A key selling point of gold IRAs is that you own the physical gold yourself. If that doesn’t matter to you, there are other ways to add exposure to precious metals to a retirement portfolio, such as buying stocks in gold mining companies. A gold IRA is a tax-advantaged retirement account that allows long-term investments in precious metals. In addition, the new IRA is usually financed via an existing retirement account. Customers can then buy gold and silver via the company’s order counter.
Annual fees are generally charged by the account custodian, and storage and insurance fees are more often owed to the custodian than to the Gold IRA company. If you want to open a Gold IRA account to diversify your investment portfolio, protect yourself against inflation, increase your long-term wealth, or achieve any other investment goal, compare your options first. One important rule for knowing how physical gold can be stored in an IRA is that your precious metals MUST be stored at an approved depository agency such as the Delaware Depository Service Company or Brink’s Global Services, not at your home or in a safe deposit box. A high-quality IRA Gold company only works with carefully vetted, reputable third-party storage companies or secured repositories.
Once you’re 72 years old, you’ll be required to accept the required minimum payouts (RMDs) from a traditional Gold IRA (but not from a Roth IRA). Anyone who wants to buy precious metals or set up a Gold IRA is free to do so at a price they’re happy to spend. Many of the leading Gold IRA companies have similar fee structures but may vary by a few hundred dollars a year. No other Gold IRA company goes to such great lengths to present investment information in an organized and objective way to earn the full trust of its clients.
To avoid missing the rollover cutoff, many people choose to have their IRA Gold company coordinate the rollover through a direct transfer from institution to institution. Gold IRA companies can vary widely, and choosing the best company for your investment goals is critical if you want to ensure a comfortable and hassle-free retirement. Gold IRAs may not be intended for paper investments, they can hold stocks that are directly related to the mining and production of precious metals. The best way to use a Gold IRA is to use it as an accumulation tool as part of a more comprehensive, diversified investment strategy.
Like a traditional IRA, a Gold IRA allows pre-tax contributions, and investment income can then accumulate in deferred tax terms.
