The global economy is constantly changing and these changes are driven by unpredictable political and social factors, such as abrupt government changes and transformation. Therefore, in order to make a safe investment, there is no better way than to invest in an IRA based precious metals when it comes to investing in a precious metal market. Paper-based investments in the precious metal market are volatile and risky and so, investing in precious metal IRA provides a safe passage to surpass other forms of uncertain investments.
To be eligible for IRA, a person must receive some sort of compensation from alimony, self employment or a job. If a person derives income from pensions, investments or annuities, he cannot qualify for the IRA. Compensation requirement to fund IRA account is relatively modest and hence, almost all the people can participate in different forms of IRA account. The age limit to qualify for a traditional IRA is 70 years but there is no age restriction to participate in a Roth IRA. However, there are other rules and regulations that can affect your decision to choose an IRA plan. It is important to make a careful decision when you are investing in a precious metal market. Therefore, you should not take any final decision before consulting Your Personal Financial Mentor because he can provide useful information to help you decide what type of IRA is suitable for you. He can also negotiate the process with your current firm to transfer your existing IRA account and open a precious metal IRA.
You can convert profit sharing plans, employer pension plans and existing IRA holdings into a precious metal IRA. You can send a request application to the trustees of existing account or by collecting the proceeds of these accounts so that you could reinvest them into a precious metal IRA account. You can benefit from the same rollover status as you do with the other transfer request, with no penalties or taxes imposed by the IRS if you re-invest the funds in precious metal IRA within 60 days.
It depends on you what type of precious metal assets you need to invest in your account but there is no time restriction to fund your account. You can fund your account any time once you are a participant of a precious metal IRA. However, you are not legally allowed to fund your account with the precious metal coins you already own. After making a decision, you can use rollover assets and cash transfers to invest in your precious metal IRA and can direct the trustees to collect the precious metals on the terms and conditions you established with your account representative.
With the precious metal IRA, you can enjoy tax-free withdrawals, tax-deductible contributions and many other benefits which are not available in traditional precious metal investment strategies. Precious metal IRA is a self directed investment and therefore, you can re-direct, change and control the assets of the fund unlike paper asset based investments, where your money is controlled by anonymous fund managers.
Categories: Precious Metals Market