Gold Retirement Accounts
It is an individual retirement account where physical gold and other accepted precious metals are held for the benefits of the gold IRA account holder. It works in the same way as a regular IRA, but instead of holding paper assets, it holds physical bullion bars and coins. Other types of retirement accounts can be included in the gold IRAs like; SEP IRA, HAS, 401(k) s, Thrift Savings Plan, Roth IRAs and SIMPLE IRA.
Gold, platinum, silver and palladium are the precious metals accepted to be held in the individual’s account, provided that those precious metals are in the form of IRA-accepted bar or coin products. Because gold is the commonly purchased metal, the term gold IRA is commonly used in the industry to refer to a retirement account holding any combination of those metals. Other terms like, “silver IRA”, “palladium IRA”, “platinum IRA” or “precious metals IRA” are also used.
Investors regularly use these precious metals as a long-standing hedge against inflation and to expand their portfolio.
Why a Gold IRA?
We believe anyone should consider holding physical gold in their retirement account. If not invested well, your retirement could be at risk, and there is nothing more sacred. These are uneasy times, and gold has historically been a critical hedge against economic crisis and volatility. IRA accounts were traditionally dependent upon a group of bonds, stocks or even mutual funds that are tied to the economy. When the economy suffers, the value of the IRA account decreases. However, gold is not directly tied to the stock market or government. Doesn’t it make sense to consider protecting your retirement and your amassed savings with physical silver or gold?
The Self-Directed IRA
Gold IRA is a form of self-directed IRA. This simply means that an individual controls investment decisions in his or her account. It permits an individual to take an active role in the determination of his or her asset mix and gives one the ability to expand his or her retirement account holdings past the traditional bonds, stocks and municipal funds.
Is a Gold-Backed IRA Right for You?
We believe having a gold IRA is a good idea for many individuals. It provides a simple way to diversify your retirement account, while employing tax advantages and perhaps ultimately making more of your savings.
What is a Gold-Backed IRA?
It is a type of a precious metals IRA, which has existed for many years now. One can decide to fund his or her IRA using precious metals. However, the precious metals must come from an accepted list as set forth in the Internal Revenue Code. Talk to your tax or investment advisor to hear about current regulations.
There are some concepts that make a gold-backed IRA dissimilar from other plans. For instance, these IRAs are self-directed. All decisions are made by the account holder.
IRA-accepted precious metals
The Internal Revenue Code only allows certain precious metals and certain types of bullion to be held in IRAs. There may be some advantages for holding gold coins rather than bars in a gold IRA. Bars are traditionally more difficult to sell because of their high prices, and they are difficult to deliver because of their weight and the quantity of security required during their transportation. Currently, we have a diversity of precious metals which meet the lowest purity requirements that are approved to be included in the gold IRA account.
The Internal Revenue Code permits IRAs to possess some platinum, silver and gold coins, along with palladium, platinum, silver and gold bullion that meet the minimum required standards. For example, an IRA can possess Canadian Gold Maple Leaf coins, American Platinum Eagle coins, American Gold Eagle coins or even silver and gold bars that are 99.9% pure.
We believe it is a very good idea for every individual to consider an individual retirement account because of the tax benefits derived from doing so. A physical gold IRA gives the individual full control of his or her accounts. You can make various changes to your account and also take part in the losses, gains and other risks associated with the account. The gold IRA uses gold that has traditionally been the ultimate hedge against market inflation. Gold has retained its value throughout the years. Should you consider protecting your retirement and your amassed savings with physical silver or gold?