Keep gold away from thieves and security risks by working with a reliable gold IRA company that provides storage at IRS-approved depositories.
Many investors are drawn to investing in precious metals such as gold and silver as an insurance policy against inflation and to safeguard their wealth for years to come.
What is an IRA?
To purchase physical gold in an IRA, it’s necessary to work with an IRA custodian who purchases and arranges shipment of it directly to an IRS-approved depository for safe storage. While you could store precious metals at home or even with an independent storage IRA provider offering segregated storage solutions – both options provide greater control and access, but lack federal approval. When looking at options such as segregated storage plans offered by companies that specialize in physical gold storage.
Your IRA custodian will be there with you for the long run, overseeing every purchase transaction and safely storing precious metals until retirement is upon you. Most reputable custodians provide storage options that meet IRS regulations while remaining compliant.
To be eligible for an IRA, gold must meet certain purity standards. South African Krugerrand coins do not meet this minimum fineness of 999.5. To ensure your precious metals comply with these criteria, work with a reliable dealer; many will offer segregated storage or allocated storage options; the latter usually incurring more fees.
How can I take physical possession of my gold?
Gold has long been an increasingly popular way of safeguarding wealth, and even growing it, by protecting against inflation and diversifying investment portfolio risk. Gold proved itself particularly useful during the 1970s stagflationary years; more recently it has also proven an incredible wealth-creation asset.
People frequently ask whether it is possible for an IRA owner to physically hold onto precious metals within an IRA account, but no. According to IRS regulations, coins or bullion must be stored with an approved custodian – this applies equally to true self-directed IRAs like those offered by Goldco and Augusta Precious Metals as well as all traditional Roth and SEP IRAs.
However, there are exceptions to this rule. Certain IRAs allow IRA owners to take physical possession of their gold once they reach 59 1/2 or take out a qualified distribution from their IRA – although this can often require creating an LLC and building an IRS-approved storage facility at home as well as meeting other criteria – however this option should generally not be recommended for most investors; self-directed IRAs with Goldco or similar providers offer the best way to own physical gold in an IRA.
Can I take physical possession of my gold in my IRA?
Traditional IRAs or other retirement accounts do not allow investors to take physical possession of their gold; you can only invest in precious metals with self-directed IRAs and Roth IRAs, which allow tangible physical assets as part of their portfolio – providing more control and reduced counterparty risk while acting as an insurance against inflation.
But there are a few rules you must abide by when holding physical IRA gold. First, the gold must be stored safely – either in an external third-party storage company or your IRA custodian’s depositories – offering advanced protection to safeguard investments as well as insurance against possible loss or damage to the metal itself.
Many individuals prefer keeping their IRA gold at home instead of professional storage facilities, but doing so can present its own set of challenges. Storing at home could breach IRS rules and incur distribution penalties. Furthermore, you won’t get access to benefits like lower storage fees and enhanced security compared to professional storage providers such as Augusta Precious Metals who pride themselves on excellent customer service – plus offer all new customers a complimentary one-on-one gold and silver education session.