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Discover how American investors are safeguarding and securing their retirement savings with physical Precious metals
Most of the things we need and want in life cost more today than they did when the Dollar was backed by Gold
the Median price of a house
new Cars and Trucks
Every day, Americans are suffering the effects of unrestrained money printing and it is only getting worse
So what’s the solution?
How can Americans protect and secure their retirement savings from this ongoing loss of purchasing power?
Physical Gold IRA
The Taxpayer Relief Act of 1997 allows investors to hold physical Gold, Silver, and other Precious metals inside individual tax preferred retirement accounts (IRAs).
Self-directed IRAs provide tax-preferred ownership for real estate and Precious metals, while traditional IRAs are limited to Stocks, Bonds, and mutual funds.
In a self-directed IRA a third-party Custodian holds physical Gold in the investor’s name. This is the same as a traditional retirement account where securities are held by the broker-dealer in the investor’s name.
IRA-approved Precious metals include Gold, Silver, Platinum, and Palladium. Two general categories of metal are IRS-accepted:
• Coins minted by national Governments
• 99.95% or higher Bullion bars and Coins
Collectible Coins and Numismatics are not allowed.
Home storage Gold IRA
The Precious metals held in a self-directed IRA must be held by a third-party Custodian in order to satisfy the IRS.
In a home storage Gold Coin IRA (also referred to as a Checkbook IRA) the investor forms an LLC or other legal entity to act as the Custodian and hold the Precious metals.
While this structure complies with IRS requirements, it entails at least two risks.
First, the IRS has numerous requirements that a Custodian must meet. The IRA could be deemed invalid if any of these requirements aren’t met.
Second, assets can only be moved in and out of the IRA via proper contributions and withdrawals. Because the IRA is stored at home it is tempting to add or subtract physical metal without performing the proper paperwork. Sloppy bookkeeping or a violation of the rules for managing the IRA’s assets could cause the IRS to deem the IRA invalid.
And remember that failures to comply with the Checkbook IRA regulations would most likely come out in an audit when it would be too late to fix the issue.
If the IRS declares that the home storage Gold IRA is invalid they could assess penalties, back taxes, and interest for all of the years when the IRA was out of compliance.
Gold IRA tax rules
Here are the key Gold IRA tax rules to keep in mind:
• When funds are transferred from an existing IRA to a Precious metals IRA, the transaction must be completed within 60 days
• Only IRS-approved metals can be held in the IRA – Silver, Gold, Platinum, and Palladium
• Distributions from the IRA can be taken in cash or physical metal
• Precious metals held inside an IRA are NOT subject to the automatic 28% tax rate for collectibles
• Capital gains are NOT taxed as gains on collectible items
• Distributions from the Gold IRA are treated as ordinary income at the Investor’s tax rate
• Investors are allowed to have more than one IRA open – opening a Gold IRA doesn’t affect existing retirement savings accounts
Gold IRA fees
Buying Gold in an IRA involves more fees than an investor pays for a Traditional IRA.
Besides the typical account setup and management fees, a Gold IRA will have a fee for storing the physical metal held in the account.
Typically the annual storage fee will be less than $200.
Another fee which is unique to Precious metals IRAs is the commission paid to a broker for buying and selling the investor’s metal.
Some companies waive account setup fees and buying commissions as part of their promotional offer.
The selling commissions can be avoided by taking distributions in physical metal instead of cash.
Gold IRA reviews
Trust is the main consideration for selecting a Precious metals IRA company to deal with
You need to feel comfortable with the company and their Custodian
Seeing what actual customers are saying online can provide valuable insight into a company and how they do business
Check these resources for authentic Precious metals IRA reviews
Better Business Bureau (BBB)