Questions Regarding a Precious Metals IRA Account (Part 3)

Is it Easy to Manage an IRA Account?

A self-directed IRA account offers more flexibility and is more convenient than any other account. Any changes that you would like to make to your account can be done by phone or fax if you so desire. You will be given statements on a regular basis that will provide you with your estimated market valuation of your assets. The estimated value given is based on bullion value of your holdings and not numismatic value.

What Type of Fees Are There for This Type of Account?

Setup fees will vary depending upon what trust company you decide to work with. It is typically around $100 for your first year. There will also be subsequent annual fees that are determined by the value of your assets and can range anywhere from $50 to $500 for larger accounts. If you currently have an IRA account that is set up with a bank or other financial institutions you are probably not paying an annual fee because these accounts are set up where deductions are built in to the interest rate the these type of accounts pay. Separate fees that come with working with a trust company are required due to the fact that these companies do not make a commission from your investment actions and therefore they need the money in order to cover the cost of your account.

What Happens When I Want to Draw Assets From My IRA Account?

Whether or not you can draw money from your IRA account and how much will be dependent on what type of IRA you have. You have the option of liquidating your precious metals assets or taking physical possession of them. Both options allow you to take advantage of any numismatic appreciation as well as the bullion value of your coins.

What Happens if My Coins Peak in Value Before I am Eligible to Take a Distribution?

A precious metals IRA is a self-directed fund that allows you to direct the trust company you are working with to exchange one asset for another to help you maximize your return. The company that you work with should provide you with updates on your account and let you know when the most advantageous time is to make changes to your account.

How Do I Get Started with Opening A Precious Metals IRA?

You will want to find an established and reputable precious metals company to work with, which will provide you with an expert in precious metals to help get you started with your IRA. From here you will get a chance to choose a trust company that will best meet your needs. The trust company will provide you with some paperwork to fill out that will establish your account and then your precious metals representative will help you pick out some precious metals to add to your account that will offer you the best financial future. After doing all this and taking into consideration the answers to the other questions in this article you will be experiencing the freedom and flexibility that a self-directed precious metals IRA has to offer.