Get Started with your Self Directed Precious Metals IRA - Here are some tips…!!!

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Get Started with your Self Directed Precious Metals IRA - Here are some tips…!!!
Self Directed precious metals IRAs as retirement investment instruments have attracted many silver and gold savvy investors towards them during the turbulent economic times. For these investors’ precious metals, especially the Gold is an ultimate choice of asset to hedge their retirement investments and diversification of their investments with gold bullion, coins and other metals are no surprises..!!!

Before digressing any further let us define what self directed IRAs are and how does one set up this account. A self directed IRA is a type of Individual Retirement Account in which the account owner makes the decisions on the investment and assets allocation in his account. As per the Federal Regulations the custodian or a trustee should supervise the IRA and provide guidance to the account holder on the IRS approved assets and make sure that all the transactions are IRS compliant.

Setting up a self directed IRA is easier that you think. You can directly work with the Gold IRA custodian, set up a self directed retirement account and then choose what precious metal investments to be included in your IRA. Since Gold is the preferred precious metal, not all Gold bullion and Gold coins are approved by the IRS. For example, certain rate collectable gold coins are not considered as investment grade. Once you have approached a respected Gold IRA company, generally you will be assigned with a precious metal Consultant to your account. It is this Consultant’s responsibility to make you conform to IRS regulations for your investments in order to reach the best of your investment goals. There are many reputable Gold IRA companies that you can choose from. According to the industry, the better ones are Regal Assets, American Bullion and Lear Capital.

It is also very important to understand that some gold IRA custodians pay their Consultants higher commissions on investments that have highest profit margins. These investments might be helpful to them but need not be for your accounts or for what your retirement goals are. Hence it is better to work with a company that doesn’t follow this commission pattern.

Fees are involved in setting up a precious metal IRA such as storage fees, administrative fees and don’t be surprised if some companies charge hidden fees. Make sure you do not end up being bullied by some of these companies. What we would suggest is that you contact some of the top companies and request for more information on the fees. For example, company like Regal Assets gives free gold investment kits. Make sure you go through them before actually approaching them. These information kits will better educate you on the importance and benefits of precious metals and more importantly, will educate you on how to reach your retirement goals. All you need is get involved, educate yourself through free information kits and the company consultants. Ask questions…! !! Make sure you make your custodian work for you, do not be afraid.