What Is A Gold IRA and Silver IRA?

Gold IRA? Silver IRA? Which IRA Is For You?

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If you are planning for your retirement, then you want to make sure that your portfolio is well protected. That’s why more and more investors are looking to add precious metals to their retirement planning. Now, you can easily add gold and silver to your IRA by opening a Gold and Silver IRA account. By contemplating on adding gold or silver to your IRA account, it can raise plenty of questions. That’s why Allegiance Gold is here to help educate you and answer any questions that you may have. After reading this article, make to contact us at 844-790-9191 for more information on receiving a FREE Gold IRA Guide. Here is a look at what a Gold and Silver IRA is and how you can open one. 

 What is a Gold and Silver IRA?

A Gold and Silver IRA is simply a self-directed individual retirement account that allows you to hold physical gold and silver. Much like a traditional IRA account, any gains in the value of the gold and silver are tax-deferred until you withdraw it at retirement age. 

How Is It Different from a Conventional IRA?

A Gold and Silver IRA is different from a conventional IRA in that you can only hold IRA-approved physical gold and silver in the account through a third-party custodian. For example, you can hold IRA-approved physical gold in the new Gold Osprey Coin or the Gold American Eagle Coin.  With a traditional IRA account, you will only be able to hold stocks, options, and bonds. 

How to Open a Gold and Silver IRA?

If you would like to open a Gold and Silver IRA account, you will essentially start out the same way that you would open a traditional IRA account. First, you will go to a broker who provides Gold and SIlver IRA accounts and submit your information to open the account. However, you do not fund the account with money or a wire transfer. Instead, you will have to purchase physical gold and silver and have a third-party store the precious metals for you. This process is not complicated at all, but if you do need additional help in opening your account, contact an executive at Allegiance Gold and they will walk you through every step.

It is important that you only purchase physical gold and silver that is approved by the IRS. The good news is that many of the most popular silver and gold bars and coins are on the IRS-approved list. 

What is the Gold and Silver IRA Contribution Limit? 

Currently, you can continue a combined $6,000 to all of your IRA accounts during a tax year if you are under the age of 50. If you are over the age of 50, then you can contribute a maximum of $7,000 across all of your IRA accounts. This includes your traditional IRA account as well as your ROTH IRA accounts. 

Why Open a Gold and Silver IRA? 

There are a number of compelling reasons why you will want to consider opening a Gold and Silver IRA account. Here’s a look at three ways a Gold and Silver IRA can help with your retirement planning: 

Hedge retirement funds

Chances that most of your retirement is tied up in stocks. While this can allow you to grow your retirement quickly, you may not be able to handle the big drawdowns that come with bear markets. In fact, it is quite common for a stock portfolio to be cut in half during the worst months of a bear market. This can be too hard to stomach for a retirement account. Since gold and silver don’t always move in lock-step with stocks, precious metals can act as a hedge in your retirement account. 

Protect purchasing power of retirement funds

Gold and silver have a history of protecting purchasing power. This can be important if you face years of inflation while you save up for retirement. During times of inflation, the prices of stocks can stagnate while the value of gold and silver can outperform. 

Become more tax-efficient

Taxes can eat into your retirement planning if you do not have your assets parked in the right account. With a Gold and Silver IRA account, you don’t have to pay taxes on your precious metals until you withdraw them at retirement age. 

When Can You Withdraw Gold and Silver from the IRA? 

The minimum age where you can withdraw precious metals from a Gold and Silver IRA is 59 and a half years of age. When you turn 70, you will be required to make a minimum required distribution from your Gold and Silver IRA. 

Getting Started with a Gold and Silver IRA

A Gold and Silver IRA can be an important part of your retirement planning. It could be one of the smartest retirement planning choices that you can make. Call Allegiance Gold today at 844-790-9191, and one of our executives will be able to explain both options for you and how important it is for you to diversify your portfolio.  Make sure to fill out the form below or contact us about receiving your FREE Gold IRA Guide.