Mistakes to Avoid When Opening an IRA

Common Pitfalls to Avoid

1. Indirect rollover mistakes: Receiving funds personally starts the 60-day clock; employer plans may withhold 20%.
2. Home storage for IRA metals: Not permitted; risks disqualification.
3. Collectible coins: Many are not IRS-approved for IRAs.
4. One-per-12-months rule (IRAs): Applies to indirect IRA-to-IRA rollovers, not to direct transfers or plan-to-IRA rollovers.
5. Fees you didn’t price-check: Ask for a full fee schedule (setup, admin, storage, transaction, shipping, liquidation).

A Gold IRA rollover is straightforward when you keep it direct, use IRS-approved metals, and store them at a qualified depository. The goal isn’t speculation—it’s diversification and preservation.

Work with reputable custodians and tax/financial professionals to tailor the process to your needs.