Setting Up Your Own Gold IRA – Here’s What You Need to Know
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Investing in gold is a secure way of ensuring that your investments for your retirement plan are available to you in the form of a tangible asset, with controlled risk and a market value that does not deprecate.
In fact, unlike paper assets such as stocks or bonds, gold investments do not suffer the consequences of inflation or market volatility.
The first step to ensuring that a precious metals IRA account is beneficial for you, is to determine whether it fulfils what your retirement needs are. Once you have decided as an investor that a gold IRA is the perfect choice to diversity your investment portfolio, you can then move on to the rollover process.
Making the Distinction
It is important to bear in mind that rolling over any assets to a gold IRA has the same legal and structural proceedings as moving mutual funds from one company to another. The only difference is that the investment held in the IRA is of actual gold and not in the form of stocks or bonds.
How Do Gold IRAs Work?
It varies on the basis of your account provider. We facilitate the holding of precious metals physically through our tax-deferred Gold IRA accounts. Funding the Gold IRA can be done either through cash or by rolling over an open retirement account.
Our IRS approved option includes popular precious metals that can be stored securely in our depositories. Request our offering here to see the many options at your disposal.
How Do The Taxes Work with a Gold IRA?
Orion Metal Exchange’s Gold IRA accounts fall under the same tax laws that other IRA accounts do. All contributions to your Gold IRA account can be taxed from your federal income taxes. The tax is only applicable on the withdrawal. However, there are certain things you should bear in mind, which are as follows.
As is the case with all IRAs, you cannot withdraw any precious metals from your IRA account until you reach the age of 59.5 years. If you withdraw before that, you will be obligated to pay a 10% penalty on the early withdrawal.
Moreover, you are required to make regular and mandatory withdrawals after the age of 70.5 years and are eligible to pay taxes on those withdrawals. Unless you choose a Roth account for your Gold IRA, your withdrawals will not be tax-free, as is the case with any IRA account.
Are There Any Costs Associated?
Most IRAs require investors to pay a setup and/or a transfer fees. However, we at Orion Metal Exchange facilitate our clients by not charging them any fees for setting up an account or transferring contributions!