When you invest in a gold coin IRA, you’re watching out for your future. Also known as a precious metals IRA, this type of investment account allows you to put precious metals like gold into an IRA, which allows you to hedge for inflation. When you choose this option, your precious metals can be stored at a third-party depository that has been approved by the IRS.
Eligibility for a Gold IRA Rollover
If investing precious metals such as gold into a gold coin IRA sounds like something you’d like to do and you already have a Roth IRA or traditional IRA, both of these retirement accounts can be converted into an IRA where you can invest precious metals. It is important to check the terms and conditions of your IRA when you are planning on taking this action.
Different Types of Metals Are Eligible
When you utilize a gold coin IRA, you can also invest in other IRS approved metals. These can include platinum, palladium and silver. Once you decide to use this type of account, you can make sure your precious metals are safe by having them stored by an IRS approved third-party depository. In the future, if you invest in American Gold Eagles and put them into your precious metals IRA, you have the option of receiving these coins as your distribution. You’re also able to sell them for cash if you’d like.
Creates a Diversified Retirement Portfolio
If you’ve already got money invested in the stock or bond markets, putting money into precious metals is a great way to diversify your retirement portfolio. Gold and other precious metals are extremely helpful to have during certain economic periods when the market isn’t doing so well. If you want to protect your assets by investing in precious metals, utilizing a Gold IRA account is a great way to do it.