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U.S. Money Reserve Reviews the Essential Steps Involved in Establishing a Gold-Backed IRA

Physical precious metals assets, such as gold coins and bars, can be held in a self-directed individual retirement account — a type of IRA that allows for a wider selection of assets than conventional retirement accounts do.

The Internal Revenue Service (IRS) requires assets to possess a certain purity level to be held in a self-directed IRA. Gold items, for instance, must generally contain a fineness level of at least 0.995, with few exceptions.

After setting up an account with an IRA custodian, the second step in establishing a gold-backed IRA involves funding it with money from a checking or savings account — or by adding funds from a preexisting retirement account, such as a Roth, SEP, or SIMPLE IRA; 401(k); 403(b); 457(b); Thrift Savings Plan account; or pension plan.

Funds can either be rolled over directly to the new account custodian or through a transfer, which involves withdrawing and receiving funds from your previous custodian. If choosing the latter option, you’ll need to deposit the funds in your new account within 60 days to avoid incurring any potential tax penalties.

In one of the U.S. Money Reserve reviews on Google, Lawrence L., a portfolio holder who has worked with the company, says he is glad he reached out after hearing an ad for U.S. Money Reserve’s services.

“Transferring my IRA was easy, and the company continued to offer me any help that I might need,” Lawrence says. “I would recommend transferring an IRA [with help from] U.S. Money Reserve.”

Once you’ve funded your self-directed IRA directly or through a transfer or rollover, you can direct your custodian to use the money to purchase precious metals from a distributor such as U.S. Money Reserve — as Ron K. did.

“The coins were even better than described,” he says in one of the U.S. Money Reserve reviews that have been shared on Google. “The price was amazing, and I would definitely recommend U.S. Money Reserve to anyone.”

The precious metals assets you purchase for inclusion in a gold-backed IRA need to be kept in a recognized financial institution or IRS-approved depository, per the agency’s stipulations. U.S. Money Reserve will coordinate sending the items your custodian purchases to an eligible facility.

“Under the IRS rules,

cannot store [precious metals included in an IRA] at home,” says U.S. Money Reserve President Philip N. Diehl, the former 35th Director of the U.S. Mint. “That’s a really important fact for customers to understand because there have been precious metals companies that have suggested customers can purchase the gold, take possession of it, and still get the tax benefits of it being part of their IRA — and that’s simply not true. The gold must be stored in a licensed depository.”

You can view some of the government-issued bullion, bars, and certified coins that are available for purchase on U.S. Money Reserve’s website. To find out more about setting up a gold-backed IRA or placing an order for precious metals, call 1-888-356-7074 to speak with an experienced Account Executive.

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 [EB1] He said to, but I was concerned that might make it sound like U.S. Money Reserve was the custodian.

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