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A gold-backed IRA, also known as a precious metal IRA, refers to an account that holds precious physical metals such as gold, silver, platinum, and palladium as your retirement portfolio. The account matures when you turn 591/2 since it is like a normal retirement account. People who go down this road consider them as an alternative to stocks, gold ETFs, and mining shares accounts since they are not affected by the market’s volatility. You might hold back for fear of the unknown when advised to get one. What most do not realize are the benefits associated with this account. Below is a brief description of how the account operates and the advantages you will likely enjoy.
How Does a Gold-Backed IRA Account Work
Gold-backed IRAs typically follow rules similar to traditional IRAs except for a few tweaks imposed by the IRS due to the complex nature of the assets. The account is funded just like a normal retirement account. The owner raises funds and approaches a custodian and a broker to complete the deal.
The broker sells the gold, and the custodian keeps it in a depository or space. The custodian is responsible for managing paperwork and filing tax reports based on your gold transactions. However, the most important role of this custodian will be to store your gold IRA. As the owner, you cannot store personally acquired gold unless it is authorized, inspected, and insured. This ensures it meets all the guidelines for gold stored in an IRA account.
The IRS dictates that any gold purchased should be of 99.5% purity or be one of the known gold coins such as; The Canada Maple Leaf, the American Gold Eagle, the American Buffalo, and the Kangaroo Coins. Typically, the IRS counts any form of handling or storage of gold IRA as withdrawal. If you deci… Read More
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