Diversify Your Retirement Account With A Gold IRA
Gold is a timeless store of value, so it makes perfect sense to diversify your investment portfolio with physical bullion bars or coins. However, it’s important to choose the right gold company before you decide to jump in. Here at Capital Gold Group, we have over four decades of experience in the precious metal industry and helping our clients to achieve their investment goals. We focus on making the process smooth and hassle-free so that you never have to spend more time or money than necessary to set up a Gold IRA. For further advice or to get started, please don’t hesitate to call our knowledgeable IRA consultants.
What Is Gold IRA Account?
Also called a Precious Metals IRA, a Gold IRA is a Self-Directed Individual Retirement Account (IRA) that gives you the ability to hold physical gold and other approved precious metals for retirement. It functions the same as a regular IRA, only it holds physical bullion bars or coins, rather than paper assets. This means it can be made up of various precious metals, such as gold, silver, platinum and even palladium.
As owning a diversified retirement portfolio is the key to securing your future and protecting your funds from market collapse, a Gold IRA is a fantastic investment vehicle. A Gold-Backed IRA also gives you access to certain tax advantages, provided you adhere to strict IRS rules and regulations. While some bullion bars and coins are IRA-eligible, others are not and cannot be included in a Gold IRA. Nonetheless, Capital Gold Group carries a huge selection of gold, silver, platinum and palladium items that adhere to the IRS Gold IRA rules.
When you start your Gold IRA, it can be a little confusing as to which bullion products are allowable. There is no need to worry about this though because Capital Gold Group is always available to offer guidance on which bullion bars and coins can be held in a Gold IRA. Some of our most commonly purchased Gold IRA-eligible items include Gold or Silver American Eagles and Gold American Buffalos. We also offer certain coins from international mints that are acceptable, such as Philharmonics, Canadian Maple Leafs, Australian Kangaroos and Mexican Libertad coins. In addition to gold, silver, platinum and palladium coins, we sell various IRA-eligible rounds and bars as well.
Gold Backed IRA Set-Up Fees
On average, it costs $250 to open a Gold-Backed IRA with Capital Gold Group. Here is a breakdown of all the fees involved:
- $25 one time set-up fee
- $100 insured gold metals storage fee for the first year (accounts up to $250,000)
- $60 administrative fee
- $40 gold purchase processing fee
- $25 wire fee for domestic investment purchase
You’ll be pleased to know that there are no hidden fees and our clients have more control over their self-directed Gold IRAs. This isn’t the case with traditional IRAs and 401(k)s though. Interestingly, a survey conducted by AARP found that 83% of traditional retirement plan holders were not aware of the fee structures associated with their accounts. The survey discovered that 65% of participants’ didn’t realize they were paying any fees, 18% were unsure, and only 17% knew they had fees to pay.
With a Gold-Backed IRA, set-up fees are payable to Strata Trust, your new custodian. They may be deducted from your transferred funds or settled by check, debit card or credit card. Annual renewal fees are invoiced the same month your account was opened.
You May Decide To Rollover An Existing IRA Or 401k To Gold IRA
Certain retirement accounts can be rolled over to a Gold-Backed IRA, whereas others cannot. For example, some employer-sponsored 401(k)s cannot be moved until the account owner leaves the employer that is sponsoring the account. Our rollover specialists can quickly help you find the answers you need when trying to determine whether you can rollover to a Gold IRA. As always, we recommend you consult with a CPA or tax advisor to evaluate your existing IRA and find out when is the right time to do a rollover.
If and when you do decide to rollover an existing IRA or 401k to a Gold-Backed IRA with Capital Gold Group, the process is simple and can be completed in three easy steps:
- We will help you to establish a new precious metals IRA.
- We will help you to initiate a tax-free rollover to help you fund your new Gold-Backed IRA with the assets from your old IRA.
- We will transfer your funds to your new IRA and provide you with information on the precious metals that will help you to achieve your financial goals.
Jonathan Rose’s Tips On Choosing The Right Gold Company
Capital Gold Group’s President and Chief Executive Officer, Jonathan Rose has shared his top tips on how you can identify a trusted gold company to help you avoid scammers.
- Always look for a gold company with a solid reputation and at least 10 years’ experience.
- Make sure the business is an authorized dealer of the United States Mint.
- See whether the company is A+ rated with the Better Business Bureau.
- Investigate how many complaints the company has and if they were handled well.
- Check the business is licensed, bonded and registered with the attorney general’s office.
- Test their customer service to find out if they can answer all of your questions.
- Ask about the company’s commitment to keeping you informed in the future.
Jonathan recommends you also avoid cheap gold offers – they’re usually cheap for a reason!
GOLD IRA FAQ’s
What Are The Benefits Of Including Gold Or Precious Metals In My Retirement Plan
Gold and other precious metals serve as excellent investment vehicles and can help to diversify an investment portfolio. They provide reliable protection against inflation and other economic failures, something you will not have if your portfolio in full of only paper or traditional assets. Put simply, gold is money that is not printed or debased. Plus, precious metals are in high demand among investors and the industrial sector but they have a finite supply, making gold, silver, platinum, and palladium safe havens in times of uncertainty.
What Is A Self Directed Gold IRA?
Self-Directed IRAs have been popular among investors since they came about in 1975 and are part of the Employee Retirement Income Security Act of 1974 (ERISA). They have attracted the attention of investors looking for additional ways to diversify their portfolios, as well as protect their interests and plan their long-term financial goals. Self-Directed IRAs are perfect for individuals who want to branch out beyond the traditional stocks and bonds portfolios because these particular retirement accounts allow for alternative investments, such as precious metals.
When it comes to Self-Directed Gold IRAs, custodians will allow the account owner to hold more diverse assets in the account. Gold IRAs can also be added to other types of retirement accounts including ROTH IRAs, SEPs, SIMPLE, HAS, 401(k)s, and Thrift Savings Plans (TSP). The term Gold IRA is often used instead of Precious Metals IRA because gold is the most commonly purchased metal for a retirement account. However, silver, platinum, and palladium qualify too. We should also mention that Internal Revenue Code requirements state that the approved precious metals must be stored in a particular manner. Some trustees will have in-house facilities to custody the physical precious metals, while others use a third party metals depository. Capital Gold Group offers clients both options.
Why Do Investors Choose A Gold IRA
Many choose a Gold IRA because of the tax benefits, which include allowing the investor to save on taxes now or in the future. All Gold IRAs offer more flexibility and freedom, but the specific tax benefits you will be awarded will depend on whether you choose a traditional or ROTH IRA. As long as a self-directed IRA custodian holds the account, a self-directed Gold IRA will offer the same tax benefits as a regular IRA.
At Capital Gold Group, we are proud to offer Gold IRAs. As a primary market maker and United States Mint distributor, we can offer the quickest and lowest cost IRA setup and maintenance so that you can enjoy all the tax benefits of Gold IRA investing. What’s more, your self-directed IRA can be set up in just three simple steps.
How Do I Know If I Am Eligible?
Provided you have earned income and are under the age of 70½, you’re eligible for a Gold-Backed IRA. You can actually choose to set up a Gold IRA with a combination of gold, silver, platinum, and palladium as well.
Is It Possible For Me To Have More Than One IRA?
Yes, of course. You can choose to have multiple IRAs if you wish and even set up an IRA for your nonworking spouse. This will be limited only by an annual maximum allowable income contribution, with limits set and posted by the IRS every fall.
Will I Incur Any Tax Penalties If I Transfer Money From An Existing IRA To Fund My Gold IRA?
No, not at all. There are no tax penalties involved if you decide to transfer your funds. In fact, transferring funds from your existing IRA or 401(k) is the easiest way to set up your Gold IRA. This process is called a “Rollover” because you are basically rolling over a predetermined amount of money from your existing account into your new Gold IRA. Capital Gold Group will gladly work with your tax or financial advisor to make sure your rollover is smooth and meets your retirement plans, just like we have for many of our other clients over the past decade.
Can I Switch From A Brokerage House To Capital Gold
If you request a transfer form from Capital Gold Group, your Gold IRA Specialist can help you with this. While some brokers have an all-in-one form for all transfers, others require different forms for different accounts. Be sure to ask Capital Gold Group to help you identify Which Forms Will Be Needed.
Would I Be Allowed To Open A New Ira With A Contribution?
You certainly can. just check with your cpa for contribution allowance and further tax advice.
Does Capital Gold Group Have A Minimum Dollar Amount For Starting A Gold-Backed IRA?
We do. the minimum purchase from capital gold group for a gold-backed ira is $10,000.
Is There A Minimum Dollar Amount Needed When I Want To Sell Or Liquidate My Gold IRA?
No, there is no minimum dollar amount when you decide to sell or liquidate your gold ira. Capital gold group is a buyer and seller of precious metals. we are here to service any needs of our clientele.
How Long Will It Take To Rollover My IRA To A Gold IRA?
Usually around two weeks. as each application is unique, we can’t give you an exact rollover time. Our gold ira specialists have over a decade of experience, so they can work quickly in helping you to gather and complete all of the necessary documents for your rollover. They will also be able to provide you with an estimate of how long it will all take once they have spoken with you.
What Accounts Qualify For Rollover To A Gold-Backed IRA?
Various accounts qualify for rollovers, such as 401(k), 401(a), 457, thrift savings plan (tsp) and annuities. Feel free to call capital gold group for more information and to find out if your existing ira qualifies for a rollover.
Will My Precious Metals Be Safe In My Gold IRA?
When you open a gold ira with capital gold group, we will help you transfer your gold, silver, platinum, and palladium to an irs-approved vault at the delaware depository, which is an exchange depository for cme group (nymex and comex) and ice futures us. The irs code requires all physical metals used to fund a gold ira be maintained by a depository and administered by the custodial financial institution to ensure the safety of your assets until you reach 59½ (the age when you become eligible to take qualified distributions and can take ownership of your physical precious metals).
Some of our clients choose to become the trustee of their metals to eliminate the need for third-party storage. If this sounds like something you’re interested in, you might prefer capital gold group’s home storage ira program. It’s still a self-directed ira, only you are the trustee and your ira precious metals will be delivered to your home. You will need to go through several steps but we can help you with this, so be sure to call us to find out more.
In What Form Can I Receive My Distributions?
You can receive distributions from your Capital Gold Group Ira in the form of the physical precious metals in your account. Alternatively, we can help you convert and liquidate your gold ira and precious metals into cash. The choice is yours.
Will I Be Able To Take Physical Possession Of The Metals?
Yes, when you reach the age of 59½, you can take physical possession of your metals without incurring any penalties. The coins and bars in your gold ira are secured with your name and account until that time. If you prefer the idea of having physical possession of your metals sooner rather than later, you might be better off with a home storage ira. It’s still a self-directed ira, however, you will be the sole manager and can freely purchase irs-approved metals, as well as have them delivered right to your family home. You can find out more about this on our home storage Ira page or by calling our ira specialists.
When can I begin receiving penalty-free distributions?
As the beneficiary of a Capital gold group ira, you can begin receiving penalty-free distributions from your account at the age of 59½.
Who will be the custodian of my capital gold group IRA?
At capital gold group, we utilize self directed ira and kingdom trust as the custodial administrator for your gold ira. Self-directed ira has over 40 years’ combined experience in the self-directed ira industry and provides administration and custody of alternative and traditional assets in iras for individuals and small businesses nationwide. Kingdom trust is an industry leader in providing alternative investment custodial services to brokers, advisors and sponsors, with more than $12 billion under custodial administrations.
Why do i even need a custodian to administer my IRA?
Internal revenue code section 408-2 states that all gold and precious metals iras must be administered by a custodian that is under the regulations prescribed by the secretary of the treasury. The custodian is a trustee that tracks the assets in the ira and handles distributions of the entire interest of the individual for whose benefit the trust is maintained.
Does capital gold group sell precious metals to those without a gold-backed IRA?
Absolutely. Capital Gold Group is a full-service precious metals firm, as well as a gold ira company. We will gladly help you buy gold and other precious metals for secure delivery to your chosen location, even if you don’t have a gold-backed ira.
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