Should You Get a Gold IRA?
With seemingly endless ways to invest your money and prepare for retirement, you may have come across a Gold IRA as an option. Turning your savings into literal gold and taking advantage of gold prices today is an option many choose to hedge against inflation, protect other investments, and enjoy certain benefits. Keep reading to learn more about Gold IRAs, the rules, benefits, and how to get started with one today.
What is a Gold IRA?
A Gold IRA is exactly what it sounds like: an IRA account in which you invest in physical gold. According to Investopedia, a gold IRA is a self-directed individual retirement account that invests in physical gold as well as in other precious metals. A gold IRA often comes with higher fees than a traditional or Roth IRA that invests solely in stocks, bonds, and mutual funds, and a gold IRA can serve as a good hedge against inflation but is also concentrated in a single asset class.
Gold IRAs especially appeal to individuals who want a diversified retirement portfolio. If you have other investments, such as real estate or a small business, then investing in a Gold IRA is a great way to protect those. Gold prices usually go up when paper money and stocks go down, depending on gold prices today you will want to check to see when a good time is to invest. It helps mitigate risks and gives you peace of mind that you won’t lose all your life’s savings to one single investment.
Rules of a Gold IRA
There are important rules to follow when it comes to Gold IRA accounts. These include:
- You are able to transfer your existing IRA over to a Gold IRA or open a brand new one
- You are not allowed to store your gold just anywhere. They must be held by an IRA custodian or trust company.
- Your gold must be stored in an IRS-approved depository, and any gold you buy will be shipped directly to them. This means you may never even meet the gold you actually own.
- You may liquidate at any time when you are ready to use the money
According to MarketWatch, IRAs are allowed to own only certain precious metal coins and bullion. Examples include American Gold Eagle coins; Canadian Gold Maple Leaf coins; American Silver Eagle coins; American Platinum Eagle coins; and gold, silver, platinum, and palladium bars (bullion) that meet applicable purity standards. For example, gold bars must be 99.5% pure or better and silver bars must be 99.9% pure or better.
More on IRA Custodians
IRA Custodians make sure that your accounts are meeting all IRS and government regulations. Good IRA Custodians make sure they have a wide range of investments, low fees, good customer service, and great communication.
Priority Gold is proud to partner with Preferred Trust Company to provide custodial and administrative services for your IRA-owned precious metals investments. We are dedicated to providing personalized service to each account owner. As a financial institution based in Las Vegas, we abide by IRS rules and regulations and the guidelines set forth by the State of Nevada Financial Institutions Division.
Benefits of a Gold IRA
There are many tax benefits of a Gold IRA you can look forward to as an investor. These include:
- Tax Deferment. You do not pay taxes on your gold until later when you are ready to retire and withdraw your money. This allows for a better yield on your investment.
- Retirement Savings Contributions Tax Credit. If you are age 18 or older, not claimed as a dependent on another person’s return, and not a student, you are eligible for this tax benefit.
- Higher After-Tax Returns. With all of the tax benefits on Gold IRAs, you are able to keep more money in your pocket compared to other retirement options.
About Priority Gold
If you are ready to invest in gold prices today to protect your savings and secure your future, we can help. We are one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
Something we pride ourselves in is making the precious metals IRA process simple. We know the process inside and out and will make your transition into a Precious Metals IRA fast and easy. We have a very simple three-step set-up process, including:
- Detail the best course of action for your long- and short-term goals.
- Help rollover your existing 401(k) or IRA to fund a new Precious Metals IRA account.
- Work with you to identify the precious metals options and confirm the purchase you decide best to meet your goals.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We guarantee the highest standards of customer service, which comes with honesty, professional conduct, and an Ethical Code of Business, as well as Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer.
For more information, visit us at prioritygold.com