A gold IRA is a self-managed individual retirement account that invests in both physical gold and other precious metals. A gold IRA often has higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. A gold IRA is a type of self-managed individual retirement account (IRA) that allows you to own gold bars. In a regular IRA, you can’t own physical gold, although you can invest in a wide variety of assets that are invested in gold, such as stocks of gold mining companies or exchange-traded gold funds (ETFs).
Gold IRAs are a special type of self-directed IRA that allows you to invest in physical gold and other precious metals, such as silver, platinum, and palladium. Investing in a gold IRA requires the services of a custodian bank, a broker to purchase gold, and an approved depositary to store gold. Like other self-directed IRAs, Gold IRAs can be Traditional or Roth. Before you open a gold IRA, keep in mind that it’s not the only way to invest in gold with your retirement funds.
Consult reputable outside sources or a fee-based financial planner for investment advice if you’re not sure whether a gold IRA is right for you. Allegiance Gold offers a streamlined process with a senior portfolio manager and an IRA specialist to help you do just that. A gold IRA or a custom precious metal IRA cannot store every type of physical gold or precious metals. The IRS does not allow popular gold coins such as the South African Krugerrand or British sovereign coins to be stored in a gold IRA.
A common way to fund a new Gold IRA account is to use funds that are already in another retirement account, such as another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan, in accordance with IRS rules. All Gold IRA rollovers follow the same rules as converting to a traditional IRA or a Roth IRA. Therefore, the first step to operating a Gold IRA is to search for a custodian or trustee that offers Gold IRAs. Before you initiate the transfer, it’s important to calculate how much of your existing retirement savings you’d like to invest in your new Gold IRA.
Surprisingly, a gold IRA doesn’t just have to hold gold, you don’t have to hold any gold in one at all. If you need advice, you should contact a trusted advisor instead of relying on representatives from the Gold IRA company. Working with a designated IRA specialist, Allegiance Gold staff can help you determine whether your account is eligible for a transfer. The rules for withdrawals (selling the gold for cash) depend on whether the gold IRA is a traditional or a Roth IRA.
