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What is a gold IRA retirement plan?
Oh, today is a wonderful day. And since my YouTube channel is about investing, retirement planning, I thought we have to talk about this shiny thing – Gold IRA, because some people say and act like Gold IRA is the way to bulletproofing your retirement portfolio. Is it?
Well, let’s figure it out!
Ok, if you ever watched a video about investing in precious metals, a TV commercial, or read an article on the Internet, you have undoubtedly heard it said that gold has been known for ages as a symbol of wealth and power. That’s true.
So, how do you add gold to your retirement account?
A Gold IRA (IRA stands for an individual retirement account, I hope you know that), a gold ira is similar to a regular IRA (like 401k or Roth IRA), except it is backed by investments in precious metals.
It functions the same as a regular IRA, only instead of holding paper assets (like stocks, bonds), it holds physical bullion coins and bars.
It all started in 1997. I don’t know what you think about this gentleman, but what is great is that in 1997 he signed The Tax Payer Relief Act into law. This act made it possible to diversify your retirement savings by adding physical precious metals to your IRA account.
So, there is no need to worry whether it is legitimate… Yes, Gold IRA is officially approved and not only approved but recommended by the government.
What metals can be added to your Gold IRA?
The name Gold IRA implies that this metal is gold. Well, that’s right. But the name Gold IRA is a little incorrect. What it really is, is a self-directed precious metal IRA.
Not only gold but also silver, platinum, and palladium can be held in your IRA account.
It is important to remember that we are not talking about gold mining stocks or palladium ETFs. We are talking about physical precious metals – physical gold coins, bars, physical silver, physical palladium, and platinum.
There is a list of IRA-accepted precious metals. Now you can see it on your screen. The IRS states that only metals of high purity can be included in an IRA. In my video about different types of gold coins, I was talking about a coin that is worth over 7 million dollars. Collectable and numismatic coins cannot be included in your Precious metals IRA, and rightly so!
Now, the question... If you' re following my YouTube channel, you know that I often say “If you can't hold it, you don't own it”. This is, probably, the most important reason why we invest in physical precious metals.
So, the question is. Can you switch to Gold IRA and store your gold at home? The short answer is NO. In order to comply with IRS requirements, all IRAs, including precious metals IRAs in our case, must be in the possession of a trustee or custodian. Therefore, physical precious metals in a Gold IRA are in the custody of the trustee or custodian, not the IRA owner.
Are you limited to only precious metals in your Gold IRA?
No. Your retirement portfolio may contain not only precious metals, but stocks, bonds, and other investments.
So, how exactly does it work?
Well, there are two possible ways, different ways.
The first way is a “trAnsfer”. You can do it at any time with your existing IRA, as long as the assets go from custodian to custodian. In a direct transfer, the money flows directly from one IRA custodian to another. Transfers may be made as often as you want.
Another way is a “rollover”. It occurs when “you” receive the distribution from your existing retirement account and then turn around and deposit it in another retirement plan custodial account.
So, should you rollover your existing 401k or other IRA to Precious metals IRA?
Well,
If you are interested, if you want to learn more about it, if you I don’t know. You know it better. But I think that every investor should turn at least a small portion of his investment portfolio into physical precious metals, maybe, 5-10 thousand dollars.
The reason why we do that is that adding physical precious metals to your IRA lessen the unpredictability of your retirement and investment portfolio.
This video is a brief overview of this opportunity. have some questions, feel free to click the link below this video, or click this youtube card, and get your 100% free precious metals investment guide and learn how to rollover (or transfer from) a previous retirement account (401k, TSP, SEP) into physical gold. Tax-free.
Don’t forget to subscribe, and see you, ladies and gentlemen, in the next episode!
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