Precious metals have been a store of value for thousands of years, long before fiat currency was conceived or brought to fruition. Gold, silver, platinum, and palladium all hold their value and can be used as a hedge against inflation, political climate change, and global pandemics. Regardless of political lean, your retirement earnings are safest when invested and held in gold, and a gold IRA is one of the best forms to do so because of its tax savings. Below we give you our gold IRA cheat sheet and why we invested in one ourselves.
Benefits of Investing in a Gold IRA
As mentioned above, investing in a gold IRA allows you to hedge against inflation and detach your savings from the political agenda currently in power. Whether you’re a democrat, republican, or otherwise, having the value of your money at the whim of a politician is not a smart move. The benefits of investing in a gold IRA are many, but the main one being a hedge against inflation, diversification of your portfolio, and allowing your retirement to not be linked to what the government decides to do (or print).
How Much Does it Cost to Open a Gold IRA?
There is no specific minimum investment to start a gold IRA, but we advise starting with at least $50,000.
How Do I Invest in a Gold IRA?
You can either start an IRA straight from a transfer of funds, or rollover your 401(k) you have with an employer. If you’re going to do a rollover, make sure to do it within less than 60 days so you won’t get distribution or penalty taxes put on your money. You can complete this with the help of a gold IRA company as well as a gold IRA custodian. When searching for the right gold IRA company, make sure you work with one that sets you up with a reliable depository to store your money with.
What Should I Look for in a Gold IRA Company?
Your gold IRA company should have minimal to no bad client feedback, be within the IRA guidelines of transfer rules, and work with a reputable gold depository that will keep your metals safe and sound. Some gold IRA companies offer Gold ETF investments as well, but we advise sticking with purely physical metals as they are a better store of value.
When Can I Withdrawal My Gold IRA Funds?
Your gold IRA can be withdrawn when you turn 59.5 years old. If you take the funds before you’re 59.5, you will have a lot more fees taken from the sum amount.
Are There Any Exceptions to Take My Money Out of My Gold IRA Early?
The IRS allows for a few exceptions. These include if you need to pay medical bills and don’t have excess funds, if you lose your employment, if you need to make a first-time home purchase, or if you’re a beneficiary and the owner of the gold IRA passes away.
What are the Gold IRA Contribution Limits?
You can invest a maximum of $6,000 per year, or $7,000 per year if you are 50 years or older.
Gold IRA Cheat Sheet Conclusion
That about sums up a few details you need to know before choosing your gold IRA company and making your transfer or rollover. Gold is the best precious metal to invest in and hedge against inflation with because of its undeniable value. It has been around for thousands of years and will be what people turn to when they don’t want to be a victim of inflation or volatile investments like crypto. If you want to secure your wealth and make the most of what you’ve worked your life for, put your retirement in precious metals through an IRA that offers tax benefits.
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