The 401 (k) only provides for a rollover if you move from one job to another or retire, whereas the IRA has few restrictions. With a precious metal IRA, sometimes referred to as a gold IRA or silver IRA, you can invest precious metals, including various types of silver bars and coins. First and foremost, any silver held in an IRA must meet the purity standards required by the IRS. These state that all silver bars and coins held in an IRA must meet a purity level of 0.999 or higher. When you work with American Bullion, adding silver or other precious metals to your existing IRA is an easy and painless process.
To be eligible as an IRA-approved product, precious metals must meet the minimum degrees of fineness mentioned above. If you already have a precious metal IRA and are looking for silver coins to buy for it, it’s imperative to make sure you’re buying the right products for your account. Find out which silver coins and bars are approved for inclusion in the IRA and how you can get started with a precious metal IRA. You can transfer your current IRA account to an individual silver retirement account as part of a rollover process.
Like other top gold IRA suppliers, Birch Gold Group offers a free information package and an extensive range of current gold items. Unapproved precious metal products include, for example, gold from before 1933, gold coins from Krugerrands and 90% silver coins from the USA. However, it’s ideal to have both normal and precious metal IRAs, as this adds some balance to your investment portfolio and ensures that your return on investment remains consistent regardless of market movements. The IRA holder (the investor) must store the silver for his retirement account at an approved custodian.
A direct transfer to a new Self-Directed Silver IRA is tax-free, and you can transfer money from one IRA to another with no tax penalties because the IRS does not collect trade taxes. IRS rules allow precious metals to be added to individual retirement accounts (IRAs), meaning investors can convert their paper assets into real silver. Third, and most importantly, silver is a monetary metal that is used to make money, and silver has been used as currency more often than gold because it is impossible to dilute silver.
