How to buy gold in an IRA

with Inflation high, a recession Probable and quite recent Bank closedMany Americans are taking this time to reevaluate their finances — and their financial priorities.

For some, this includes reevaluating their investments or, in many cases, even changing their investment strategy entirely.

If you are one of these consumers, you may want to consider investing in gold – a precious metal Considered a safe haven for a long time for cash, Especially in times of inflation. A popular way is to invest in gold through an Individual Retirement Account (IRA). Below we’ll break down two ways you can go about it.

If you’re thinking about investing in gold, get started by requesting a free gold IRA kit to learn more.

How to buy gold in an IRA

Here are two ways you can put gold in an IRA.

1. Open a Self-Directed Gold IRA

A self-directed IRA, often A gold IRA is called, is a type of Individual Retirement Account that allows you to invest in certain precious metals, real estate and other alternative assets. Other types of IRAs do not allow for such investments.

To use one of these accounts to buy gold, you must first find a custodian — a bank, brokerage or other financial institution authorized by the IRS to handle. Gold IRA. You can then open your account and fund it with cash or a transfer from another qualified retirement plan.

Keep in mind that there are limits to how much you can put into an IRA, self-directed or otherwise. This year, it’s $6,500 for most people or $7,500 for those 50 and older, according to the IRS.

Once your account is opened and funded, you need to find one Precious metals dealer And choose which gold bullion, bars or coins you want to buy. Just make sure they are Meet IRS standards, or otherwise, they count as “collectibles” which are prohibited by the IRS In this case, the purchase of these items will count as a distribution — meaning they could come with a 10% penalty if you’re under 59.5.

After choosing which approved metals you want to buy, you can instruct your guardian to buy them on your behalf. They must then store the gold in an IRS-approved depository for safekeeping. You are not allowed to buy the metal yourself or store it at home (this is also prohibited by the IRS). If you choose a gold IRA, choose your custodian wisely. According to the Securities and Exchange Commission, these accounts can often pose a risk of fraud.

Learn more about your gold IRA options by requesting a free information kit now or use the table below to compare some of the top gold investment companies on the market.

2. Use your existing IRA to invest in gold securities

If you have an existing IRA – a traditional or The chariot is oneFor example — you can use it to invest in gold as well.

Although you can’t purchase physical gold (only self-directed IRAs allow this), you can put your IRA funds into other types of gold investments, such as gold-focused mutual funds. Gold futures, gold ETFs or gold stocks. You can even invest in gold mining companies.

This method can be a smart choice if you don’t want to go through the hassle of buying physical gold or opening a new account but still want to diversity And safe haven That gold should be paid – Especially in challenging economic times.

Thinking of gold?

Gold can often be a smart way to go Protect your money’s worth in the long run. However, it is not right for everyone. If you’re not sure whether investing in gold — or any other type of investment — is right for you, talk to a financial advisor or tax professional. They can help you make the right decision for your budget and goals. Learn more about this unique investment opportunity by requesting a free gold IRA kit now.