Reach Out to Your Precious Metals Advisor
Kickstart the process by getting in touch with your Precious Metals Advisor. Your advisor will act both as your liaison to the Trust Company and your personal advisors when selecting precious metals to add to your self-directed IRA. They’ll know what paperwork is necessary to complete the transaction while remaining compliant with relevant laws.
When working with Scottsdale Bullion & Coin, all this paperwork will be filled out on your behalf. All you’ll need to do is review and sign. Trust Companies often have more complicated and time-consuming contribution processes. Our experienced Precious Metals Advisors simplify and speed up the paperwork portion so you can focus more time on making the right physical asset selections.
Send the Payment to Your Trust Company
Once all the paperwork is squared away, you’ll need to send a payment to your Trust Company in the amount you want to contribute. The IRS places a maximum limit on annual contributions but no minimum, so there’s no pressure to add more than makes sense for your financial situation and investment goals.
If you’re being supported by a Precious Metals Advisor, they can help you complete the payment. Generally speaking, the most common methods of payment are by check or wire transfer. The amount you send will determine the funds you have to purchase gold and silver for your gold IRA.
Choose Your Precious Metals
The final step of making annual contributions to your precious metals IRA is selecting your physical metal assets. The IRS has strict limitations on the types of tangible metals investors can place into their retirement accounts. IRA-eligible precious metals are determined by a variety of factors including purity and asset type.
Working with a dedicated Precious Metal Advisor can make it easier to determine the right precious metal assets to purchase based on your budget and investment goals while ensuring you’re acquiring permitted metals.
How Much Can You Put in a Gold IRA?
As mentioned before, precious metal IRAs are subject to the same annual contribution limits as more common retirement accounts. The IRS has recently increased these transfer caps to make up for increased living costs. For 2023, the annual contribution limit is $6,500 unless you’re over 50 in which case the catch-up contribution limit is $7,500. In 2024, the annual contribution limit is $7,000, or $8,000 if you’re 50 or older.
Complete Your Precious Metals IRA Annual Contribution
Don’t wait until it’s too late to make the annual contribution to your precious metals IRA. At Scottsdale Bullion & Coin, we have a team of committed Precious Metals Advisors and liaisons to make the contribution process seamless and hassle-free. We’ll handle all the paperwork and communication with the Trust Company and help you determine the best precious metal investments based on your investment objectives.