Why do I need a custodian or trustee for my precious metals IRA?
The assets held in any IRA, including those in precious metals IRAs, must be kept in the possession of an IRS-approved IRA custodian or trustee. Such entities must demonstrate fiduciary experience, competency in handling retirement assets, and sufficient corporate net worth. IRA trustees must also maintain fidelity bonds of sufficient value to protect asset owners against fraudulent acts and must submit to annual audits.
The IRS has issued guidance warning retirement savers against "self-storage" IRAs in which the account owner takes physical possession of the precious metals held in their accounts for home storage or for holding in an easily accessible safe deposit box. Such actions may be considered to be distributions, which open the account owner to possible early-withdrawal penalties.
Rosland Capital can introduce customers to Equity Institutional, a long-established custodian.
A precious metals IRA can be an efficient, IRS-compliant, and cost-effective way to add physical precious metals to your retirement portfolio. Don't risk legal issues by trying to do it yourself at home. Call us today for an our IRA brochure, so you can consider your options.