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Whether or not you have started planning for your retirement, you have probably heard at least once that you should be preparing for that day sooner rather than later. Retiring on your own terms is the best-case scenario. Those who are forced into retirement due to health issues or a layoff and are unprepared could run out of money. There are a variety of retirement accounts, including precious metals IRA custodian in Los Angeles, to consider.

Here are three lesser-known IRA account facts worth knowing.

Who Can Contribute to an IRA?

To open an IRA, you have to have earned an income. Whether you earn your income as an employee or entrepreneur, you will be asked to provide proof when you open the account. Then, you can make your contributions. If the account is under your name, you are the only person who can contribute to it. Spouses who do not earn an income can open and contribute to an IRA, too. Accounts cannot be jointly owned, though. An IRA can be opened for a minor, but they will require the signature of a parent or guardian.

How Many IRAs Can You Own?

You can open and contribute to more than one IRA. If you take this route, you are encouraged to consult with a wealth management professional because you could run into tax implications.

Is There a Minimum Required Contribution Amount?

There is no minimum contribution amount required, but you are advised to make the maximum contribution amount every year for tax purposes. A financial retirement professional can give you some guidance. He may also be able to give you more insight into precious metals IRA custodian if you are curious.

For more information about precious metals IRA custodian in Los Angeles, check out Orion Metal Exchange at https://orionmetalexchange.com/.