Gold IRA companies are retirement vehicles that carry the physical metal. The IRS approves of these holdings, and individuals can open a new account or move their existing retirement account into one. There are some caveats to understand when dealing with gold IRA companies.
You can open a traditional account, but several other variations might suit your needs better. For example, a Roth IRA has you pay taxes before you put the money into it, and when you withdraw it, you do not have to pay taxes again.
If you already have a retirement account in something other than gold, you can transfer it to a gold IRA. First, you select the company you want to move your funds to. Depending on what type of account it is, you may be able to roll it or transfer it to the new holding company. Some types of accounts that can be rolled are 401(k)s. When you move from one entity to another, you should not have to pay taxes because you are not withdrawing or accessing the funds. Most gold IRA companies will help you move through this transaction.
When it comes time to start drawing from the account, the custodian will determine if there is a minimum you must take. This rule only applies when you turn 72. At this age, the law states you must begin to draw money out of the system. You can accept cash, or if you want the physical metal, the company can arrange to have it shipped.
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