A gold IRA is a retirement investment vehicle that is used by people who own gold bars, coins, or other approved precious metals. A gold and silver IRA is simply a self-managed individual retirement account that allows you to hold physical gold and silver. Similar to a traditional IRA account, all gains in gold and silver become tax deferred until you withdraw them at retirement age. If you want to open a gold and silver IRA account, you’re essentially starting out the same way you would a traditional IRA account.
A gold and silver IRA differs from a traditional IRA in that you can only hold IRA-approved physical gold and silver in your account through an external custodian bank. Tax legislation also states that gold or silver must be held by an IRS-approved custodian or trustee, although some Gold IRA marketers claim that there is a loophole in this law (more on that later). So protect your money by investing it in hard assets that can survive a crisis, or, as Devane puts it, “in an IRA backed by gold and silver, not in paper and promises. The Internal Revenue Service (IRS) allows holders of self-managed IRA accounts to purchase bars and coins minted from gold or other approved precious metals such as silver, platinum, or palladium.
The minimum age at which you can withdraw precious metals from a gold and silver IRA is 59 and a half years. There are a number of compelling reasons why you should consider opening a gold and silver IRA account. For anyone concerned about financial security in retirement, these ads touting gold and silver IRAs on conservative-oriented cable TV channels and in digital news outlets can sound pretty compelling. With a gold and silver IRA account, you don’t have to pay taxes on your precious metals until you withdraw them at retirement age.
From 1998, an IRA can invest in certain platinum coins and certain gold, silver, palladium, and platinum bars. When you turn 70, you’ll need to make a minimum required payout from your gold and silver IRA. While most IRAs invest in conventional assets such as stocks or investment funds, tax legislation also allows special “self-directed” or “alternative” IRAs that can hold physical silver or gold. A gold IRA is a type (pun intended) of an individual retirement account (IRA) that allows investors to own physical gold, silver, platinum, and palladium instead of more common assets such as cash, stocks, and bonds, to which regular IRAs are limited.
First, contact a broker that provides Gold and Silver IRA accounts and fill in your information to open the account.
