Can I Take Physical Possession of Gold in my IRA?

There are many ways to save for your retirement and storing up wealth in an IRA is one of the best ways to get started. Since you probably want to diversify your portfolio, you might be wondering if you can put physical gold into your IRA portfolio.

If you can, then this would be a great way to spread out your assets so that you can feel more comfortable during your Golden Years.

While there are restrictions to be aware of, you can buy physical gold and have it put in your IRA. Gold stored securely in your IRA will be exempt from capital gains taxes and can potentially generate sizable returns for your retirement portfolio if you hold onto it for long enough. 

While investing in gold and putting in your IRA sounds like a great idea, there are some things that you will want to know before making this move. Continue reading to learn more about how to take possession of the physical gold included in your IRA.

Knowing this information can ramp up your retirement savings if you do it right.


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How Can I Put Gold Into My IRA?

To put physical gold in your IRA, you will need to first open a self-directed IRA. This permits you to buy physical gold directly from a trustee. That is the critical factor to remember because you cannot put gold that you already own into an IRA. It must come from a registered gold dealer. 

The trustee that buys the gold on your behalf will make a record of the purchase with the relevant authorities. This is what you need to fulfill existing tax regulations when it comes to investments that are contained in your IRA.

This is similar to what you will need to have for other types of investments in your IRA, so there is nothing unusual about the structure.

Once you take possession of physical gold and record it as being a part of your IRA, the same tax rules apply as they would for any other type of IRA investment. 

You will be unable to sell the gold without encountering penalties levied by the IRS. While there are some exceptions to this, you will need to plan on keeping the gold until you need the money for retirement.

Why Should I Put Physical Gold Into My IRA?

One reason you should consider putting physical gold into your IRA is that it provides you with some insurance that you need in retirement. Over the centuries, gold has been largely considered the most reliable investment that there is. While stocks can fluctuate, gold usually goes up. 

Physical gold is a great way to further diversify your investment portfolio that you are relying on for retirement. It is a form of currency that is used the world over.

The longer you have to hold onto your gold, the more likely it is to go up in value over time. This is a primary reason to start adding the physical metal to your IRA as soon as possible.

What Type of Gold Can Be Put in an IRA?

Physical gold coins, bars, and rounds must have a fineness of .995 or higher in order to qualify for placement inside an IRA. This is a requirement set by the IRS

The only exception to date made for this rule is for Gold American Eagle Bullion Coins. These coins only have a fineness of .9167. 

You might be thinking that this limits your options, but that is far from the case. There are plenty of gold coins alone that make the cut and can be purchased and put in a self-directed IRA.

They include:

  • 1 Ounce American Eagle Bullion Coins
  • American Eagle Proof Coins
  • 1/10 Ounce Pearl Harbor Coins
  • Australian Kangaroo Coins
  • 1 Ounce Canadian Maple Leaf Coins

Most bars will also be fine enough to meet the IRA standard, as are gold rounds. If you are in doubt of what type of gold qualifies in your IRA, you can ask your trustee for guidance.

How Does Gold Perform in an IRA?

Physical gold will act just like any other investment within your IRA. Any asset that you have in your portfolio can go up or down over time, but gold historically outperforms virtually any other type of investment known to man.

It goes without saying that gold has unlimited growth potential.  As soon as your trustee purchases the gold on your behalf and places it in your self-directed IRA, the price is recorded.

If you have many years to go before you can start withdrawing from your retirement account, you can pretty much bank on the fact that the value of your gold will go up.

When you do go to sell it at some point down the road, you receive the tax benefits of doing so.

Can You Rollover an IRA Into Gold?

It is possible to do an IRA rollover and buy physical gold with the money. You will need to go through a trustee for the actual purchase of the gold, but this is possible. You will do an IRA rollover, get the cash that you need, and then use that to buy physical gold for your self-directed IRA. 

There are many reasons to consider such an IRA rollover. You might not have considered the possibility of adding gold to your IRA until now and feel that you are way behind in your new investment strategy.

Because of IRA rules, you are limited in terms of how much money you can put into IRA each year. A rollover IRA will permit you to get extra cash to buy even more physical gold.

Remember that gold is a safety hedge. If you feel that times are bad right now and you are tired of watching your retirement accounts shrink in value, a Gold IRA rollover is something to consider. 

Gold tends to outperform the market when times are tough, once again illustrating why you will want to open a self-direct IRA and some physical gold to it.

Can You Store Your Physical Gold at Home?

Now that you know how to take possession of physical gold in your IRA, it is time to determine how to take advantage of this information. You will want to consider the stage of life that you are currently in and how long you have before retirement.

Consult with your financial advisor and determine how you can best incorporate gold in your IRA.

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