Gold IRA

Gold IRA  or Individual Retirement Account is a tax-deferred financial product generally used by employed workers who deposit a certain amount per month from their income. The deposits may be tax-deductible, and investment earnings are not taxable until withdrawn. An investor can put gold into an IRA account to better diversify its holdings and achieve added security.

Decide if your gold IRA will be a SIMPLE, traditional, Roth or SEP account. The IRA agent will provide you with paperwork or enter your information on a computer. You may have to pay a gold storage fee that varies with the company. According to federal guidelines, the gold must be stored at an approved depository.

Gold coins must be 99.5 percent pure gold to be IRS-approved and put into an IRA. They must also be classified as legal  tender to qualify. At this time, the coins that qualify are the American Gold Eagle, Perth Mint Lunar series and Kangaroo-Nuggets from Australia, the Canadian Gold Maple Leaf and Austrian Philharmonics coins.

Submit paperwork to the new IRA custodian to open your gold-silver IRA account. This includes a storage fee for the gold coins you will hold in your account. According to IRS rules, the gold must be stored at an approved depository, which is in a separate location from your IRA’s custodian.