Gold YES - you can can hold precious metals within a traditional IRA, Roth IRA or a 401K! Many people are not aware of this exciting fact. You may transfer an existing Traditional or Roth IRA to a qualified gold IRA with no taxes or penalties. In some cases, your existing 401k can be converted into a gold IRA as well.
Gold IRA
Not only is gold and silver allowed in your IRA, but since 1998 the platinum US American Eagle has also been allowed along with palladium bullion which meets certain standards. When the time comes to get distributions from your IRA, you can convert those precious metals investments into cash or take the actual coins or bullion. This means you have the flexibility to wait for the best market conditions before you sell. And with the economy in it's current condition, flexibility will help preserve one's assets.
Gold 401k
With a self-directed, precious metal IRA, you don't actually take possession of the metal when your account is first set up. Your coins or bullion are stored for you since you cannot physically possess the gold by law. Once your IRA is set up, you will receive semiannual statements of all activity in your account along with the current, fair market value of your investments.
How can I own gold in my IRA
A "Self Directed" IRA is like any other IRA with the exception that you choose where your funds will be invested instead of simply accepting what the IRA Trustee or Custodian hands to you. This way, you have the flexibility you need to choose any stocks, bonds, mutual funds, CDs, and other investments - including precious metals.
IRA Gold
Money in an existing IRA can be moved to a precious metals IRA by rollover or transfer. A transfer does not require reporting to the IRS and there aren't any restrictions on how often you transfer funds.
401k Gold
You just open the IRA and authorize the transfer. GoldStar Trust Company will contact your previous institution and take care of moving your funds over.
How to put gold in an IRA
If you've reached the age of 70 and 1/2, special rules apply and you should check with your current trustee or custodian to inquire about any fees or penalties. Rolling over your IRA to a precious metals IRA does require reporting to the IRS and there are time limits and restrictions. You should consult a competent tax advisor before taking a distribution for rollover. Your asset advisor should be able to help with this.
How to put gold in an IRA
Tax laws regarding the handling of IRAs can be complex and cannot be covered fully here. This is particularly true with rollovers from other retirement plans. Please contact us for more specific questions, and of course, your tax advisor.
Many people have benefited greatly by investing in gold, and hopefully this information will help more to do the same.
If nothing else, we would rather add to your knowledge and be helpful about your investing information than to have you feel like you've been taken for a ride. It's your money. It's your investment. It's your life. We wouldn't want to spend our money on a lame horse. And neither should you. Do your homework. Do your due diligence.
Gold 401k Rollover
Once again, many companies offer information by mail and this can be tailored to meet your specific needs so you don't end up spending time going over the mountain of information on gold investing out there.
One such company is goldcoinsgain.com, a well established, well known precious metals investing company. Get started on learning more about investing in gold and what precious metal ownership can do for your portfolio and your future.
Gold
