A gold IRA often has higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. Proponents of gold IRAs argue that these costs are worth the peace of mind protecting yourself from a potential financial apocalypse. But let’s assume that a disaster really does occur. How would you redeem your gold if it’s in a deposit at the other end of the country?
Gold IRAs are a special type of self-directed IRA that allows you to invest in physical gold and other precious metals, such as silver, platinum, and palladium. Investing in a gold IRA requires the services of a custodian bank, a broker to purchase gold, and an approved depositary to store gold. Like other self-directed IRAs, Gold IRAs can be Traditional or Roth. We’ve researched 18 reputable companies that offer Gold IRA services and searched them for the highest consumer ratings from the Business Consumer Alliance
(BCA).
Traditional IRA account, which can be easily set up and managed by a custodian bank, requires a few more moving parts to set up and manage a Gold IRA. Costs of buying and storing gold Once you’ve chosen a specialized, self-managed IRA gold custodian, you need to remember that there are fees for all aspects of buying, storing, and selling the gold. A gold IRA is a specialized, self-managed individual retirement account for storing precious metals. Advantage Gold has made a name for itself as the best gold IRA company for first-time buyers with its low minimum requirements, convenient customer support, and comprehensive education platform
.
So if you want to hold gold in your IRA, you’ll need to set up a self-directed IRA first and then you’ll need to find a custodian that specializes in self-directed gold IRAs. The IRS has established metal fineness guidelines that determine whether gold or silver in the form of gold bars or coins are acceptable for a gold IRA. Required minimum distributions Once you reach the age of 70½, your Gold IRA is subject to a minimum payout (RMD), just like any other IRA account not from ROTH. No other Gold IRA company goes to such lengths to present investment information in an organized and objective way to earn the full
trust of its customers.
In addition, the IRS only allows certain gold coins, such as the American Gold Eagle or the Canadian Maple Leaf. Like a traditional IRA, a gold IRA allows pre-tax contributions, and investment income can then be accumulated tax-deductible.
