What is a gold IRA and what are the disadvantages of it please?
A gold IRA is a tax-advantaged savings account that allows individuals and businesses to save money in an investment vehicle that has favorable tax rules. The interest you earn on your money can be tax deferred. This means that your taxes will only be paid on the money you earn once it is withdrawn, which could be years from now.
What are some of the disadvantages of a gold IRA?
It provides you with a tax-advantaged savings account, which means that you can’t use this type of account to pay any other expenses.
What is a gold IRA custodian?
A gold IRA custodian provides you with the services of an intermediary between you and your gold IRA. The gold custodian provides a safe place to store your precious metals, as well as other services that you might require, such as tax preparation, investment management and more.
To open a gold IRA account, you will need to contact a financial institution that provides the services that you require for your gold account, and they will provide a document that you should fill out. The document will ask for information such as your name and contact information, the amount of gold and/or silver you wish to purchase, your IRA number and the type of IRA account you want to open.
If you’re interested but don’t know too much about gold IRAs, I strongly suggest you look at the companies we listed above. Go to their official website and request their free kit to get you started.