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What is IRA-eligible gold? – CBS News

If you want to add a gold IRA to your retirement portfolio, it must include IRA-eligible gold.

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As the smoke clears from 2022, a clearer picture of financial volatility emerges. The outgoing year has not been kind to stock market investors, with the average stock fund falling nearly 17% in value, according to dry. Inflation peaked in June 40-year record high And remained stubbornly high despite a slight decline in later months of the year. And there are some economists Recession forecast one degree or another in 2023.

With this backdrop and a new year upon us, this may be an ideal time to reassess your investments and fine-tune your financial goals for 2023. Many investors are looking at it. Invest in goldWhich is often seen as a safe haven for your holdings.

A gold investment to consider is a Gold IRA, which works like a standard IRA but lets you keep the gold in your retirement account. Before you begin the process, it’s essential to understand what IRA-eligible gold is and how you can invest in it.

To learn more about this unique investment opportunity you can get started now by requesting a free asset protection kit here.

What is IRA-eligible gold?

The Internal Revenue Service (IRS) mandates that gold meet certain purity and other standards if you want to include it in your inventory Individual Retirement Account (IRA). One reason is that IRAs are not allowed to hold collectibles, and precious metals like gold and silver are considered collectible. However, there are exceptions to this rule. Since gold is also considered tender, certain forms of gold are eligible to be included in a self-directed IRA:

  • Gold bars and rounds: Such gold must be produced by an approved mint and must be 99.5% pure. Small bars must meet exact weight specifications.
  • Gold Coins: Gold coins must be 99.5% pure, the only exception being the popular American Gold Eagle coin. Coins must be included in their original packaging in mint condition and come with a Certificate of Authenticity.

Many gold companies make IRA-eligible sales the gold, so finding the right gold for your IRA won’t be difficult. Also, gold IRA companies can help set up your IRA and make sure everything meets the right specifications. Goldco can help you get started right here or use the table below to compare some of the top gold companies.

How can you invest in IRA-eligible gold?

When you invest in a gold IRA, you must meet certain IRS regulations. For starters, you must buy IRA-eligible gold and choose one IRS-approved guardian Those responsible for ensuring your gold meets regulations. Additionally, all gold in a gold IRA must be stored in an IRS-approved depository.

Gold IRA companies can help you with this process, from choosing a custodian to arranging for the storage of your precious metals. You can search for “gold IRAs” or “self-directed IRAs.” Be aware, you may have to meet minimum investment requirements and pay fees for account setup, shipping, storage and maintenance.

Now it’s easy to get started here.

What are the benefits of investing in IRA-eligible gold?

Adding some IRA-eligible gold bullion to your IRA can provide many benefits, such as:

  • Tax-deferred growth: Like traditional IRAs, gold IRAs provide tax-deferred growth on your earnings and contributions are tax-deductible. Similarly, you can take tax-free distributions from your Roth account.
  • Long Term Assets: Gold is often held as a long-term investment, making it perfect for a retirement account that you will see grow over many decades.
  • A hedge provides: Gold is said to have an inverse relationship with the value of the dollar. When the value of the dollar decreases, the value of gold increases and vice versa. As such, adding a gold IRA slice to your retirement portfolio can serve as one Hedge against inflation.

How much should you invest in IRA-eligible gold?

Gold IRAs come with contributions, much like their traditional counterparts. If you are under 50, you can contribute up to $6,000 per year. The limit increases to $7,000 annually for those 50 and older.

As a general rule, many investment experts recommend allocating no more than 5% to 10% of your portfolio to gold. Although gold can Your portfolio is diversified And while it may provide insurance against inflation, it can also experience periods of volatility. As with any investmentAlways weigh the pros and cons and consult your investment advisor before proceeding.

Bottom line

Adding a slice of IRA-eligible gold is a unique way to add an inflation hedge to your retirement portfolio. Gold is not risk free and is not ideal for everyone. But given the economic uncertainty of the times, it’s definitely an asset worth investigating when evaluating your investments for the coming year.

Learn more by requesting a free asset protection kit for 2023.

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