Using the Best Self-Directed Gold IRA

• Traditional Gold IRA – This account will be funded with pre-tax dollars, and all the money you contribute will not be taxed. This means your earnings will grow tax-deferred, and additionally, your contributions are tax-deductible. 
• Roth Gold IRA – This account is funded with after-tax dollars, which means your earnings will grow tax-free.  
• SEP Gold IRAs – This account is created for self-employed or small business owners and entrepreneurs. It’s similar to a Traditional Gold IRA, with the main exception being the colossal contribution limit. You’re capable of contributing up to 25% of your self-employed compensation as long as it’s below the $69,000 limit (as of 2024).

If you’re the owner of a Roth Gold IRA, then the required minimum distributions (RMDs) will not apply. However, if your investment was made under a Traditional Gold IRA, you will still need to take RMDs, beginning at age 73 (as of 2024). You have two options for distributing gold: 

• Sell the Gold and Distribute it as Cash – this entails liquidating gold and receiving it as a cash distribution. The price of gold will generally be based on the market value on that date. 
• Create a Personal Account at a Depository – once you’ve created a personal account at a depository (we prefer Delaware Depository), the distribution of your gold will then be transferred to your DDSC account.

At Madison Trust, we aim to have our fees be straightforward, and pride ourselves on being among the lowest in the industry. Just like any other kind of IRA, you’ll have to pay a fee to open the account, as well as our flat-rate quarterly fee, which will always remain the same amount regardless of your account’s value. For Gold IRAs, you will also pay a storage fee which is dependent on the facility in which you choose to keep your precious metals. To learn more, visit our fee schedule.

If you’re looking to further diversify your retirement portfolio with precious metals, you can transfer all – or a portion of – your existing IRA into a new Gold IRA. Transfers from an existing IRA to a new Gold IRA are non-taxable events. Once your Gold IRA is funded, you can follow steps two through six of our process to invest in an IRA allowable precious metals of your choice.

Outside of gold, you can also establish a Silver IRA, Palladium IRA, or a Platinum IRA. These precious metals are all IRA-allowable metals, so long as they meet the fineness criteria, and in certain cases, are minted by the government. For more information on investing in any of these precious metals, please reach out to one of our Precious Metals IRA Specialists.