As with conventional retirement accounts, there are three types of Gold IRA Accounts that each provide distinct tax benefits, including:
Allegiance Gold can help you navigate regulatory requirements, avoid tax pitfalls, and diversify with Gold and other physical precious metals to stabilize your retirement portfolio. Schedule your free consultation with one of our Senior Portfolio Managers or contact us at Allegiance Gold today.
The majority of retirement accounts are eligible to be transferred, either in full or in portion, on a tax-deferred and penalty-free basis, into a Gold IRA or a customized precious metals IRA.
While traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRAs are free of any rollover restrictions, others such as 401(k)s, 403(b)s, 457(b)s and Thrift Savings Plans (TSP), are qualified for transfer if the individual is over 59 ½ years old or is no longer employed by their previous employer.
With a designated IRA specialist, Allegiance Gold staff members can help you determine whether your account is qualified for transfer. Most accounts can be transferred on a tax-deferred, penalty-free basis, except for annuities, which may have a surrender charge depending on the contract. Rest assured, an experienced IRA specialist will help you uncover any potential surrender charges.
At Allegiance Gold, we make the process of protecting your investment with precious metals easy. We assign a team, consisting of an IRA specialist and a Senior Portfolio Manager, to help you throughout the process and handle all the paperwork.
Once your application is completed and your self-directed IRA is open, funding your Gold IRA becomes incredibly easy. You have three simple methods to fund the account:
One of the few limitations on funding your account is that you cannot legally fund it with Gold coin or bullion you already own. This restriction exists because the U.S. government only allows certain coins and bullion to be held in IRAs.
Once the funds are received by the new self-directed IRA custodian, your Allegiance Gold representative will help you select the IRS approved coins and the depository to store your precious metals. Your designated Allegiance Gold team members, both an IRA specialist and a Senior Portfolio Manager, will manage the entire process of setting up and funding your Gold IRA or custom precious metals IRA.
A Gold IRA or a custom precious metals IRA cannot hold just any type of physical Gold or precious metals. With the Taxpayer Relief Act of 1997, the IRS approved the following four main precious metals to be invested into an IRA: Gold, Silver, Platinum, and Palladium. With each type of metal, the IRS only allows a select few forms of bullion, coins, rounds, and bars. In an effort to focus on investment-grade, liquid products and to limit collectibles and older types of coins, the IRS issued requirements of fineness for the precious metals products. This selective approach ensures that Gold and other precious metal products meet minimum standards and maintain better long-term value.
The following coins and bars are among those that meet IRA investment requirements. G old coins and bullion must be 99.5% fineness or higher.
Silver coins and bullion must be .999 fineness or higher. Some options include:
Platinum and Palladium coins and bullion must be 99.95% and 99.95% fineness respectively. Some options include:
This list is not all-inclusive, and we know determining which precious metals are appropriate for IRA investments can be tough, which is why our Allegiance Gold account executives are always ready to provide assistance.
If you are interested in rolling the funds in your traditional IRA into physical precious metals, you must decide how you wish to store them before funding a Self-Directed IRA. Your Allegiance Gold account executive will answer any questions you may have and help you determine which type of storage will work best for your retirement savings needs.
Depository Storage Facility for IRA
A Depository Storage Facility is a third-party storage facility where all precious metals in storage are insured. With depository storage, your precious metals are stored in a high-security facility that’s 100 percent insured against all loss, damage, theft, or other liability. These Depository Storage facilities have highly-advanced security mechanisms and tools such as timed locks, 24 hour monitoring systems, and vibration, motion, and sound detectors. All depositories provide all-risk insurance and maintain a $1 billion insurance policy through Lloyd’s of London.
According to the IRS, Gold and other precious metals in a retirement account are required to be stored in the custody of an IRS-approved custodian at a third-party storage facility until the funds are withdrawn on reaching the predefined retirement age. Putting your precious metals in depository storage ensures that they are fully protected.
There is an added layer of security with any depository. When a depository receives any products, it will first inspect, audit, confirm, and key in the product’s information, including type, quantity, and weight. Afterward, the depository will securely store the precious metals products.
Top Three Depository Storage Facilities:
Allegiance Gold works with the following nationally-recognized depositories for the safekeeping and storage of our clients’ precious metals:
Precious metals stored in a commingled storage option are held in a communal area with other people’s products. Precious metals kept in segregated storage will be separated from all other precious metals at the depository in a storage compartment reserved for private use. Both segregated and non-segregated storage provide an equally strong degree of protection.
There are two options of storage:
Your Allegiance Gold representatives will help you navigate the options for storage that meet your needs.