Best Advice For Setting Up A Silver IRA – Self-Directed Silver Retirement Accounts – Questions?
If you are thinking of purchasing silver for your retirement fund, then there are a few precautionary steps you should consider before investing your hard earned cash. The first course of action you may want to take is to consult with an attorney that specializes in tax law.
It is important for you to understand that when you want to add silver to your IRA investments that not all custodians are the same. Ensure that the custodian you choose knows how to set up your retirement structure correctly when he or she is assisting you in your silver investments.
You can invest in any type of precious metal for your IRA retirement plan whether you have a regular IRA or SIMPLE (Simplified Incentive Match Plans for Employees) or a SEP (Simplified Employee Pension plan).
Before you make any decisions on buying silver for your IRA, it is advisable that you start with a new IRA plan with a licensed custodian who has expertise in investments relating to precious metals.
There are various firms for you to choose from when it comes to investing for your retirement fund. A review of the most common ones can be found on the upper right hand side of this site (courtesy of theheartofgold.net). Be sure to conduct thorough research on the company, as well as reading the reviews from previous customers. Some have complaints about certain brokers that can make or break your decision to work with them. Silver, like gold, will have similar investing advice but because silver is used for industrial applications, this could have some varying impact on its pricing. Your advisor, if they are smart, will stay up to date on silver trends and let you know the best possible courses of action to take with your money.
Once your IRA account has been set up with a custodian that specializes in precious metals you will then be able to proceed with depositing funds into the account. Your custodian will assist you in buying silver for your IRA account. Hopefully, this will be done by paying the least over spot (current) price of silver or gold.
There are a few restrictions when it comes to adding silver to your IRA account. Like gold ira’s, coins and bars need to be at least 99.5% pure or better.
Some acceptable securities that are approved for silver IRA accounts include: American silver and gold eagles or gold and silver miners such as NYSE: SLW (Silver Wheaton) and NYSE:ABX (Barrick Gold. Most precious metal trusts are also accepted such as NYSE:SLV (iShares Silver Trust) or NYSE:GLD (SPDR Gold Trust).
Using your silver IRA account to shelter your income from taxes on your silver shares is advisable but keep in mind here are a few reasons why this may not be the wisest decision for your silver metal investment:
– Some silver IRA custodians will never allow you to take physical delivery of your precious metals. They will only cash your investment out for you. I personally avoid all companies with this policy.
– When you own physical silver, you are protecting yourself from the possible event of a currency collapse or crisis. If your silver is kept in a vault with your custodian, you should be able to have access to it when the time comes.
– You may run the risk of losing your IRA investment if something happens within the government and they decide to freeze all IRA accounts. This leads to the fear of gold confiscation but this is not practical since the US Debt will be far larger than all the combined holdings of US gold and silver possessed.
The best way to avoid this type of threat from happening to your silver investment is to make sure you have your silver physically delivered to you or stored with someone who is actually trustworthy to you.