A gold IRA is a self-directed individual retirement account that invests in both physical gold and other precious metals. A Gold IRA often comes with higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. Gold IRAs are specialized individual retirement accounts that store precious metals such as gold, silver, platinum or palladium. Like traditional IRAs, these accounts generally allow pre-tax contributions and have similar income and contribution limits.
Most types of retirement accounts can be transferred in whole or in part to a Gold IRA or a custom precious metals IRA, deferred for tax purposes and with impunity. Some gold IRA companies argue that certain coins were included in a precious metal IRA. However, some of these companies have been investigated by the government for misleading customers and selling numismatic coins aggressively against gold bars. Augusta Precious Metals is a leading IRA gold company founded by Joe Montana, a Hall of Fame quarterback, and his team of financial advisors. With a designated IRA specialist, Allegiance Gold staff can help you determine whether your account is eligible for a transfer.
When your application is complete and your self-directed IRA is open, funding your Gold IRA couldn’t be easier. Some gold IRA companies work with specific custodians so you can easily transfer your investment to those facilities. Once you’ve decided that a Gold IRA is right for you, you can contact your retirement plan administrator to initiate the rollover, or let the Gold IRA company make a direct rollover between the two companies. Gold IRA companies are not investment companies that are held in trust to act in your best interest.
American Hartford Gold doesn’t charge fees to set up a Gold IRA or charges for shipping your gold to the depot. Investors who hold their gold for more than a year are subject to favorable capital gains tax rates instead of the normal income tax rates you pay when you sell gold and withdraw the money from an IRA. Although Advantage Gold appeals to gold IRA investors of all types, it is particularly attractive for first-time buyers. We’ve considered the reputation, transparency, and quality of the online education and resources they provide of Gold IRA companies.
Most gold IRA companies buy back gold or other precious metals that they sold you, but buybacks are generally made at a wholesale price, which is about a third cheaper than the selling price. If you want more flexibility with your precious metals, you might want to learn how to buy gold outside of an IRA. We’ve rated the websites of Gold IRA companies, as well as consumer protection organizations Better Business Bureau and Business Consumer Alliance, as well as websites with customer reviews, such as TrustPilot.
