For example, gold bars must be fined at least 995 and meet all IRS standards to be eligible for a gold IRA. Silver must also be 999 fine, while platinum and palladium both must be at least 9995 pure. Gold bars and round gold and silver bars are also allowed in an IRA if they have a fineness of 99.9%. This generally means that they must be produced by a NYMEX or COMEX approved refinery or a government mint
.
For example, gold bars must have a purity of 99.5% or more and silver bars must have a purity of 99.9% or better. The practical concern is to find an IRA trustee who is willing to set up an independent IRA and facilitate the physical transfer and storage of precious metal assets. Only a few companies are prepared to act as trustees for independent IRAs that hold eligible precious metal coins or bars. As soon as a traditional IRA owner reaches 72 years of age, annual IRA Required Minimum Distributions (RMDs) must also be made
.
When you invest in gold coins through an IRA, make sure they are in excellent condition and are certified by a reliable numismatic company. If your employer offers this type of retirement plan, you can add your IRA and maximize the value of your retirement plan. Typically, the IRS only allows you to buy IRA-approved gold in amounts less than those allowed in other retirement accounts, such as traditional IRAs and Roth IRAs. You can buy gold coins and gold bars, invest in a gold ETF, or invest in stocks of gold
mining companies.
The IRS also allows you to transfer an existing retirement account to a Gold IRA so you can save money and avoid tax penalties associated with setting up a new Gold IRA. For example, adding gold that you already own and storing it in an IRS-approved depot are two examples. You can buy gold coins from a third-party retailer and, at your discretion, store them either in a safe, at the bank, or any other secure location you deem appropriate. Gold can also be credited to SEP IRA or Solo 401 (k) accounts set up by individuals who are self-employed or have an employer-sponsored plan
.
Gold coins can be issued by the US Mint as well as by other national governments such as Australia, Austria, and Canada. A reliable IRA custodian can give you valuable advice on managing your gold and other precious metals. For example, you could have an IRA that is invested in precious metal bars and another IRA that invests in liquid assets such as listed stocks and mutual funds. Gold and other precious metals are just one of the many things you can buy with a Roth Gold IRA
.
With a Roth Gold and Silver IRA, your contributions are after tax, which means you pay tax on the money before you deposit it into your IRA account. With this method, you can transfer money from your bank account or other financial institution directly to the IRA account. In addition to the after-tax rule, Roth’s Gold IRAs include a few other guidelines that you must also follow
.
