Self directed gold IRA is a type of Individual Retirement Account or Arrangement that makes use of gold and other precious metals to replace foreign and local currencies and other paper based properties and assets. This is considered as a great way to save and ensure that your retirement years will be spent in financial freedom and stability. Though a lot of people are confused by this type of IRA account, the concept is simple and really easy to understand. Self directed IRA gold owners should make sure that they discuss the basics of investing in IRA gold.
What Are the Precious Metals Acceptable for Self Directed Gold IRA
The following are some of the accepted precious metals that you can include in your self directed Gold IRA:
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Gold
- American Gold Eagle bullion/coins
- American Gold Eagle proof coins
- Chinese Gold Panda Coins
- American Gold Buffalo uncirculated Coins
- Gold Bars and rounds
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Silver
- American Silver Eagle bullion coins
- American Silver Maple Leaf Coins
- Silver bars and rounds produced by a COMEX or an NYMEX
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Palladium
- Palladium bars produced by a COMEX or an NYMEX
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Platinum
- American Eagle Platinum Eagle Coins
- American Platinum Eagle Proof Coins
- Platinum Bars and rounds produced by a COMEX or an NYMEX
Your IRA custodian will also provide you with a detailed list of gold and other precious metals that you can include in your self directed IRA gold.
Benefits of Self Directed Gold IRA
There are a lot of benefits that you can acquire and enjoy IRA gold account, and these include tax and income related advantages:
- IRA Gold or Self-directed Gold IRA will help ensure and provide you with the financial stability that you have been looking for. The value of gold and other precious metals increase in value over time, which allows you to make a more stable investment which you can use for the future.
- The amount of tax imposed on the gold that you will be cashing in is lesser compared to when you conduct regular local and currency transactions using the IRA structure or plan. And since your gold does not need to be reported to the Internal Revenue System or IRS, you do not need to worry about high tax rates, at all.
- Another reason for choosing a self-directed IRA gold against other IRA plans would be the advantage of possibly having the fees waived in case your need to prematurely withdraw and cash in your gold due to special and emergency circumstances such as: medical conditions, disability, home investments and others.
These advantages and more make a self directed gold IRA one of the best investment plans that you should take to ensure a financially stable retirement.
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