As more Americans become increasingly wary of the unstable stock market and continued economic uncertainties, many are making the decision to safeguard their retirement savings with investments in gold.
Depending on your situation, it may make sense to convert your eligible retirement accounts (such as a 401k with a previous employer, or an IRA) to a gold-backed IRA. This enables you to maintain certain tax benefits of having a government-approved retirement account, while enjoying the unique advantages of investing in gold.
At Birch Gold Group, a question we often receive is: “What about Roth IRA gold? Can I add gold to a Roth IRA?”
Yes, you absolutely can, and the process of opening a gold Roth IRA account is just as easy as opening a traditional gold IRA.
Here’s what you need to know:
- The key difference between a Roth IRA and traditional IRA is that a Roth IRA allows you to make tax-free withdrawals from the account (when eligible). With a traditional IRA, you can deduct your contributions from your taxes, but you pay taxes on the withdrawals.
- Each type of IRA has distinct advantages. If you’re not sure which is best for you, it’s best to speak to a qualified tax advisor.
- Your new retirement account will be a self-directed precious metals Roth IRA. A self-directed IRA simply means that you have control over your investment decisions, while a custodian completes the transactions and secures the assets on your behalf.
- Types of “Roth IRA gold” – A variety of gold assets are approved for placement in a gold Roth IRA, including gold bullion (in coin or bar form) and gold proof coins, such as the Proof American Gold Eagle. To be eligible for placement in an IRA, gold must meet certain requirements as determined by the IRA.
- A gold-backed Roth IRA also allows you to invest in other precious metals, such as silver, platinum and palladium, as well as other types of assets and commodities, such as stocks, mutual funds and real estate.
- As of 2013-2014, the annual limit on new contributions to a Roth IRA (not including an initial rollover from another account) is $5,500.
- When you purchase gold for placement in a Roth IRA, your gold is secured in an approved precious metals depository or vault.
Birch Gold Group makes it easy to open a gold Roth IRA. Whether you are rolling over funds from another account or starting from scratch, we can assist you every step of the process.
Our Precious Metal IRA Specialists will listen to your needs and goals, making recommendations that may be best suited for you. For more information on a Roth IRA gold, simply give us a call and we’ll be happy to help.