Gold IRA- Hold Physical Gold in an IRA

what is gold ira
If you are interested in holding gold and other precious metals for your retirement, this article is for you. Gold IRA is a modern approach towards retirement planning. Gone were the days when people used to invest their hard earned money in mutual funds, the stock market, equities and other perishable commodities. It is the golden era of precious metals. Millionaires are now holding physical gold in their retirement accounts. Precious metals in an IRA not only provides stability and diversity to investors portfolio but also brings more fortune by the end of maturity. If you have been thinking of investing in gold, silver or other luxury metals, now is the right time to make an investment.

What is a gold IRA?

A gold IRA is just like simple individual retirement account which holds gold as the investment. One can purchase IRA approved gold coins or bars with the retirement funds with the help of a custodian or gold IRA company. Edmund C. Moy who is a former United States Mint Director confronted that Congress created the concept of Gold IRA Investment in 1997. However, it took time for people to follow the modern approach.  The prime goal to introduce gold IRA is to protect the retirement funds against fluctuations in the capital market that could have disastrous implications on the overall portfolio. Now with modern education and handy market records, people are shifting towards a secure retirement which is precious metals investing. 

How to start a gold IRA?

Are you a U.S citizen? If the answer is yes, you probably have a traditional or simple retirement account. Simple IRA account is also called 401k. A 401k retirement account provides less freedom as compared to self-directed or precious metals IRAs. To hold physical gold in a retirement account, first, you must convert 401k into gold-backed IRA. The conversion is also known as "Gold IRA Rollover." Here is the step by step guide to actual rollover of the traditional retirement into physical gold IRA:

Step 1: Confront your employer.

Whether you work in a multinational company or a regional private firm, to convert your retired account, you must talk to the boss. Employees get a standard retirement plan by default. A trustee, assigned by the manager, acts as a guardian and makes the decision on behalf of the account holder for such accounts. The employees have very less authority on such accounts. But now as more informed and smart investor, you must consult with your boss to hand over the full administration of your IRA. Once you have an "NOC" from the manager, you are ready for the next step.

Step 2: Open a gold IRA account.

With NOC letter handy, you can approach a gold IRA company to open a brand new gold IRA. A gold IRA company or custodian helps you with all the scheme related documents. They make the entire process easy and quicker. Many top rated gold IRA companies provide assistance on call and open a new gold-backed IRA online without any pen and paper. On the other hand, apart from assistance; a gold IRA custodian holds the physical gold in a secure vault for the account holder. 

Step 3: Buy gold with retirement money. 

The last step is to purchase gold with the retirement money. There is no limit to the actual purchase, but according to IRS, one should invest 85% of the IRA funds into precious metals. It is advisable to spend rest of the money in buying shares, bonds, government securities, etc. Diversification in retirement portfolio makes the account less vulnerable to the market risks. As the investment guru, Warren Buffet said-"You should not put all the eggs in a single basket." It is one of the fundamental concepts of secured retirement planning.

IRA approved precious metals:

The IRS accepts a total of four precious metals, for now, to hold in an IRA. These precious metals must meet certain fineness requirements at the time of actual purchase. To make sure the quality and fineness of these metals, IRS has defined published rating index to the gold dealers. The four accepted IRA metals are Gold, Silver, Platinum, and Palladium. For the ease of purchase, US government has minted these metals into coins. Here is the list of coins according to the metal:

Gold

ira accepted gold coins
  • American Gold Eagle bullion coins
  • American Gold Eagle proof coins
  • Canadian Gold Maple Leaf coins
  • Austrian Gold Philharmonic coins
  • Australian Kangaroo/Nugget coins
  • Chinese Gold Panda coins
  • American Gold Buffalo

Silver

ira approved silver coins
  • American Silver Eagle bullion coins
  • American Silver Eagle proof coins
  • Canadian Silver Maple Leaf coins
  • Austrian Silver Philharmonic coins
  • Australian Silver Kookaburra coins
  • Chinese Silver Panda coins
  • Mexican Libertad coins

Platinum

ira accepted platinum coins
  • American Platinum Eagle coins
  • American Platinum Eagle Proof coins
  • Canadian Platinum Maple Leaf coins
  • Isle of Man Noble coins
  • Australian Platinum Koala coins

Palladium

ira approved palladium coins
  • Canadian Palladium Maple Leaf coins
  • Palladium bars and rounds

Gold IRA reviews:

Those who have invested in gold have the real right to provide feedback to gold investment. So, we have listed some of the high profile businessmen and billionaires who are into gold investing. Take a look a look what they have to say about gold IRA investing.
david einhorn review on gold ira

jim rogers reviews on gold ira
seth klarman's take on gold ira

Top Rated gold IRA company:

Regal Assets is one of the best gold IRA companies as of 2017. The company has received 5-stars ratings from Trustlink and an AAA from BBB. Excellent customer support and expert gold IRA advisors differentiate Regal Assets from other IRA investment companies. The company provides "Free Gold IRA Kit" to its clients to educate them about the precious metals investing before hand. You can download the free gold IRA kit here. Apart from free goodies and consulting, Regal Assets provides gold IRA storage facility for nominal fees. The level of security for the vault is so advanced that even "Jason Bourne"- CIA rogue assassin; can not trespass.Consequently, the company has never received a negative review over the span of 7 years of business. On the other hand, Regal Assets has been on numerous networks and magazines. The list includes Forbes, Reuters, BBC Business, Yahoo Finance, CNBC and Market Watch.





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