We evaluated 20 well-known gold IRAs, and after careful review identified the top 7 picks in 2021. To draw our conclusions, we checked with clients in the marketplace, reviewed government data, and consulted financial experts.
Although many of the Gold IRAs were highly visible, we found five options that deserved special recognition: Lear Capital, Goldco, Orion Metal Exchange, Patriot Gold, Oxford Gold Group, Birch Gold Group, and American Hartford Gold.
In this guide, we’ll cover what a gold IRA is, share tips for making wise gold IRA investment decisions, examine the five best gold IRA providers, and answer some frequently asked questions about gold investing. By the time you finish reading, you should be clear on how and where to invest.
Top Tips About Gold IRAs:
- To maximize your investment, it is probably best to buy gold bars rather than collectible coins.
- Be sure to buy IRS-approved coins
- Hold investments to maturity to avoid tax penalties
- Be aware of tax penalties for home storage options
Tips for a Wise Gold IRA Buyer
“Invest in gold.” It’s a common message conveyed to investors these days with a certain appeal. As a precious metal, gold appears to have timeless value.
Recent dramatic market fluctuations may make you think it’s an attractive option for you, too. But is it wise to buy gold in the modern age? It turns out that there are IRS-approved methods of investing in gold. Gold Individual Retirement Accounts (gold IRAs) combine the relative stability of gold bullion with the convenience and benefits of a modern IRA.
But which gold or precious metals IRA is right for your current situation?
These investments can be a credible option for anyone looking to diversify, but there are many providers and many options for how to invest. With so many companies available, you must understand the pros and cons of each.
Not every company that advertises today is a credible option. There are very strict regulations that IRAs must follow regarding how they store and transfer precious metals. Most retirement experts have recommended that 5-15% of your total portfolio be in precious metals, with some even suggesting as much as 20%.
Whether you choose to put that allocation solely on gold or combine it with silver, platinum, or palladium, investment firms must follow the rules to protect your wealth. Following these guidelines will help you make smart purchases.
Buy IRS-approved coins for your gold IRA
Although IRAs can hold your gold in physical bullion, it is not as easy to liquidate as precious metal coins. Therefore, many investors look for plans that can keep their investment in currencies, which are easier to transfer and not as easily counterfeited.
Not all gold and silver coins are acceptable for IRA investment. Make sure your assets are classified by the IRS to fund your account.
Approved gold coins for a Gold IRA include:
- Moneda de oro American Eagle
- American Eagle payment currency
- Platinum American Eagle Coin
- Maple Leaf Palladium Coin
- There are eleven other 1 oz options. approved by the IRS. Know exactly what you’re buying before you invest to make sure you’re making a wise purchase choice. Title 26 § 408 of the United States Code details the restrictions for the purchase of approved coins.
Hold your gold IRA until the expiration
If you need to access your IRA funds, you can take distributions from your IRA the same way you would a traditional IRA. In most cases, you can choose to receive the actual bullion – or the cash value of your precious metals. But keep in mind that you will be taxed and you will be responsible for any IRS liability for early withdrawals.