7 Silver IRA Rules You Should Know

Thinking about adding silver to your retirement portfolio? Before you do, there are some important silver IRA rules you should familiarize yourself with. 

Below, we'll go over some of the key guidelines for placing silver in an IRA, along with answers to frequently asked questions and other tips to help you get started.

As you probably already know, precious metals can help you create a balanced and well-diversified portfolio, while helping to shield your retirement savings from a number of threats. But the first step is understanding what's involved and how silver IRA rules will apply to your situation.

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Silver IRA Rules – The Basics

Silver IRA rules are the same as those for a conventional IRA With the exception of the rules governing the silver itself, which you'll see below, the rules for a silver IRA are essentially the same as those for any other IRA. The key difference is that a silver IRA allows you to add silver, as well as other precious metals, including gold, platinum and palladium, whereas other IRAs are usually intended only for paper assets, such as mutual funds, stocks and bonds.

Silver must have a minimum fineness of .999 The fineness of a silver coin, for example, refers to the amount of silver contained in the coin. To be eligible for placement in an IRA, the silver must have a minimum fineness of .999 (or a purity of 99.9%).

Only certain silver bullion is eligible Since the silver must have a minimum fineness of .999, not all silver bullion produced around the world qualifies. Some of the more popular IRA-approved silver includes the American Silver Eagle Coin, Canadian Silver Maple Leaf Coin, Austrian Silver Vienna Philharmonic Coin, Mexican Silver Libertad Coin and the Australian Kookaburra Silver Coin. 99.9% pure silver bars from approved mints and refiners are also approved.

Your silver must be held by your custodian A rule that applies to all precious metals IRAs is that the precious metals must be kept under the management of an approved custodian. That means you cannot keep your metals stored in your own safe or bank deposit box. Instead, they will be held by your custodian, typically in a secure metals depository.

Rollovers are allowed, when eligible Funds from a number of other retirement accounts may be rolled over into a silver IRA. That includes 401(k)s, 403(b)s and other IRAs.

Regular IRA contribution limits apply With the exception of rollover funds, new contributions to your silver IRA each year are limited by the IRS. In 2014, the annual limit for IRAs was $5,500 (or $6,500 if you're age 50 or older).

You cannot add silver you already own If you have an IRA-approved coin in physical possession, such as an American Silver Eagle, you unfortunately cannot add it to your silver IRA. The one exception to this is if your coin is already part of another IRA, in which case it can be rolled over into a new account.

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Questions About Silver IRA Rules? Call Our Experts

Rosland Capital specializes in silver IRAs ( Related News) and can assist you in opening your account, selecting your metals and even completing the necessary paperwork.

Call us today at 1-800-461-1246 and one of our knowledgeable representatives will be happy to answer your questions.