Friday, October 25, 2013

What is a Gold IRA Investment

As wise Ben Franklin once alluded to, we are all stuck with death and taxes. As a dedicated citizen, I really don’t mind paying my fair share of taxes; as a daughter of the CPA I know there are plenty of ways to lower my tax base and planning for retirement using government sanctioned tools is the most noble way to do so. That has prompted me to max out my personal contributions to my Individual Retirement Account (IRA) and to make sure my husband is doing the same. For fans of precious metals, a gold IRA investment is one option that can be implemented.

A gold IRA investment is a way for investors to buy gold coins and include the gold bullion in a retirement strategy. A gold investor would work directly with an account executive who would act as a gatekeeper between the investor and the precious metal. The amount of money that can be put towards a gold IRA investment will more than likely fluctuate as the Internal Revenue Service tweaks the tax code every year. Gold investors can continue contributing to their retirement account within government limits and access the money upon the terms of the gold IRA investment terms,  however touching physical gold bullion  is never part of the gold IRA investment package.

In the current tax codes, collectibles are excluded from being added to an investment portfolio, however bullion minted by the United States Treasury Department is the glistening exception to the rule. According to the IRS, a gold IRA investment can contain an assortment of coins including (but not limited to) Gold American Eagles in a variety of sizes, 1 oz silver coins and specific coins forged of precious metals including platinum and palladium.

If you are interested in finding out more about a gold IRA investment, you may want to consider picking the brains of a trained individual who works directly in the industry. One option I located is Merit Gold. They have an IRA F&Q section that may provide you with more information. I would certainly take the time to chat with your accountant to see how the risks and benefits of a gold IRA may impact your gold investment strategy. When you are ready to take the plunge, I know you can make the arrangements to acquire a gold IRA investment through them.