications
There are many things to know about investing in precious metals using your self-directed IRA. And to know those, refer to the infographic in this post.