How to Purchase Silver Coins With IRA Investments

Buying silver coins in your IRA is easy.

Many people are worried about the value of the dollar dropping significantly, due to increased government spending. To counteract this, many people are looking to commodities as a hedge for rising inflation, as precious metals, in particular gold and silver, are great hedges against inflation. Buying silver coins for your Individual Retirement Account (IRA) is a great way to benefit from the rising price of silver. It's very easy to do, and only requires a few simple steps.

Things You'll Need

• IRA

Instructions

1. Open up a tax-sheltered IRA plan, with a third party (custodian or trustee) involved to buy the silver coins. The custodian must buy the coins and store them.

2. Purchase the silver coins through a method known as "transfer." This is a transfer of the coins from the old IRA custodian to the new one. The distribution check from the old IRA custodian has to have the name of the new custodian of the IRA. There is no limit to the number of transfers you make.

3. Rollover the purchase of silver coins is the other method. This process is taking money out of your IRA and putting it into another IRA with a separate custodian. You have 60 days to purchase the coins, or you incur tax penalties on the withdrawn money. Have the custodian purchase the silver coins from the dealer you selected to buy them from.

4. Instruct the custodian to send the coins to an approved depository to hold the coins. You cannot hold onto the coins yourself.

References

• Astrologyzine: Silver Coins For Your IRA