Can I Take Physical Possession of Gold in my IRA?

Gold IRA Accounts Are More Useful Than You Think

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Many people are not aware of the fact that they can hold physical gold in a retirement account. However, the Gold IRA is one of the most fascinating strategies for those looking to preserve the purchasing power of their assets in a retirement portfolio. If you are looking to open a Gold IRA, then you may be wondering when you will be able to take physical possession of your gold. At Allegiance Gold, we make sure that you are well-educated on how a Gold IRA or self-directed IRA works. Call 844-790-9191 for more information after you finish this article. Here, we will answer all the questions that you may have about your Gold IRA.

What is a Gold IRA?

A Gold IRA is an individual retirement account that allows you to hold physical gold. Like a conventional IRA account, you will be able to defer any gains in your gold until you withdraw the asset at retirement age. As of 2022, the maximum annual contribution in a Gold IRA is $6,000 for those under the age of 50. For those ages 50 and older, the maximum annual contribution is $7,000. 

When Can I Take Physical Possession of Gold in My IRA?

You can take physical possession of your gold – in a Gold IRA account – at age 59 ½. Much like a conventional IRA account, you will not be able to take possession of any asset in your Gold IRA until you reach the official retirement age. When you reach the age of 70 ½, you will be required to take out the minimum distribution from the Gold IRA account.

Because a Gold IRA account is a retirement account, you will not be able to take physical possession of your gold. Instead, the gold will be held by an approved third-party custodian. 

How to Open a Gold IRA

If you are looking to open a Gold IRA account, then you will have to follow a precious set of steps in order to comply with IRA regulations. Here’s a look at the three-step process of successfully opening a Gold IRA account: 

1). Open a Gold IRA account with a broker 

The first thing that you will need to do is open a Gold IRA account from an approved broker. Allegiance Gold can help you open a Gold IRA. Make sure to call 844-790-9191 after you finish this article. Since this is a self-directed account, you will be able to handle the entire process without having to involve a financial advisor. 

2). Purchase approved gold bullion 

After you have opened a Gold IRA account, you will need to purchase gold coins or bars for the account. The IRS has an approved list of gold bars and coins that are allowed in a Gold IRA account. Be sure the physical gold that you would like to purchase is on the list. 

3). Transfer the gold into the custodial account 

After you have purchased the gold, be sure to transfer the physical gold into a third-party custodial account. Usually, a broker will provide you with a list of recommended third-party custodians. The custodian will charge an annual fee to store your gold. You will have to keep the gold in the custodial account until you reach retirement age. 

Should You Consider a Gold IRA If You Can’t Take Possession Before Retirement Age? 

You may be wondering if a Gold IRA is worth it since you will not be able to take physical possession of the asset before you reach retirement age. Well, consider the fact that you will have a tax advantage by holding the gold in the Gold IRA during that time. If you really want to hold physical gold, then you should consider opening a Gold IRA account and purchasing gold for yourself outside of the account. This allows you to have the “best of both worlds.” 

Getting Started with a Gold IRA 

A Gold IRA can be an excellent way to hedge your retirement holdings. If you would like to open a Gold IRA, make sure you are comfortable with the fact that you will not be able to take physical possession of the asset until you reach retirement age. With the right precious metals strategy, you should be able to make the ownership work for you at any age. For years now, Allegiance Gold has been helping educate investors and retirees about the importance of diversifying a financial portfolio with gold and silver. Opening a Gold IRA will be beneficial now more than ever. Make sure to call an Allegiance Gold executive and request your FREE Gold IRA Guide. Call 844-790-9191 or simply fill out the form below.