A gold IRA is commonly used to describe a self directed individual retirement account that holds qualifying physical precious metals. The account has more moving parts than simply buying coins and keeping them at home.
The basic structure
You typically work with an IRA custodian or trustee, choose eligible metals, and arrange approved storage. IRS rules treat many collectibles differently from ordinary IRA investments, but provide exceptions for certain coins and bullion that meet the requirements.
Can you keep the gold yourself?
IRS Publication 590 B says qualifying coins held by an IRA must be in the possession of the IRA custodian or trustee. IRS guidance also states that qualifying bullion must be kept in the physical possession of a bank or approved nonbank trustee.
How money gets into the account
Funding may involve a contribution, an IRA transfer, or an eligible rollover from another retirement plan. The details matter. A direct rollover sends eligible retirement plan money directly to another plan or IRA. A trustee to trustee IRA transfer moves money directly between financial institutions.
Costs worth comparing
Look beyond a dealer's headline message. Ask about custodian charges, storage, insurance arrangements, transaction costs, dealer spreads, shipping where relevant, and any fees connected with distributions or closing the account.
Gold IRA risks
Gold prices move in both directions. Physical metals do not produce dividends or interest. A gold IRA can also introduce storage costs and dealer pricing spreads that are different from owning conventional securities.
Retirement account rules can have tax consequences. We rely on IRS guidance for rollover and IRA rules. Company specific details are checked against the company itself. Verify current terms before making a decision.
Continue your research
Gold IRA rollover guide · IRA approved gold · Gold IRA storage · Augusta review