WEBVTT 00:00:00.000 --> 00:00:03.060 OK, so you're thinking about how to protect those 00:00:03.060 --> 00:00:05.059 retirement dollars. Yeah. And you're looking 00:00:05.059 --> 00:00:07.019 for ways to kind of make sure that your future 00:00:07.019 --> 00:00:09.759 is a little bit more secure. Right. So today 00:00:09.759 --> 00:00:11.919 we are diving into a topic that we get asked 00:00:11.919 --> 00:00:15.119 about all the time, and it's gold IRAs. Yeah. 00:00:15.660 --> 00:00:17.480 We've got a great guide here that we are going 00:00:17.480 --> 00:00:20.059 to be referencing. And it's from start gold IRA. 00:00:20.410 --> 00:00:23.309 It's by this guy Doug Young. And basically it 00:00:23.309 --> 00:00:25.329 lays out everything you need to know. It really 00:00:25.329 --> 00:00:27.910 does kind of cover the whole landscape of gold 00:00:27.910 --> 00:00:31.530 IRAs, you know, from setting one up to the types, 00:00:31.789 --> 00:00:34.270 you know, all the different flavors of gold IRAs 00:00:34.270 --> 00:00:36.170 and considerations. Yeah, there are a lot of 00:00:36.170 --> 00:00:37.570 things to consider. And that's what we want to 00:00:37.570 --> 00:00:39.229 do today is just kind of make this a little bit 00:00:39.229 --> 00:00:43.009 less mysterious so that you listening can really 00:00:43.009 --> 00:00:46.210 wrap your head around what exactly a gold IRA 00:00:46.210 --> 00:00:48.750 is, how you actually go about setting one up. 00:00:48.840 --> 00:00:51.359 the potential benefits, but also the things you 00:00:51.359 --> 00:00:53.679 need to be wary of so that at the end of this 00:00:53.679 --> 00:00:55.859 deep dive, you can feel empowered to make smart 00:00:55.859 --> 00:00:58.479 decisions about your financial future. Yeah. 00:00:58.579 --> 00:01:00.880 And just for context on the source, Doug Young 00:01:00.880 --> 00:01:03.380 has over 20 years of experience in financial 00:01:03.380 --> 00:01:06.540 investing and precious metals and the website 00:01:06.540 --> 00:01:09.439 Start Gold IRA. It's really dedicated to providing 00:01:09.439 --> 00:01:12.719 news and insights and even comparisons of. different 00:01:12.719 --> 00:01:15.579 gold IRA companies. So I think the idea is that 00:01:15.579 --> 00:01:17.680 he has a lot of perspective in this area. Yeah. 00:01:17.840 --> 00:01:19.420 So it's a great resource for anyone who's even 00:01:19.420 --> 00:01:22.180 thinking about possibly dipping their toes into 00:01:22.180 --> 00:01:24.060 these waters, right? Yeah. OK. So let's start 00:01:24.060 --> 00:01:26.760 by really breaking down the basics. What is a 00:01:26.760 --> 00:01:29.480 gold IRA? It sounds kind of obvious, right? An 00:01:29.480 --> 00:01:32.090 IRA with gold. But I'm guessing there's more 00:01:32.090 --> 00:01:34.129 to it than that. Yeah, there is a little more 00:01:34.129 --> 00:01:36.890 to it than that. At its most basic, it is an 00:01:36.890 --> 00:01:39.230 individual retirement account, just like a traditional 00:01:39.230 --> 00:01:41.510 or Roth IRA that a lot of folks out there listening 00:01:41.510 --> 00:01:44.590 probably have. The difference is, instead of 00:01:44.590 --> 00:01:48.310 holding paper assets like stocks or bonds, this 00:01:48.310 --> 00:01:50.829 one holds physical precious metals. So we're 00:01:50.829 --> 00:01:52.269 talking gold, obviously. I love the gold part. 00:01:52.549 --> 00:01:56.989 But also silver, platinum, and palladium. So, 00:01:57.030 --> 00:01:59.140 you know, I think the thing to keep in mind is 00:01:59.140 --> 00:02:01.140 that this isn't just about collecting shiny coins. 00:02:01.280 --> 00:02:04.540 It's really about a potential way of adding a 00:02:04.540 --> 00:02:07.780 layer of security to your financial future. OK, 00:02:07.780 --> 00:02:09.120 so let's talk about the security, because I think 00:02:09.120 --> 00:02:11.139 that's a really important point. Why would someone 00:02:11.139 --> 00:02:13.719 want to hold physical gold instead of, let's 00:02:13.719 --> 00:02:16.139 say, a really well -balanced mutual fund? Well, 00:02:16.159 --> 00:02:18.360 I think gold has this long, long history as a 00:02:18.360 --> 00:02:21.259 store of value. For thousands of years, people 00:02:21.259 --> 00:02:24.680 have considered it to be a valuable asset and 00:02:24.680 --> 00:02:27.240 something that holds its worth, it's often considered 00:02:27.240 --> 00:02:30.860 a shield against inflation and economic uncertainty. 00:02:31.099 --> 00:02:33.039 It's almost like that time -tested thing. Yeah, 00:02:33.319 --> 00:02:35.460 exactly. Because when the money in your pocket, 00:02:36.759 --> 00:02:39.539 what I'll call fiat currencies, the stuff we 00:02:39.539 --> 00:02:42.400 use every day, when those start to lose their 00:02:42.400 --> 00:02:44.979 buying power or if the stock market gets really 00:02:44.979 --> 00:02:48.240 rocky, gold can actually often hold its value. 00:02:48.509 --> 00:02:51.389 or even increase in value. So you know that means 00:02:51.389 --> 00:02:54.909 it has the potential to add this layer of stability 00:02:54.909 --> 00:02:58.069 to your overall investment mix. So for instance, 00:02:58.490 --> 00:03:00.629 during high inflation periods in the past, gold 00:03:00.629 --> 00:03:03.330 has sometimes increased in value while other 00:03:03.330 --> 00:03:06.169 assets have gone down. So it's this idea that 00:03:06.169 --> 00:03:08.090 it's a hedge. It's kind of doing its own thing 00:03:08.090 --> 00:03:10.169 almost. Yeah, exactly. Independent of the rest 00:03:10.169 --> 00:03:12.610 of the economy. Yeah. OK, so those are some interesting 00:03:12.610 --> 00:03:16.000 points. What are some other advantages? What 00:03:16.000 --> 00:03:18.879 are those aha moments that would really make 00:03:18.879 --> 00:03:21.520 someone seriously consider a gold IRA? Well, 00:03:21.879 --> 00:03:24.439 the guide lays out a few really key advantages. 00:03:24.639 --> 00:03:27.039 The first one is diversification. Okay. So the 00:03:27.039 --> 00:03:29.419 idea here is that, you know, most financial advisors, 00:03:29.419 --> 00:03:31.379 they preach the importance of diversification. 00:03:31.819 --> 00:03:33.219 Absolutely. Don't put all your eggs in one basket. 00:03:33.379 --> 00:03:35.539 Don't put all your eggs in one basket. Exactly. 00:03:35.840 --> 00:03:39.139 And so holding physical assets, like these precious 00:03:39.139 --> 00:03:41.759 metals, could be a way to spread your risk. Because 00:03:41.759 --> 00:03:44.180 as we were just talking about, gold often doesn't 00:03:44.180 --> 00:03:47.000 move in the same way as stocks and bonds. So 00:03:47.000 --> 00:03:50.680 it has this potential to act as a buffer in your 00:03:50.680 --> 00:03:54.039 portfolio. So if, let's say, your stock holdings 00:03:54.039 --> 00:03:57.180 take a downturn, gold might stay steady or even 00:03:57.180 --> 00:03:58.879 go up. It's almost like an insurance policy. 00:03:58.979 --> 00:04:00.680 Yeah, it's an insurance policy for your portfolio, 00:04:00.900 --> 00:04:04.240 exactly. Interesting. The second key advantage, 00:04:04.400 --> 00:04:07.340 and this is a big one, is that gold is often 00:04:07.340 --> 00:04:10.539 seen as a hedge against inflation. OK. So we've 00:04:10.539 --> 00:04:12.919 all seen prices go up and up over the last couple 00:04:12.919 --> 00:04:15.000 of years. We're sure. And, you know, as things 00:04:15.000 --> 00:04:17.319 get more expensive and the dollar buys less, 00:04:17.339 --> 00:04:19.839 that's what inflation is. Historically, gold 00:04:19.839 --> 00:04:22.740 has tended to rise in value during those periods 00:04:22.740 --> 00:04:25.259 of inflation. So it can potentially help you 00:04:25.259 --> 00:04:27.839 maintain the real value of your retirement savings. 00:04:28.100 --> 00:04:30.079 So you can still buy roughly the same amount 00:04:30.079 --> 00:04:32.420 of stuff in the future even. if prices keep going 00:04:32.420 --> 00:04:35.060 up. Yeah, so that purchasing power, very interesting. 00:04:35.459 --> 00:04:37.399 OK, what about the tax benefits? That's one of 00:04:37.399 --> 00:04:38.839 the big things that people always talk about 00:04:38.839 --> 00:04:40.879 with a retirement account. Yeah, absolutely. 00:04:41.420 --> 00:04:45.459 And just like traditional and Roth IRAs, gold 00:04:45.459 --> 00:04:48.560 IRAs come with tax advantages. With a traditional 00:04:48.560 --> 00:04:50.860 gold IRA, the money that you contribute might 00:04:50.860 --> 00:04:54.259 be tax deductible. It grows tax deferred, meaning 00:04:54.259 --> 00:04:56.959 you don't pay taxes on those gains until retirement, 00:04:57.259 --> 00:04:59.399 and then you only pay taxes when you withdraw 00:04:59.399 --> 00:05:02.420 the money. So this could be appealing if you 00:05:02.420 --> 00:05:04.379 think you'll be in a lower tax bracket in retirement 00:05:04.379 --> 00:05:07.560 than you are now. Gotcha. What about the Roth 00:05:07.560 --> 00:05:11.160 version of a gold IRA? The Roth Gold IRA is basically 00:05:11.160 --> 00:05:13.199 the opposite. You pay taxes on the money you 00:05:13.199 --> 00:05:15.899 contribute now, so there's no immediate tax break. 00:05:16.279 --> 00:05:18.399 But the advantage is that the investments grow 00:05:18.399 --> 00:05:20.800 tax free. And when you withdraw them in retirement, 00:05:21.079 --> 00:05:22.519 you don't have to pay taxes on those either. 00:05:22.579 --> 00:05:24.379 OK. So this can be a good choice if you think 00:05:24.379 --> 00:05:26.420 you'll be in a higher tax bracket when you retire. 00:05:26.839 --> 00:05:29.240 Gotcha. OK, so the guide also mentions a SEP 00:05:29.240 --> 00:05:32.629 Gold IRA. What's that? The SEP stands for Simplified 00:05:32.629 --> 00:05:34.910 Employee Pension. And it's basically designed 00:05:34.910 --> 00:05:37.290 for self -employed folks or small business owners. 00:05:37.290 --> 00:05:38.910 So if you're listening and you fall into that 00:05:38.910 --> 00:05:42.149 category. The advantage of a SEP Gold IRA is 00:05:42.149 --> 00:05:44.290 it allows for much higher contribution limits 00:05:44.290 --> 00:05:47.750 than traditional or Roth IRAs. For example, the 00:05:47.750 --> 00:05:50.750 guide mentions John, who is a consultant. And 00:05:50.750 --> 00:05:53.790 he could potentially invest a much larger portion 00:05:53.790 --> 00:05:56.730 of his earnings into gold using a SEP Gold IRA 00:05:56.730 --> 00:05:59.610 and benefit from the tax -deferred growth and 00:05:59.610 --> 00:06:01.800 diversification. Gotcha. So it really depends 00:06:01.800 --> 00:06:04.199 on whether you're employed or self -employed 00:06:04.199 --> 00:06:06.959 and what your tax situation is. Yeah. And what 00:06:06.959 --> 00:06:09.480 you anticipate that tax situation being like 00:06:09.480 --> 00:06:11.500 in retirement, too. Exactly. And that's a good 00:06:11.500 --> 00:06:13.939 point. The guide says you should carefully weigh 00:06:13.939 --> 00:06:16.259 the pros and cons of each type based on your 00:06:16.259 --> 00:06:18.879 own financial goals and your tax picture. And 00:06:18.879 --> 00:06:21.139 they even recommend talking to a financial advisor 00:06:21.139 --> 00:06:23.420 to figure out what makes the most sense for you. 00:06:23.759 --> 00:06:26.439 OK. So let's say someone decides that a gold 00:06:26.439 --> 00:06:29.339 IRA might be right for them. How do they go about 00:06:29.339 --> 00:06:31.420 setting one up? Is it as simple as just like 00:06:31.420 --> 00:06:33.600 opening an investment account online? Well, it's 00:06:33.600 --> 00:06:35.480 a little bit more involved, but the guide lays 00:06:35.480 --> 00:06:38.300 out a really clear process. So the first thing, 00:06:38.420 --> 00:06:41.300 as we just discussed, you have to decide what 00:06:41.300 --> 00:06:44.540 type of gold IRA is right for you. Traditional, 00:06:45.120 --> 00:06:48.800 Roth, or Seppi. And then step two is to select 00:06:48.800 --> 00:06:52.100 a trustworthy gold IRA company. OK, and that 00:06:52.100 --> 00:06:54.279 sounds pretty important. Why is choosing the 00:06:54.279 --> 00:06:57.379 right company so crucial? Yeah, it's super important 00:06:57.379 --> 00:06:59.279 because they're going to be your partner in this 00:06:59.279 --> 00:07:01.779 whole process. They help you set up the account, 00:07:02.259 --> 00:07:04.720 they manage the transfer or rollover of funds 00:07:04.720 --> 00:07:07.339 from your existing retirement accounts, and they're 00:07:07.339 --> 00:07:09.360 the ones that you'll be buying the physical precious 00:07:09.360 --> 00:07:11.879 metals from. So they are your main point of contact, 00:07:11.899 --> 00:07:14.560 and they work with the custodian on your behalf. 00:07:14.750 --> 00:07:16.649 Okay. So, you know, it's important to have a 00:07:16.649 --> 00:07:18.649 good relationship with them. Absolutely. Yeah. 00:07:18.790 --> 00:07:21.730 So how do you go about finding a reputable company? 00:07:21.889 --> 00:07:23.550 There's got to be tons of them out there. Yeah, 00:07:23.550 --> 00:07:25.509 there are a lot. The guide has some good advice 00:07:25.509 --> 00:07:28.050 on this. The first is to research the company's 00:07:28.050 --> 00:07:30.110 history. How long have they been in business? 00:07:30.430 --> 00:07:32.410 You want to look for well -established companies, 00:07:32.509 --> 00:07:36.029 ones that have a really solid track record. And 00:07:36.029 --> 00:07:38.970 then there are tons of online reviews. So you 00:07:38.970 --> 00:07:40.990 can check out sites like the Better Business 00:07:40.990 --> 00:07:45.500 Bureau. BBB. Yeah, the BBB. the Business Consumer 00:07:45.500 --> 00:07:48.879 Alliance, the BCA, and TrustLink. You can get 00:07:48.879 --> 00:07:51.759 an idea of the company's reputation and how satisfied 00:07:51.759 --> 00:07:54.160 their customers have been. And then, you know, 00:07:54.279 --> 00:07:56.379 word of mouth is always good. Talk to your friends, 00:07:56.680 --> 00:07:58.759 family, colleagues, if anyone has invested in 00:07:58.759 --> 00:08:01.120 precious metals. See if they have any recommendations. 00:08:01.540 --> 00:08:03.180 Yeah. Personal recommendations are always the 00:08:03.180 --> 00:08:05.379 best, right? They are. And then when you are 00:08:05.379 --> 00:08:07.279 looking at companies, you also want to consider 00:08:07.279 --> 00:08:10.019 the costs involved because it's not free to have 00:08:10.019 --> 00:08:12.680 a gold IRA. Right. I imagine there's more fees 00:08:12.680 --> 00:08:15.540 than your typical IRA. Yeah, and they'll charge 00:08:15.540 --> 00:08:17.879 what's called a premium over the spot price of 00:08:17.879 --> 00:08:20.439 the precious metals. And the guide really stresses 00:08:20.439 --> 00:08:22.259 the importance of getting a detailed breakdown 00:08:22.259 --> 00:08:24.899 of all the costs involved. So premiums, fees 00:08:24.899 --> 00:08:27.519 for shipping, insurance. You want to make sure 00:08:27.519 --> 00:08:29.600 that you're not hit with any hidden fees later 00:08:29.600 --> 00:08:30.980 down the line. Yeah, you want to know what you're 00:08:30.980 --> 00:08:33.899 getting into up front. Exactly. And then you 00:08:33.899 --> 00:08:36.139 also want to ask about their buyback policy. 00:08:36.500 --> 00:08:38.600 Go ahead. So a strong buyback policy means that 00:08:38.600 --> 00:08:41.080 when you're ready to sell, the company will buy 00:08:41.080 --> 00:08:43.840 your metals back from you at a fair price. And 00:08:43.840 --> 00:08:46.659 that basically gives you more liquidity. That 00:08:46.659 --> 00:08:49.019 makes sense. And the guide also provides a few 00:08:49.019 --> 00:08:51.700 suggestions. Augusta, Precious Metals, GoldCo, 00:08:51.899 --> 00:08:54.019 and American Heart for Gold. It even highlights 00:08:54.019 --> 00:08:57.299 that Augusta has zero BBB and BCA complaints 00:08:57.299 --> 00:09:00.500 ever. Yeah, that's a big deal, and I think that's 00:09:00.500 --> 00:09:02.259 something that speaks to the importance of doing 00:09:02.259 --> 00:09:05.259 your research. You know, the guide can make recommendations, 00:09:05.379 --> 00:09:07.340 but ultimately you're the one making the decisions. 00:09:07.419 --> 00:09:10.960 For sure. Okay, so step three is choosing a custodian. 00:09:11.639 --> 00:09:14.399 What does a custodian do, and are they separate 00:09:14.399 --> 00:09:17.289 from the gold IRA company? Yeah, the custodian 00:09:17.289 --> 00:09:19.889 is a completely separate entity and their job 00:09:19.889 --> 00:09:22.470 is to handle all the administrative and regulatory 00:09:22.470 --> 00:09:24.909 stuff for your IRA. Okay. So they make sure everything 00:09:24.909 --> 00:09:27.429 complies with IRS rules and that includes managing 00:09:27.429 --> 00:09:29.710 the storage of your precious metals. They're 00:09:29.710 --> 00:09:31.690 also responsible for all the paperwork and reporting 00:09:31.690 --> 00:09:35.149 to the IRS. So I can't just store the gold like 00:09:35.149 --> 00:09:37.909 in a safe in my house or in a safe deposit box 00:09:37.909 --> 00:09:39.809 or something? Oh, that's a big no -no. OK. The 00:09:39.809 --> 00:09:41.789 guide's really clear on that. Storing the metals 00:09:41.789 --> 00:09:44.789 yourself breaks IRS regulations. And they're 00:09:44.789 --> 00:09:46.450 probably not too happy about that, right? They're 00:09:46.450 --> 00:09:49.190 not happy about that, no. OK. And you know, you 00:09:49.190 --> 00:09:52.429 could face penalties and taxes. The IRS requires 00:09:52.429 --> 00:09:56.049 the precious metals in a gold IRA to be held 00:09:56.049 --> 00:09:58.950 in an approved and secure depository. OK. And 00:09:58.950 --> 00:10:01.799 the custodian handles that for you. So in terms 00:10:01.799 --> 00:10:04.740 of choosing a custodian, does the gold IRA company 00:10:04.740 --> 00:10:06.919 typically help with that? Yeah, usually they 00:10:06.919 --> 00:10:09.120 have relationships with custodians who specialize 00:10:09.120 --> 00:10:12.240 in gold IRAs, and they will recommend one. You 00:10:12.240 --> 00:10:13.879 don't have to go with their pick, but it often 00:10:13.879 --> 00:10:16.059 makes sense because the company and the custodian 00:10:16.059 --> 00:10:18.779 work together pretty closely to manage your account. 00:10:19.080 --> 00:10:22.539 OK, so step four is funding the account. What 00:10:22.539 --> 00:10:24.379 are the different ways that you can get money 00:10:24.379 --> 00:10:27.460 into a gold IRA? The most common ways are either 00:10:27.460 --> 00:10:29.480 new contributions, you know, you could contribute 00:10:29.480 --> 00:10:32.720 money directly to it, or you can transfer or 00:10:32.720 --> 00:10:35.139 rollover funds from existing retirement accounts, 00:10:35.259 --> 00:10:38.840 so like a 401k or traditional IRA. Okay. And 00:10:38.840 --> 00:10:40.419 the guide talks about the difference between 00:10:40.419 --> 00:10:43.240 a direct transfer and an indirect rollover. Okay. 00:10:43.399 --> 00:10:45.519 So a direct transfer is the simplest. The funds 00:10:45.519 --> 00:10:47.820 move directly from your old account to your new 00:10:47.820 --> 00:10:51.299 gold IRA. You never touch the money. So there's 00:10:51.299 --> 00:10:54.799 minimal paperwork and no immediate tax implications. 00:10:54.980 --> 00:10:57.080 Gotcha. And the indirect rollover. So the indirect 00:10:57.080 --> 00:10:58.740 rollover is when they send you the money from 00:10:58.740 --> 00:11:00.559 your retirement account, and then you have to 00:11:00.559 --> 00:11:02.620 deposit those funds into the gold IRA within 00:11:02.620 --> 00:11:05.960 60 days. OK. And if you miss that 60 -day deadline, 00:11:06.320 --> 00:11:09.659 the IRS considers it a distribution. Ah. And 00:11:09.659 --> 00:11:12.159 you could face taxes and penalties. OK. Yeah. 00:11:12.639 --> 00:11:14.580 So the guide recommends sticking with the direct 00:11:14.580 --> 00:11:16.879 transfer whenever possible. That makes sense. 00:11:17.019 --> 00:11:19.980 Keep it simple. Keep it simple. Yeah. But in 00:11:19.980 --> 00:11:22.059 either case, you'll need to contact the company 00:11:22.059 --> 00:11:24.279 that holds your existing retirement account. 00:11:24.740 --> 00:11:27.580 And the Gold IRA company will usually help you 00:11:27.580 --> 00:11:29.840 with the forms and paperwork to make that happen. 00:11:30.100 --> 00:11:33.360 OK. So step five is actually choosing and purchasing 00:11:33.360 --> 00:11:36.639 the metals. What kinds of metals are eligible 00:11:36.639 --> 00:11:40.429 for a Gold IRA? So the IRS has very specific 00:11:40.429 --> 00:11:42.970 rules about the types and the purity of the metals 00:11:42.970 --> 00:11:45.970 that can be held in a gold IRA. And that includes 00:11:45.970 --> 00:11:49.490 gold, silver, platinum, and palladium. Gotcha. 00:11:49.649 --> 00:11:51.250 So those are the main four. Those are the four. 00:11:51.750 --> 00:11:54.570 And your gold IRA company will provide you with 00:11:54.570 --> 00:11:57.429 a list of metals that meet the IRS's standards. 00:11:58.090 --> 00:12:00.870 And gold, for example, typically has to be at 00:12:00.870 --> 00:12:04.490 least 99 .5 % pure. Wow. OK. And they'll help 00:12:04.490 --> 00:12:06.929 you select and purchase these approved metals 00:12:06.929 --> 00:12:08.970 so you don't have to go out and find them yourself. 00:12:09.169 --> 00:12:12.419 That's good. Step six is storing the metals and 00:12:12.419 --> 00:12:13.860 we've already touched on this a little bit, but 00:12:13.860 --> 00:12:16.059 it's worth reiterating You have to store them 00:12:16.059 --> 00:12:18.480 in an approved depository. You cannot keep them 00:12:18.480 --> 00:12:21.080 at home. Absolutely not No shoebox is full of 00:12:21.080 --> 00:12:22.899 gold. That's not gonna fly. It's not gonna fly 00:12:23.049 --> 00:12:24.690 The IRS is going to come knocking. They're going 00:12:24.690 --> 00:12:27.450 to be unhappy with you. So they have to be stored 00:12:27.450 --> 00:12:30.149 in an IRS approved depository. And these are 00:12:30.149 --> 00:12:32.029 specialized facilities that offer really high 00:12:32.029 --> 00:12:35.690 levels of security. They're insured, so you don't 00:12:35.690 --> 00:12:37.789 have to worry about anything happening to them. 00:12:38.009 --> 00:12:40.429 And they make sure that everything's in compliance 00:12:40.429 --> 00:12:43.610 with IRS regulations. So your custodian will 00:12:43.610 --> 00:12:46.269 actually give you a list of approved depositories 00:12:46.269 --> 00:12:49.230 and handle all the arrangements for you. And 00:12:49.230 --> 00:12:50.909 it's worth noting there are different types of 00:12:50.909 --> 00:12:53.100 storage options within these deposits. you might 00:12:53.100 --> 00:12:55.620 want to ask about those as well. Gotcha. OK, 00:12:55.659 --> 00:12:58.860 so it's a process. There's a few steps involved. 00:12:59.019 --> 00:13:00.840 Yeah. But it sounds like with a good company 00:13:00.840 --> 00:13:03.220 and custodian by your side, it's manageable. 00:13:03.480 --> 00:13:05.240 Yeah. So let's talk about some of the things 00:13:05.240 --> 00:13:08.419 that people should be wary of, right? We've been 00:13:08.419 --> 00:13:10.940 talking about the good stuff. But what are the 00:13:10.940 --> 00:13:13.399 potential risks and considerations before jumping 00:13:13.399 --> 00:13:15.840 into a gold IRA? Yeah, it's important to have 00:13:15.840 --> 00:13:18.799 a balanced perspective, right? Gold can be valuable, 00:13:19.220 --> 00:13:22.179 but like any investment, its price can fluctuate. 00:13:22.779 --> 00:13:24.659 And there's no guarantee that it will go up in 00:13:24.659 --> 00:13:27.080 value. You know, sometimes it goes down. And 00:13:27.080 --> 00:13:29.340 the other thing to consider is that gold IRAs 00:13:29.340 --> 00:13:32.399 typically have higher fees than traditional IRAs 00:13:32.399 --> 00:13:34.399 because of the storage costs, the insurance, 00:13:34.500 --> 00:13:37.259 and the custodian fees. So the guide, again, 00:13:37.399 --> 00:13:39.889 really stresses doing your homework, doing your 00:13:39.889 --> 00:13:42.529 research, talking to a financial advisor to make 00:13:42.529 --> 00:13:44.710 sure that it fits your goals. Yeah, and I imagine 00:13:44.710 --> 00:13:47.389 compliance with all the IRS rules is extremely 00:13:47.389 --> 00:13:49.269 important, right? Yeah. If you want those tax 00:13:49.269 --> 00:13:50.870 advantages, you gotta play by the rules. You 00:13:50.870 --> 00:13:54.230 gotta play by the rules, absolutely. The guide 00:13:54.230 --> 00:13:56.570 can't stress that enough. Right. You have to 00:13:56.570 --> 00:13:58.970 follow all the IRS rules, the storage requirements, 00:13:59.190 --> 00:14:01.029 making sure the metals are the right purity, 00:14:01.210 --> 00:14:03.490 all of that stuff. Because if you don't, you 00:14:03.490 --> 00:14:06.330 could lose those tax advantages. Yeah. That would 00:14:06.330 --> 00:14:07.830 be a shame after going through all this trouble. 00:14:08.610 --> 00:14:11.070 Exactly. OK. So what are some best practices 00:14:11.070 --> 00:14:13.710 for managing a gold IRA once you have it set 00:14:13.710 --> 00:14:15.350 up? It's not something you just put money into 00:14:15.350 --> 00:14:17.870 and forget about. Right. Right. You can't just 00:14:17.870 --> 00:14:21.149 ignore it. So the guide offers some really practical 00:14:21.149 --> 00:14:24.710 tips. One of them is to diversify your metals 00:14:24.710 --> 00:14:27.549 portfolio. So don't just focus solely on gold. 00:14:27.789 --> 00:14:30.250 Think about adding silver, platinum, and palladium. 00:14:31.029 --> 00:14:33.950 Each of those has its own market dynamics and 00:14:33.950 --> 00:14:36.549 could potentially help your portfolio. For example, 00:14:36.710 --> 00:14:40.289 silver has a lot of industrial uses. So spreading 00:14:40.289 --> 00:14:42.490 your investment across different metals might 00:14:42.490 --> 00:14:44.789 lead to greater stability and growth. That makes 00:14:44.789 --> 00:14:47.049 sense. And what else should people be doing? 00:14:47.830 --> 00:14:50.029 Regularly monitoring your investments is important. 00:14:50.549 --> 00:14:52.870 keep an eye on how those metals are performing. 00:14:53.269 --> 00:14:55.730 Stay up to date on market trends that could influence 00:14:55.730 --> 00:14:59.230 their value. And the guide suggests having regular 00:14:59.230 --> 00:15:01.769 check -ins with your gold IRA company to talk 00:15:01.769 --> 00:15:03.789 about your strategy and your goals. It's kind 00:15:03.789 --> 00:15:05.230 of like any investment, right? You want to pay 00:15:05.230 --> 00:15:08.110 attention. Exactly. And you're not in this alone. 00:15:08.210 --> 00:15:10.730 Your gold IRA company can help you with all of 00:15:10.730 --> 00:15:13.629 this. Great. And then the final tip is rebalancing 00:15:13.629 --> 00:15:16.269 your portfolio. So over time, the value of the 00:15:16.269 --> 00:15:18.809 different metals will change, and that can affect 00:15:18.809 --> 00:15:21.350 your asset allocation. So you might wanna sell 00:15:21.350 --> 00:15:23.350 a little bit of something that's gone up in value 00:15:23.350 --> 00:15:25.809 to buy more of something that hasn't. Gotcha, 00:15:25.929 --> 00:15:28.090 so that you stay balanced. Exactly, so that you 00:15:28.090 --> 00:15:30.090 maintain that balance and keep your portfolio 00:15:30.090 --> 00:15:32.049 aligned with your long -term financial plan. 00:15:32.389 --> 00:15:35.169 Gotcha. Okay, and the guide also includes some 00:15:35.169 --> 00:15:37.529 frequently asked questions. What are some of 00:15:37.529 --> 00:15:39.629 the questions that stood out to you? Yeah, one 00:15:39.629 --> 00:15:41.830 of the common ones is the minimum investment 00:15:41.830 --> 00:15:44.580 required. Okay. And that varies a lot by company. 00:15:44.740 --> 00:15:46.980 Some companies might have minimums as low as 00:15:46.980 --> 00:15:50.379 $5 ,000 or $10 ,000. Others might have minimums 00:15:50.379 --> 00:15:53.879 of $50 ,000 or even $100 ,000. Wow, OK. So you 00:15:53.879 --> 00:15:56.080 have to shop around. And then another question 00:15:56.080 --> 00:15:57.960 that comes up all the time is about home storage, 00:15:58.179 --> 00:16:02.000 which, again, absolutely not. Don't do it. It's 00:16:02.000 --> 00:16:04.139 against the rules. The IRS will not be pleased 00:16:04.139 --> 00:16:07.409 with you. Right. There's a disclosure at the 00:16:07.409 --> 00:16:10.129 end of the guide mentioning that they may receive 00:16:10.129 --> 00:16:13.590 compensation for recommending certain precious 00:16:13.590 --> 00:16:16.190 metals companies and that the content may not 00:16:16.190 --> 00:16:18.669 be neutral. Right. Well, you know, it's always 00:16:18.669 --> 00:16:20.490 smart to consider the source of your financial 00:16:20.490 --> 00:16:22.690 information and do your own research. Absolutely. 00:16:22.950 --> 00:16:25.669 Gonna be an informed consumer. Exactly. OK, so 00:16:25.669 --> 00:16:29.289 let's recap our deep dive into gold IRAs. It's 00:16:29.289 --> 00:16:31.690 a retirement account that holds physical precious 00:16:31.690 --> 00:16:36.179 metals. Gold, silver, platinum. and palladium. 00:16:36.500 --> 00:16:39.220 Right. They can offer some advantages like diversification. 00:16:39.279 --> 00:16:41.299 Right. It can help you hedge against inflation. 00:16:42.080 --> 00:16:45.480 And there are tax advantages similar to traditional 00:16:45.480 --> 00:16:49.059 and Roth IRAs. Right. To set one up, you need 00:16:49.059 --> 00:16:51.960 to choose a gold IRA company, you need a custodian, 00:16:52.519 --> 00:16:54.740 you fund your account, you select the metals 00:16:54.740 --> 00:16:57.299 you want, you purchase them, and you store them 00:16:57.299 --> 00:16:59.539 in an approved depository. And it's important 00:16:59.539 --> 00:17:01.940 to be aware of those risks, that the fees might 00:17:01.940 --> 00:17:04.599 be a little higher than a traditional IRA, and 00:17:04.599 --> 00:17:06.220 that you have to follow the rules, especially 00:17:06.220 --> 00:17:08.619 about storage. Yeah, and you want to make sure 00:17:08.619 --> 00:17:10.380 that you're managing it, so you're diversifying 00:17:10.380 --> 00:17:12.779 your metals, you're keeping track of your investments, 00:17:12.940 --> 00:17:15.619 and you're rebalancing that portfolio over time. 00:17:15.819 --> 00:17:17.920 Right. So as a final thought, I'll leave you 00:17:17.920 --> 00:17:20.819 with this. Considering how gold has historically 00:17:20.819 --> 00:17:23.420 performed during times of economic uncertainty, 00:17:24.039 --> 00:17:26.380 how could strategically incorporating some precious 00:17:26.380 --> 00:17:29.359 metals into your retirement plan impact the overall 00:17:29.359 --> 00:17:32.259 resilience and security of your financial future? 00:17:32.700 --> 00:17:35.019 Certainly something to think about. It is. So 00:17:35.019 --> 00:17:37.039 thanks for joining us for this deep dive on gold 00:17:37.039 --> 00:17:39.359 IRAs, and we'll see you next time. Thanks, everyone.