Setting Up a Gold IRA
Allows You To Diversify Your Retirement Portfolio
High-Quality Precious Metal Products Guaranteed
Tax Benefits and Withdrawal Rules
Rollover Existing 401(k) or IRA
A Gold IRA works in the same way as a Self-Directed Individual Retirement Account (IRA) but with the added bonus of including gold and other precious metals to your retirement fund. Conventional IRAs only permit you to invest in paper assets.
Owning a diversified retirement portfolio is crucial to amassing a store of wealth you can enjoy once you retire. A gold-backed IRA also gives you certain tax advantages if you qualify under IRS regulations.
GoldIRA.com is changing the rules on buying precious metals for a Gold IRA. We offer you the lowest fees and prices for precious metals products anywhere in the USA.
GoldIRA offer bullion mint products on average 20% less expensive than our competitors** based on our own market research comparing prices with over 100 dealers nationwide!
And that’s a guarantee!
Gold-Backed IRA Set Up Fees
IRS regulations stress that investors must have a Self-Directed Gold IRA in order to purchase gold to put towards a retirement plan. Furthermore, legislation says that, in most cases, a gold-backed IRA account must be handled by an IRS-approved custodian.
You’ll be pleased to know that GoldIRA has connections with multiple certified custodians and offer the lowest set-up fees so you can earn more from your bullion investments.
Buying Gold for your Self-Directed IRA
Buying precious metals for a Gold IRA is straightforward. However, there are certain rules you should be aware of.
In order to protect investors from counterfeit products or precious metals that could be difficult to liquidate, the IRS limit the type of coins and bars you are allowed to buy for a Precious Metal IRA.
The IRS only permit precious metals that contain 0.995 fineness or greater (24-karat) and must be stamped by a NYMEX or COMEX approved refiner – in other words, coins produced by the national mints of the USA, UK, China, Canada, Mexico, Australia and Austria.
Examples of eligible precious metal coins that can be included in a Gold IRA are:
- American Eagle and Buffalo coins
- Canadian Maple Leaf
- British Britannia and Queen’s Beast
- Australian Kangaroos
- Chinese Panda
- Mexican Libertad
- Australia Kangaroo
- Austrian Philharmonic
Gold IRAs are restricted to contributions limits. For investors who are 49 years old or younger are only permitted to make annual deposits of up to $5,500. Once you hit 50 years old you are able to increase the annual limit to $6,500.
Storing gold purchased for a Gold IRA
One of the key benefits of buying physical gold for a Gold IRA is that you have more possession and control over your bullion that you don’t have with electronic/paper gold (ETFs).
However, when purchasing physical gold, you have to consider storage. The two simple solutions available to you are:
- Vaulted storage facility
- LLC home storage
Valued Storage Facility
Storing physical gold in a high-security storage facility gives you peace of mind, security and accessibility. Although you won’t have the bullion to hand, you still have full ownership and can arrange for the sale of the bullion fairly quickly though GoldIRA.
The vaulted storage facility we use at GoldIRa is Delaware Depository (DDSC) which is backed by major exchanges and charge a reasonable storage fees.
Contact us for more details.
LLC IRA – Home Storage IRA
In order to store physical gold in the home, you need to set up a Limited Liability Company (LLC) Home Storage that is owned by the IRA.
Storing precious metals at home gives you all the benefits of a Gold IRA but with the advantage of having more control over your physical assets.
And you can set up a Home Staorage Precious Metals IRA in three simple steps:
- Deposit your initial investment to GoldIRA.com and we will set up the LLC Home Storage IRA on your behalf
- We then arrange for the precious metal assets to be delivered to your home – together with free insurance
- Once you sign for delivery store your precious metals in a personal safe, safety deposit box or wherever you feel your assets will be most protected
It’s important to note that investors are named as the managing party of the LLC Home Storage IRA and gives you the freedom to purchase gold to store in your retirement account whenever you want to add any precious metals.
This gives you 100% control. Not only are precious metals stored in the safety of your own home, you have instant access to it when you want to liquidate your assets.
However, you still need a custodian to hold the LLC ownership. This enables you to defer tax until you sell your assets. It also means you cannot use the funds for personal use – which would incur a penalty and potential criminal charges.
GoldIRA offer you the opportunity to set up an LLC checking account which entitles you to store precious metals at home. The only cost is a one-off $450 set up fee. This is significantly lower than the $125-$250 a year fees charged by high-security facilities.
Taxes and Withdrawals
One of the key advantages of investing in a Self-Directed Gold IRA is the ability to defer tax liabilities until you retire and liquidate your assets.
Contributions to a Self-Directed IRA can be deducted from federal income taxes but cannot be withdrawn from your Gold IRA account until you are at least 59 and half years old and the fund is more than five years old.
Should you need to withdraw funds before the qualifying period, you may be subject to a 10% penalty. There are some exceptions however:
- The IRA owner becomes disabled and is unable to work
- The account holder is hospitalized and needs funds to pay for medical treatment
- Unforeseen unemployment which means you cannot cover the cost of insurance
- Substantial equal periodic payments
- The IRA owner or family member needs funds to pay for education
- To make at least a $10,000 down payment on a first home
- If the IRA account holder dies, beneficiaries can withdraw the fund
Rolling-over an existing IRA or 401(k)
There are certain retirement plans that can be rolled over to a Gold IRA if the right conditions are met.
Traditional IRAs can be rolled over at any time, but funds must be deposited in the Gold IRA within 60 days of removing them from your conventional IRA. Failing to do will result in a penalty.
You are also permitted to rollover a workplace 401(k) retirement plan once you leave the service of the employer that is sponsoring the account.
Our rollover specialists are on hand to provide assistance in rolling over an existing retirement fund to a Gold IRA. The process is actually straightforward.
All you have to do is follow these three easy steps:
- Establish a new precious metals IRA
- Initiate a tax-free rollover and fund your new Gold IRA with assets from your current retirement plan
- Transfer funds to your new Gold IRA
GoldIRA.com will help you set up the account and provide you with information of the precious metals available to you. Once you have decided which precious metals you want to purchase, just let us know and we’ll arrange that for you as well.
Investors choose to open a Gold IRA because of the advantages they give you over traditional IRAs and workplace 401(k) retirement accounts.