[peter4paul]

I'm considering opening a gold IRA - to put a small percentage of my nest egg into bullion bars and coins. Has anyone done this? If the 2020s are set to be the roaring 20s of inflation, this might be a good store of value to hedge against the dying dollar. Thoughts?

https://goldirasecrets.com/precious-metals/gold-ira/

 

[Koefe]

I'm considering opening a gold IRA - to put a small percentage of my nest egg into bullion bars and coins. Has anyone done this? If the 2020s are set to be the roaring 20s of inflation, this might be a good store of value to hedge against the dying dollar. Thoughts?

https://goldirasecrets.com/precious-metals/gold-ira/

I’ll tell you my opinion.

Buy physical gold and silver versus stock. to each their own

 

[Pir8fan]

I buy silver and gold coins and combibars outside of my retirement account and keep it where it is easily accessed. If you keep it in a retirement account you’ll generate a taxable transaction if you take it out. My way doesn’t do that I sell I’m just trading one currency for another.

 

[Trihonda]

Yup,
stocks are stocks. they can make you rich, or make you poor. But they’re just numbers in some computer.. if we have a total collapse, your stocks and silver ETFs will be useless and evaporate. My physical PMs won’t get me rich, but I won’t lose them in a market crash.

 

[peter4paul]

If you take money out of your 401(k) to buy gold and silver - that withdrawal is a taxable event. You'd have to pay penalties on that transaction.

By rolling over funds from a 401(k) and into a self-directed IRA used to buy precious metals (a gold IRA), you can defer taxes. The money is moving from one tax-advantaged account and directly into another.

I suppose either way, eventually the IRS gets their hands on your money!

But I see some advantages to opening a precious metals IRA vs taking the cash out and using it to buy gold. All of my real savings outside of an emergency fund are tied up in the 401(k), so that's my only source of money to buy gold and diversify my investments.

 

[Trihonda]

If you take money out of your 401(k) to buy gold and silver - that withdrawal is a taxable event. You'd have to pay penalties on that transaction.

By rolling over funds from a 401(k) and into a self-directed IRA used to buy precious metals (a gold IRA), you can defer taxes. The money is moving from one tax-advantaged account and directly into another.

I suppose either way, eventually the IRS gets their hands on your money!

But I see some advantages to opening a precious metals IRA vs taking the cash out and using it to buy gold. All of my real savings outside of an emergency fund are tied up in the 401(k), so that's my only source of money to buy gold and diversify my investments.

now,im not a financial investment or tax guy. Would you be able to get into a gold IRA that then allowed you to take physical possess of your gold? Then you could sell it off tax free to coin shops, lol…. . Ya, I’m sure that’s not Feasible.

 

[Pir8fan]

now,im not a financial investment or tax guy. Would you be able to get into a gold IRA that then allowed you to take physical possess of your gold? Then you could sell it off tax free to coin shops, lol…. . Ya, I’m sure that’s not Feasible.

That won't work. If you take possession, it's the same as a regular distribution from an IRA.

 

[peter4paul]

That won't work. If you take possession, it's the same as a regular distribution from an IRA.

There were actually some companies a few years ago pushing the "home storage gold IRA," which basically suggests you open an LLC and use the LLC as a custodian that takes possession of the IRA.

Home Storage Gold IRA: Legit or Scam? - sdiraguide.com

Buy 'gold you can hold' in your personal possession while also reaping the tax benefits of a retirement account? if the home storage gold IRA

sdiraguide.com

In short, the whole scheme is to try and trick the IRS. The IRS is not stupid.

The government doesn't want you to be able to hold any retirement funds in your personal possession. This could open you up to an audit, and if they decide your 'home storage' IRA is disqualified, you could be liable for huge tax penalties.

If opening a gold IRA, I'd just hold metals in a private (non-bank) vault that's IRS-approved - like with Brinks or Delaware Depository.

 

[davidsharpe2020]

I'm considering opening a gold IRA - to put a small percentage of my nest egg into bullion bars and coins. Has anyone done this? If the 2020s are set to be the roaring 20s of inflation, this might be a good store of value to hedge against the dying dollar. Thoughts?

https://iragoldreview.com/

The govt is against you keeping any of your retirement money in your own hands. This might trigger an analysis, and if the authorities determine that your "home storage" IRA doesn't qualify, you could face hefty fines.

If I were to set up a gold IRA, I'd store the metals in a private (non-bank) vault like Brinks or the Delaware Depository, both of which have the approval of the Internal Revenue Service.