How to Buy Gold in IRA
Saving for retirement does not have to be limited to the stock market. Other options, like buying gold in an IRA, are available and also worth considering.
Unlike the fluctuating stock market, precious metals can be a safe, long-term investment. And a self-directed IRA can invest in precious metals. Its self-directed aspect gives a wider range of investment options for the IRA.
Setting up a self-directed IRA
A self-directed IRA is set up with a type of custodian that allows a wider range of investment options. The IRA can be traditional or Roth. Once the self-directed IRA is set up, the account holder directs the investments of the IRA through the passive custodian.
Understanding allowable investments
The IRS specifies which precious metal forms and products are allowable for investing. Gold, silver, platinum, and titanium are allowable, but only within the IRS’s guidelines. Always check the IRS guidelines before committing to certain investments.
For example, the IRS outlines several coins that can be invested in. In general, coins must be fine and 99.5% pure. The purity rating must be met. Any lower, and the coin is not an allowable investment.
Silver coins must be at least one ounce and fully minted by the United States Treasury. Under certain requirements, some state coins and platinum coins can be allowable.
Buying gold in IRA
Contact an expert to assist in evaluating how to buy gold in an IRA. There are different rules and regulations, as noted above. These can seem difficult to understand, but an expert can help you investigate whether the option is compliant with the IRS codes and statutes.
Sense Financial specializes in self-directed retirement accounts. We have helped our clients achieve true diversification in their retirement portfolio, with investment in traditional and non-traditional assets. Many of our clients utilize their self-directed accounts to invest in gold and other precious metals, real estate, notes, and much more.
Goldpriceth
September 4, 2013 @ 6:29 pm
Excellent article! This is exactly the kind of information that anyone should have when buying bullion for a precious metals IRA. One point though I would like to stress is the importance of choosing a reputable company to deal with. Most people don’t know that owning gold in an IRA comes with storage fees and account management expenses. For this reason, it is crucial to choose a trusted retirement firm to hold your gold or precious metals.