A key selling point of gold IRAs is that you own the physical gold itself. If this doesn't matter to you, there are other ways to add exposure to precious metals to a retirement portfolio, such as buying stocks in gold mining companies. When you turn 72, you'll be required to make the minimum distributions (RMDs) required from a traditional gold IRA (though not from a Roth account). Self-managed IRAs can be traditional IRAs or Roth IRAs, and the difference comes down to how you want to tax your money.
Unfortunately, most gold IRA companies don't have a good track record of transparent fees on their websites, so finding out the details may require a phone call or two. It's important to make sure you understand all of the costs and expenses before buying physical gold to store in an IRA. If you want to open a gold IRA to diversify your investment portfolio, protect against inflation, increase your long-term wealth, or achieve another investment objective, be sure to compare your options first. With an educational team, a specialized agent and a library of video resources, the firm does everything possible to help its clients understand the steps needed to open an IRA for gold.
Augusta's two major drawbacks are its limited supply of metals and its high minimum investment requirement to set up an IRA in gold. Many of the top gold IRA companies have similar commission structures, but they can vary by a couple of hundred dollars a year. To avoid the possibility of breaching the reinvestment limit, many people choose to let their golden IRA company coordinate the reinvestment through a direct transfer from institution to institution. Birch Gold caters to a wide demographic of investors with its versatile catalog of precious metals, from gold ingots to platinum coins.
Gold IRAs can contain all four precious metals that the IRS allows for gold, silver, platinum, and palladium. During his tenure as director of the Mint, Moy says that there was little demand for IRA in gold because they involved a very complicated transaction that only the most persistent investor was willing to carry out. Like a traditional IRA, a gold IRA allows you to make pre-tax contributions, and investment benefits can accrue with deferred taxes.