Gold IRAs are a great way to invest in gold, but they aren’t right for everyone. Here’s what you need to know before you start investing in a Gold IRA.
What Is A Gold IRA?
A gold IRA is similar to a regular IRA, but instead of using stocks and bonds as the primary vehicle to invest your money, you use gold bullion or coins as your investment vehicle.
Gold IRAs have been around since the early 1980s when Congress passed legislation allowing individuals to purchase gold and silver bullion with pre-tax dollars through self-directed IRA accounts. Since then, thousands of investors have used this strategy to build their wealth by owning physical precious metals that can be held outside the traditional banking system.
Who Can Open A Gold IRA?
Anyone with earned income who is at least 59 1/2 years old can open a self-directed IRA account with an eligible custodian (which we’ll discuss later). You can also open one if you’re younger than 59 1/2 years old but plan on retiring before turning 60 years old (then you’ll just need to make sure that you’ve paid off any loans against it by age 59 1/2).
What Types Of Gold Can I Own In My IRA?
The IRS allows you to buy any type of gold in your IRA, including coins and bullion. However, some custodians only offer one or the other (they may also offer silver). So if you want to purchase both types of gold, make sure that the custodian you choose offers both options.
How To Choose The Best Custodian?
There are a few things you should consider when choosing a gold custodian for your IRA. First, make sure that they’re licensed and insured. Next, check their reputation online and read reviews from other customers who have used their services before. Finally, ask them about their fees (including any storage fees).
Gold Co is the best gold custodian for your gold IRA. They offer a wide range of products, including coins and bullion. They’re also licensed and insured, which means that your assets are fully protected. The company is also well-known for its customer service. Gold Co offers competitive prices and low storage fees.