Investing in an IRA is a great way for a person to have financial security in the future. Gold IRA are increasing in popularity. They can be either in a Roth option or a traditional option. This kind of IRA can only be invested in gold. It can be gold coins or bullion.
Things to Consider
The first thing that a person wishing to invest in a gold IRA should consider is whether or not they want to have a physical investment or if they would rather have gold company stock. Another option is to have a mutual fund or exchange-traded fund. These will track the gold index.
If a person does decide to do an actual metal IRA, there will be certain criteria that will need to be met. Metal coins or bars will need to meet IRS standards. They will also need to be held by a trustee instead of with the IRA owner. The gold must also be stored in a depository that is approved by the IRS. A person cannot store their IRA in home safes, closets, or safety deposit boxes. All standard rules about taxes, contributions, and disbursements will apply.
The person holding an IRA will need to have a broker to buy the gold, and then they will need to appoint a custodian. Custodians can be found with banks, credit unions, brokerage firms, and trust companies, and will need to be approved by federal and state agencies. It is imperative that anyone getting an IRA ensures that the custodian and the company are highly recommended and have great reviews. After choosing a custodian, the IRA can then be started and monitored.
