A gold IRA is a special kind of individual retirement account (IRA) that lets you invest and hold gold as a qualified retirement investment. The best gold IRA firms help you invest and hold physical metals, including coins and precious metals securities inside a portfolio.
You cannot hold a gold IRA inside a standard retirement account. Despite this, the IRS rules surrounding contribution limits on IRAs are the same. You can use a custodian or broker to open and manage your gold IRA.
Allows investment in physical gold and other precious metals.
Must be held by an IRS-approved custodian
Follows standard IRA contribution limits ($7,000 in 2024, $8,000 for those 50+)
Cannot store gold at home—it must be stored in an IRS-approved facility.
Gold IRAs work almost identically to traditional IRAs. The primary difference is they allow investors to hold physical gold in their portfolio. While a Roth IRA lets you invest for retirement and allows you to grow that money tax-deferred, gold IRAs store a physical asset that can fluctuate in value.
One of the reasons that gold IRAs come with a slightly increased price tag is because of the physical nature of the product. Gold must be stored in a physical location. It costs to manage, secure, and run that facility. Additionally, for it to be government-approved, the facility must meet IRS guidelines. All of this costs investors a bit more.
A custodian is required.
In most cases, this custodian is a bank or brokerage firm that manages your account. The IRS requires a custodian for gold IRA accounts.
Withdrawals are taxed
The IRS views any withdrawals from a gold IRA the same as taxable income. You will be taxed when you withdraw your investment.
You must be 59 ½ to make a withdrawal.
When you reach 59 ½ years of age, you can withdraw from a gold IRA without penalties. Before that, you can expect a 10% penalty and your applicable income taxes.
You must hold the account for five years.
In addition to the age requirement, you must also have your gold IRA for at least five years to avoid penalties when withdrawing your investment.
A gold IRA rollover is a transfer of your funds from a traditional account like an IRA or a 401(k) into a self-directed IRA. Once the funds are transferred into a self-directed IRA, you are free to invest in a variety of options, including precious metals.
A gold IRA rollover is a great way to create a more diversified portfolio.
You are allowed to choose from a couple of different types of gold IRA rollovers, including direct rollovers and indirect rollovers.
Direct Rollover (recommended)—Transfer funds directly from your old account to your new Gold IRA custodian. 100% tax free.
Indirect Rollover—You withdraw funds and deposit them into the new Gold IRA within 60 days to avoid IRS penalties and taxes.
Special Note: Should you miss the 60-day window, the IRS will treat it as a withdrawal, and you’ll owe income + 10% penalty if you’re under 59 ½ years old.
We recommend direct rollovers for a faster and 100% free option.
Traditionally, gold is one of the best investments in times of financial crisis. Historically, gold has held its value and even increased in value when economic downturns hit. In comparison with traditional investments, gold and other precious metals remain stable, even with high inflation.
When assets go down, gold also tends to rise. If stocks plummet, you can rely on gold to maintain its value and cushion your retirement savings.
Diversify Their Portfolio
Protect Against Crisis
Hedge Against Inflation
Have a Tangible Asset
Gold IRAs also provide tax benefits similar to those in a traditional IRA. What you contribute before taxes can help you lower your tax bill for the year.
Traditional Gold IRAs—Contributions lower taxable income, but withdrawals are taxed.
Roth Gold IRAs—No immediate tax benefits, but your withdrawals are 100% tax-free.
Tax-Deferred Growth—No capital gains tax while assets grow within the account.
With traditional IRAs, you can set up your investments without a broker or custodian. Gold IRAs, however, require specialty custodians because they are dealing with physical assets.
Here’s the gold IRA setup process.
Step 1. Select a gold IRA custodian— A bank or brokerage firm that manages IRS compliance.
Step 2. Choose your funding method—Transfer from an existing retirement account or deposit new funds.
Step 3. Purchase IRA-approved gold – Must meet 99.5% purity standard.
Step 4. Store in an IRS-approved facility—No private or home storage is allowed.
Step 5. Monitor & manage your account—Adjust holdings based on market conditions.
When you’re looking for the best Gold IRA companies, compare them with the following requirements:
Industry Reputation & Experience
Storage & Security Compliance
Fees & Transparency
Buyback Options
Why Buy Gold from Global Gold Investments?
Industry-Leading Customer Service
One-On-One Consultations
Express Order Placement & Verification Available
Fast & Secure Transactions
100% IRS-Approved Gold
Over 25 years of Experience in Commodities
American Numismatic Association, Numismatic Guaranty Corporation, & Professional Coin Grading Service Certified
Whether or not a gold IRA is worth it depends on your retirement and saving goals. A gold IRA gives you the same tax benefits as a regular IRA, with pre-tax contributions that may lower your taxable income.
In most cases, a gold IRA costs about $225 per year in fees after you’ve established your account.
You may withdraw from a Gold IRA without penalties once you hit age 59 1/2. Before this age, you could incur a 10% penalty in addition to other taxes.
A direct IRA rollover makes it easier to avoid taxes and penalties on your account. You will be required to complete some forms and request that your IRA provider transfer the funds to your chosen gold custodian.
There is no right or wrong option. Both 401(k)s and IRAs are both pre-tax investments dedicated to retirement. You can, however, contribute more to your 401(k) than to an IRA. But, a gold IRA is a more diversified form of investment than a traditional 401(ks).
Buy & Sell Gold
