In the relatively recent past, when people talked about investments, they mostly referred to bonds and stocks. Over the last three to four decades, investments have grown to include such options as exchange-traded funds, mutual funds, precious metals, and even cryptocurrencies. Another growing trend in the financial industry is that people are taking charge of their own IRAs rather than relying on a money manager to do it for them, choosing what investments go into their IRAs. Some use a self-directed IRA to store precious metals in self storage; learn more about this option below.
Setting It Up
A self directed precious metals IRA involves investing in precious metals and having them in self storage via a trusted guardian or depository. There are many different metals that can be stored, including platinum, palladium, silver, and gold. However, only certain coins can be included in an IRA, as the purity levels of these coins must meet the IRS’s standards: Silver must be 99.9% pure, while platinum, palladium, and gold must be 99.5% pure.
Open the self directed IRA account with the company you chose to invest in precious metals, then fund that account through an existing IRA, retirement account, electronic deposit, or wire transfer. You choose the metals to invest in, then choose the trusted guardian or depository recommended by the company you chose to provide the self storage of those metals.
Advantages
The advantages of adding precious metals to an IRA account include no taxes until you withdraw money from it (and that is just taxed as simple income). Precious metals’ value is relatively stable compared to most investments, providing protection against volatility and ensuring your portfolio keeps a high level of value even if the market fluctuates or falls.
Orion Metal Exchange is one of the leading companies for you to have your own self directed IRA to contain precious metals for self storage. Learn more about this investment option at web.
