Roth IRA Backed By Gold
A lot of people are tending to move towards Roth IRAs backed by gold bullion and coins. The reason being that retirement assets like stocks, bonds, annuities and saving accounts can invariably depend on the way an individual or institution performs. However, when it comes to gold, the value is determined independent of all these factors. |
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There are many companies that deal with gold and encourage people to have a Roth IRA backed by gold. The good news is that if you a Roth IRA, you can transfer it into a Roth IRA backed by gold. The same can be done with 401k where the employee can rollover the funds into a gold backed Roth IRA. However, in order to do this, it is necessary for the employee to have been separated from the company.
The IRS laws on Roth IRA backed by gold allow only 24 karat gold bars. These bars have to be tested for purity by an assayer who is approved by the NYMEX or COMEX. You can get gold bars in 1 ounce, 10 ounces, 32 ounces, 100 ounces and 400 ounces weights. You can also invest in gold coins but they too should have 24-karat purity. The only exception to this rule is that a person can invest in US Gold Eagle, which is 22 karats and not 24 karats.
The IRA rules allow a Roth IRA backed by gold to accept bullion coins from other countries besides the US. These countries include Australia, Austria and Canada. The Kruger Rand from South Africa is not accepted as it is of 22 karats.
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