Important Things to Consider When Switching Your Gold IRA
Currently, there are a lot of people who have invested in gold IRAs. Many investors prefer to invest their money because they think it is a good investment and will be profitable soon enough. https://www.raremetalblog.com/analysts-geopolitics-may-take-gold-prices-into-new-territory-in-june/ is a site you should check out for more information.
Essential Things to Consider When Switching Your Gold IRA
1. How is your existing IRA invested?
Your gold ira provider will need to know how your current account is held, as this dictates the process you’ll follow. Some options are available if it’s currently with another company; however, if it’s already with Regal Assets or somebody else who can help you switch, you can skip ahead.
2. Have you had your gold IRA with this company for at least five years?
If so, congratulations! You may be eligible to withdraw from the account penalty-free. If not, then there are still options available, but these will need more work and time.
3. How much is in your IRA?
If you’re looking to unlock the full potential of this account, i.e. take all the gold back out and start again or switch into other precious metals like silver or platinum. Unfortunately, there are some pretty hefty fees involved with withdrawing too much money at once – so be sure you won’t go over the IRS limits, or you’ll be facing some very high penalties.
If the value of your IRA is below $20,000, then it becomes an easy process to switch into something else; however, this amount increases with each year that passes, so you need to bear in mind how old your account is and what the current worth of your gold investments are right now.
4. What is your investment strategy?
If you’re looking to add gold to an existing IRA portfolio, then the options are limitless, and Regal Assets can help you with this. However, if you’d like a complete overhaul of the account and make it solely about precious metals, we can help once again! But some customers find that they would like to keep some of their gold in the account and switch it out with other precious metals.
5. What are your time constraints?
If you’re looking to make this change in a short space of time, then Regal Assets can help with that – but it’s worth bearing in mind the complexity involved, especially if you’re switching from another IRA company. If not, however, there is no rush so take your time!
In conclusion, there are many things to consider when making this switch, so it is worth taking your time and thinking about what you want.