A gold IRA is a self-managed individual retirement account that invests in physical gold and other precious metals. A gold IRA often has higher fees than a traditional or Roth IRA that invests only in stocks, bonds and mutual funds. The Internal Revenue Service (IRS) allows holders of self-managed IRA accounts to purchase ingots and coins minted with gold or other approved precious metals, such as silver, platinum or palladium. Most types of retirement accounts can be transferred in whole or in part, tax-deferred and without penalty, to a gold IRA or a customized precious metals IRA.
If you want to keep physical gold in an IRA, the first step is to open a self-directed IRA (SDIRA), an IRA that you manage directly with a depositary. You should also select a precious metals dealer who will make actual purchases of gold for your IRA (your custodian may be able to recommend one). As mentioned earlier, a gold IRA allows investors to hide their money in gold or other precious metals. Keep in mind that not all self-managed IRA custodians offer the same investment options, so make sure physical gold is one of your offerings before opening an account.
Even so, an IRA with gold may be a good option for investors who want to diversify their retirement accounts and also take advantage of the hedging benefits offered by the yellow metal against other financial assets, such as paper money and stocks. The designated members of the Allegiance Gold team, both IRA specialists and senior portfolio managers, will manage the entire process of creating and funding your customized gold IRA or precious metals IRA. A gold IRA works just like any retirement account, with the added advantage that it gives you greater control over your investment and includes physical gold coins and ingots and other IRS-approved silver, platinum and palladium metals. The term gold IRA refers to a specialized individual retirement account (IRA) that allows investors to hold gold as a qualifying retirement investment.
With your personalized gold IRA or precious metals IRA, you'll continue to have beneficiaries, receive quarterly statements, and be able to log in online to check your balances. A gold IRA or a customized precious metals IRA cannot contain any type of physical gold or precious metals. Once an IRA's new self-directed depositary receives the funds, your Allegiance Gold representative will help you select the currencies approved by the IRS and the depositary to store your precious metals. As a result, gold IRAs require the use of a custodian, usually a bank or brokerage firm that manages the account.
However, instead of holding paper assets, such as stocks and bonds, the IRA with gold is intended to hold physical ingots, that is, coins or ingots of gold and other approved precious metals, such as silver, platinum and palladium. As with any retirement account, with your gold IRA or a custom precious metal IRA, you'll invest your retirement funds based on specific tax treatment (before or after taxes) and then make future distributions.