Have you ever thought of purchasing gold bars with your retirment funds. Well, I would have never imagines to hold physical gold with my money. I use to watch gold bars and coins in movies only with big billionaires.
Nowadays the trend has chnages. People are buying more precious metals with their retirment money. This whole process starts with opening a Gold IRA. A gold IRA or precious metals IRA is an Individual Retirement Account in which physical gold or other approved precious metals are held in custody for the benefit of the IRA account owner. It functions the same as a regular IRA, only instead of holding paper assets, it holds physical bullion coins or bars.
To qualify as gold that can be held in an IRA, certain criteria are required. "The precious metal coins or bars must meet IRS fineness standards and must be held by the IRA trustee instead of the IRA owner. The gold must be stored in an IRS-approved depository," says Moy. Investors don't actually stash gold bars or bullion in their home safes or closets. Much like a gold backed IRA, creating a silver IRA, individual retirement arrangement, can provide a sense of security and comfort in a world of uncertainty. Platinum and palladium are the infamous underdogs-but maybe not for long. More investors and specialists are discovering that investing in platinum and palladium are increasing in popularity among the masses.
To put IRA funds into gold, you have to establish a self-directed IRA, a kind of IRA that the investor manages and can be invested in a wider range of products than other types. For a gold IRA, you need a broker (to buy the gold) and a custodian to create and administer the account. This company will store or hold your actual gold, says John Johnson, president of Goldstar Trust, headquartered in Canyon Texas.
If you purchase gold or silver within your existing IRA you will not take possession of the metal. It is stored at an insured, regulated depository in your name. Once you reach the age of 59 1/2 you may then take delivery without penalty. On average, the process is completed in two weeks. Using your existing IRA information, we will help you complete the paperwork. A retirement arrangement that allows earnings and deductible contributions to grow tax-free. All of the tax benefits associated with a Roth IRA happen when withdrawals are made: withdrawals, subject to certain rules, are not taxed at all. There are no tax benefits associated with contributions because all contributions to a Roth IRA are made with after- tax monies.
The Bottom line is that Gold IRA is in trend and is very beneficial for the retirment.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.