IRA withdrawal rules for required monthly distributions (RMDs) apply to precious metal IRAs in the same manner as they do to any other IRA. If you take withdrawals from your IRA early, before 59 1/2, you will be assessed a 10% penalty by the IRS. The reason for this penalty is that retirement funds are usually invested from your pre-tax income (meaning they are not taxed).
You’re not required to take RMDs until April 1 of the year after you turn:
- 73 if you turned that age after Jan. 1, 2023
- 72 if you turned that age between Jan. 1, 2020, and Dec. 31, 2022
- 70½ if you turned that age before Dec. 31, 2019
At this time, you must take at least the minimum withdrawal no later than December 31 of each year. Waiting until your RMDs kick in gives you another 11-13.5 years to allow your precious metals to grow in value. IRA owners are responsible for taking the correct amount of RMDs on time every year, or they will face stiff penalties for failure to do so. You will receive your calculated RMD amount annually. For 2023, Roth IRAs do not require RMDs until after the death of the owner. Beginning in 2024, designated Roth accounts will no longer require RMDs.