A Gold IRA is a type of Precious Metals IRA categorized under the IRS Tax Code of SDIRA (Self-Directed Individual Retirement Accounts). While Gold ETFs are a popular choice to invest in gold within traditional brokerage accounts, the only way to own the physical gold bullion within an individual retirement account is through a Gold IRA. The tax benefits, contribution limits, and withdrawal rules are similar for Gold IRAs and standard retirement accounts. Most brokerage firms and registered investment advisors do not offer the custodian services, transactional logistics, and storage solutions necessary to purchase gold bullion within a retirement account. A preferred method to fund a Gold IRA is with a direct rollover from a traditional IRA account. This process allows assets to be transferred between qualified retirement plans to protect against adverse tax consequences. Also, new cash contributions may be used to fund future gold investments on an annual basis into a Gold IRA. There are strict guidelines set by the IRS for the type of gold bullion that are allowed within Gold IRAs. The popular gold collectibles sold by most precious metal dealers are not eligible for Gold IRA investments. An improper purchase transaction will be disallowed by the IRS, subject to income tax, and even possibly an early withdrawal penalty of 10%. Investments within traditional retirement accounts incur costs such as expense ratios and management fees. Gold IRAs also have fees including an account set-up fee, custodian annual maintenance fee, dealer fee, storage fee, insurance fee, wire transfer fee, cash-out fee, and delivery fee. Before starting a Gold IRA, please contact one of our gold bullion specialists for assistance.
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