WEBVTT 00:00:00.000 --> 00:00:02.279 Okay, so you're probably here thinking about 00:00:02.279 --> 00:00:04.620 your future, right? Yeah, your financial future. 00:00:04.820 --> 00:00:07.259 Exactly. And with how things have been going 00:00:07.259 --> 00:00:09.939 lately, like we've all seen how quickly things 00:00:09.939 --> 00:00:12.980 can change. And you probably want to feel more 00:00:12.980 --> 00:00:15.560 in control, I bet. Of course. Yeah, so maybe 00:00:15.560 --> 00:00:17.440 you're thinking about diversifying your retirement 00:00:17.440 --> 00:00:20.000 savings, right? Absolutely. So one of the things 00:00:20.000 --> 00:00:21.539 that keeps popping up that people are talking 00:00:21.539 --> 00:00:24.920 about is this thing called a gold IRA. Have you 00:00:24.920 --> 00:00:27.000 heard about this? Yeah, gold IRAs are getting 00:00:27.000 --> 00:00:30.109 a lot of attention and for good reason. Yeah, 00:00:30.269 --> 00:00:31.570 it seems like a lot of people are looking at 00:00:31.570 --> 00:00:34.390 this as a way to maybe make their savings a little 00:00:34.390 --> 00:00:36.229 bit more stable. Right, especially with all the 00:00:36.229 --> 00:00:38.490 ups and downs in the market these days. Yeah, 00:00:38.729 --> 00:00:40.030 people want something that can actually hold 00:00:40.030 --> 00:00:42.390 something tangible, right? Exactly. Gold has 00:00:42.390 --> 00:00:45.810 always had this kind of inherent value that makes 00:00:45.810 --> 00:00:48.109 people feel secure, especially when everything 00:00:48.109 --> 00:00:50.350 else seems uncertain. Yeah, like it's a real 00:00:50.350 --> 00:00:52.770 thing. Yeah, right. It's not just numbers on 00:00:52.770 --> 00:00:55.259 a screen. Exactly. So for all of you out there 00:00:55.259 --> 00:00:57.420 who are thinking about this and maybe feeling 00:00:57.420 --> 00:00:59.600 a little overwhelmed with, like, where do you 00:00:59.600 --> 00:01:01.939 even start? It can be a lot to take in. Yeah, 00:01:02.000 --> 00:01:03.420 we're going to break it all down today. We're 00:01:03.420 --> 00:01:05.719 going to do a deep dive. Yes, a deep dive into 00:01:05.719 --> 00:01:08.439 converting a traditional IRA into a gold IRA. 00:01:08.620 --> 00:01:10.540 All right, let's get into it. So to guide us 00:01:10.540 --> 00:01:12.420 on this journey, we're using a guide by Doug 00:01:12.420 --> 00:01:15.079 Young. Oh, yeah, Doug Young. Yeah, he's a real 00:01:15.079 --> 00:01:16.980 pro in the world of financial investing, and 00:01:16.980 --> 00:01:19.549 he knows a lot about precious metals. He's definitely 00:01:19.549 --> 00:01:21.049 the guy you want to learn from when it comes 00:01:21.049 --> 00:01:23.510 to this stuff. Yeah, for sure. And our mission 00:01:23.510 --> 00:01:25.969 today is to really boil it down to the essentials 00:01:25.969 --> 00:01:28.209 just for you. We're going to take all the need 00:01:28.209 --> 00:01:31.230 to know info from Doug's guide and make it super 00:01:31.230 --> 00:01:34.650 clear and easy to understand. Exactly. No unnecessary 00:01:34.650 --> 00:01:39.030 jargon or confusing details. Just the stuff you 00:01:39.030 --> 00:01:41.150 need to know to make an informed decision. So 00:01:41.150 --> 00:01:43.569 you can figure out if a gold IRA is right for 00:01:43.569 --> 00:01:45.909 you. That's the goal. So let's jump right in. 00:01:45.909 --> 00:01:47.969 Let's do it. All right. So first things first. 00:01:48.269 --> 00:01:51.450 Why would someone even want to convert their 00:01:51.450 --> 00:01:55.730 traditional IRA to a gold IRA? What's the big 00:01:55.730 --> 00:01:58.569 idea here? Well, it boils down to two main things, 00:01:58.870 --> 00:02:01.969 really diversification and protection. OK. You 00:02:01.969 --> 00:02:04.430 see when you move some of your retirement savings 00:02:04.430 --> 00:02:07.329 into precious metals. We're talking gold, silver, 00:02:07.430 --> 00:02:09.509 platinum, palladium. Exactly. You're spreading 00:02:09.509 --> 00:02:11.430 your risk. You're not putting all your eggs in 00:02:11.430 --> 00:02:14.069 one basket, right? Makes sense. And historically, 00:02:14.469 --> 00:02:16.849 precious metals have been a good hedge against 00:02:16.849 --> 00:02:20.189 inflation. Meaning they tend to hold their value 00:02:20.189 --> 00:02:23.449 even when the buying power of like regular money 00:02:23.449 --> 00:02:26.530 goes down Exactly. So you're potentially protecting 00:02:26.530 --> 00:02:29.969 your savings from losing value over time That's 00:02:29.969 --> 00:02:31.530 pretty appealing especially with all talk about 00:02:31.530 --> 00:02:33.810 inflation these days, right? It's a way to potentially 00:02:33.810 --> 00:02:37.030 safeguard your purchasing power So to do this 00:02:37.030 --> 00:02:39.250 to hold these physical metals and still have 00:02:39.250 --> 00:02:42.110 the tax benefits of an IRA You need to open something 00:02:42.110 --> 00:02:44.909 called a self -directed IRA. And this is where 00:02:44.909 --> 00:02:48.729 gold IRA companies and custodians come in. They're 00:02:48.729 --> 00:02:50.650 the experts who can help you set everything up. 00:02:50.889 --> 00:02:53.270 So it's not as simple as just buying some gold 00:02:53.270 --> 00:02:55.229 coins and sticking them in your current IRA. 00:02:55.469 --> 00:02:57.770 Not quite. There are some specific steps involved, 00:02:57.889 --> 00:03:00.349 and Doug's guide outlines those really clearly. 00:03:00.669 --> 00:03:01.969 That's what we're here for, to break it all down. 00:03:02.189 --> 00:03:05.569 Absolutely. So step one, and this is crucial, 00:03:06.009 --> 00:03:10.159 is evaluating your current IRA type. Not all 00:03:10.159 --> 00:03:12.979 IRAs are created equal. You need to figure out 00:03:12.979 --> 00:03:15.120 if your current plan allows you to either roll 00:03:15.120 --> 00:03:18.039 over or transfer your funds into a self -directed 00:03:18.039 --> 00:03:20.099 IRA. Because that's the type of IRA that can 00:03:20.099 --> 00:03:22.000 hold physical precious metals, right? Exactly. 00:03:22.139 --> 00:03:24.180 So which types of IRAs usually work for this? 00:03:25.129 --> 00:03:28.889 Typically traditional IRAs, Roth IRAs, SEMP IRAs, 00:03:28.930 --> 00:03:31.590 and simple IRAs. These generally allow you to 00:03:31.590 --> 00:03:33.789 move your money around, but it's always a good 00:03:33.789 --> 00:03:36.069 idea to double check with your specific plan 00:03:36.069 --> 00:03:38.169 provider. Yeah, you don't want to assume anything. 00:03:38.430 --> 00:03:40.509 Never assume, especially when it comes to finances. 00:03:40.830 --> 00:03:42.949 All right, so first step, know what kind of IRA 00:03:42.949 --> 00:03:44.569 you have and what you can do with it. What you 00:03:44.569 --> 00:03:46.669 can do with it, exactly. What's next? All right, 00:03:46.750 --> 00:03:50.050 step two. This is a big one. You got to choose 00:03:50.050 --> 00:03:53.939 a reliable gold IRA company. Okay. Think of them 00:03:53.939 --> 00:03:56.099 as your partners in this whole process. They'll 00:03:56.099 --> 00:03:58.939 help you set up your new gold IRA account, guide 00:03:58.939 --> 00:04:01.319 you through the funding process, and even assist 00:04:01.319 --> 00:04:03.300 you in choosing and buying a precious metals 00:04:03.300 --> 00:04:05.580 you want. So they handle a lot of the heavy lifting. 00:04:05.759 --> 00:04:08.939 They really do. And Doug points out in his guide 00:04:08.939 --> 00:04:11.819 that these companies manage a huge chunk of the 00:04:11.819 --> 00:04:14.500 gold IRA procedures, something like 95 % of the 00:04:14.500 --> 00:04:16.980 paperwork involved. That's a lot. It is. And 00:04:16.980 --> 00:04:18.959 it takes a lot of the stress off your shoulders. 00:04:19.240 --> 00:04:21.360 Speaking of recommendations, Doug has a few, 00:04:21.480 --> 00:04:25.009 doesn't he? He does. he highlights three companies 00:04:25.009 --> 00:04:33.170 that he considers top -notch. Those are the ones. 00:04:33.509 --> 00:04:35.930 Okay, so Augusta Precious Metals. They have a 00:04:35.930 --> 00:04:38.430 stellar reputation. No complaints ever filed 00:04:38.430 --> 00:04:41.189 with the Better Business Bureau or the Business 00:04:41.189 --> 00:04:44.230 Consumer Alliance. Wow, that's impressive. It 00:04:44.230 --> 00:04:46.990 shows a real commitment to customer satisfaction. 00:04:47.310 --> 00:04:49.550 And Gold Co. They're known for having a really 00:04:49.550 --> 00:04:51.569 high percentage of satisfied customers, so you 00:04:51.569 --> 00:04:53.329 can feel confident that you're in good hands. 00:04:53.569 --> 00:04:56.269 Okay, so another solid choice. And then there's 00:04:56.269 --> 00:04:58.290 American Heart for Gold. They're relatively new 00:04:58.290 --> 00:05:00.370 to the scene, but they've quickly become a leader 00:05:00.370 --> 00:05:03.230 in the gold IRA space. So a rising star. You 00:05:03.230 --> 00:05:05.230 could say that. OK, so we've checked our IRA 00:05:05.230 --> 00:05:07.689 and we found a gold IRA company to work with. 00:05:08.009 --> 00:05:10.069 What's step three? All right. Step three is all 00:05:10.069 --> 00:05:12.310 about choosing a custodian who knows their stuff 00:05:12.310 --> 00:05:15.509 when it comes to gold IRAs. OK, so what's a custodian 00:05:15.509 --> 00:05:18.949 exactly? Basically, the IRS requires that the 00:05:18.949 --> 00:05:21.649 physical precious metals in your gold IRA have 00:05:21.649 --> 00:05:24.720 to be held by a licensed custodian. So you can't 00:05:24.720 --> 00:05:26.779 just keep the gold at home? Nope. Definitely 00:05:26.779 --> 00:05:29.100 not. It has to be stored with a custodian to 00:05:29.100 --> 00:05:31.779 maintain the tax advantages of the IRA. And not 00:05:31.779 --> 00:05:34.100 all custodians are created equal right. Right. 00:05:34.160 --> 00:05:36.740 You want one that specializes in gold IRAs because 00:05:36.740 --> 00:05:39.300 the rules and regulations can be a bit tricky. 00:05:39.550 --> 00:05:42.449 I bet. So it sounds like finding the right custodian 00:05:42.449 --> 00:05:44.670 is pretty important. It really is. And the good 00:05:44.670 --> 00:05:48.269 news is your gold IRA company can usually recommend 00:05:48.269 --> 00:05:50.730 a custodian they trust and have a good working 00:05:50.730 --> 00:05:52.750 relationship with. That makes sense. I mean, 00:05:52.750 --> 00:05:54.550 they probably deal with this all the time. Exactly. 00:05:54.670 --> 00:05:56.709 So it can streamline the whole process. All right. 00:05:56.709 --> 00:05:58.649 So we've got our IRA company, our custodian. 00:05:58.730 --> 00:06:01.050 Now we need to actually get the money into the 00:06:01.050 --> 00:06:05.069 new gold IRA. That's step four. And there are 00:06:05.069 --> 00:06:07.350 two ways to do it, a transfer or a rollover. 00:06:07.509 --> 00:06:10.000 OK. So what's the difference? A direct transfer 00:06:10.000 --> 00:06:12.240 is the simplest way your funds move straight 00:06:12.240 --> 00:06:16.220 from your current IRA to the new gold IRA without 00:06:16.220 --> 00:06:18.439 you ever touching them. And that's usually tax 00:06:18.439 --> 00:06:20.779 -free, right? Exactly. What about a rollover? 00:06:20.959 --> 00:06:23.399 A rollover involves you actually withdrawing 00:06:23.399 --> 00:06:25.980 the funds from your current IRA. Okay. But here's 00:06:25.980 --> 00:06:28.800 the catch. You have to redeposit that money into 00:06:28.800 --> 00:06:31.980 the new gold IRA within 60 days. Oh, wow. So 00:06:31.980 --> 00:06:34.379 there's a strict deadline. Very strict. If you 00:06:34.379 --> 00:06:37.120 miss that deadline, the IRS could treat the withdrawal 00:06:37.120 --> 00:06:39.720 as a taxable event and you might end up owing 00:06:39.720 --> 00:06:42.699 taxes and penalties. Yikes. So a direct transfer 00:06:42.699 --> 00:06:46.240 sounds a lot less risky. It generally is, but 00:06:46.240 --> 00:06:49.060 regardless of which method you choose, Doug recommends 00:06:49.060 --> 00:06:51.420 getting in touch with your current IRA custodian 00:06:51.420 --> 00:06:53.620 to start the process. And the gold IRA company 00:06:53.620 --> 00:06:55.319 can help with the paperwork, right? Absolutely. 00:06:55.360 --> 00:06:57.199 They'll guide you every step of the way. OK, 00:06:57.240 --> 00:06:59.459 so the money's in the new account now for the 00:06:59.459 --> 00:07:01.540 fun part, picking out the precious metals. Right. 00:07:01.720 --> 00:07:04.240 That's step five, choosing and purchasing approved 00:07:04.240 --> 00:07:06.819 precious metals. And the IRS has rules about 00:07:06.819 --> 00:07:08.879 what kind of metals can be held in a gold IRA, 00:07:09.040 --> 00:07:11.180 right? They do. You can have gold, silver, platinum, 00:07:11.459 --> 00:07:14.199 and palladium. But it has to be in specific forms, 00:07:14.519 --> 00:07:17.019 like certain coins and bars. Exactly, and they 00:07:17.019 --> 00:07:19.600 have to meet certain purity standards. So if 00:07:19.600 --> 00:07:23.339 I have like a rare gold coin from my grandfather's 00:07:23.339 --> 00:07:25.459 collection, that might not qualify. Probably 00:07:25.459 --> 00:07:28.500 not. But the good news is your gold IRA company 00:07:28.500 --> 00:07:31.360 knows all the rules inside and out. So they'll 00:07:31.360 --> 00:07:32.759 make sure I don't buy anything that would get 00:07:32.759 --> 00:07:34.980 me in trouble with the IRS. Exactly. They'll 00:07:34.980 --> 00:07:37.920 only offer you metals that meet the IRS criteria 00:07:37.920 --> 00:07:40.600 for gold IRAs. That's reassuring. It is. Peace 00:07:40.600 --> 00:07:43.000 of mind is important. Okay. We've chosen our 00:07:43.000 --> 00:07:44.319 metals. We've bought them now. Where do they 00:07:44.319 --> 00:07:47.620 go? That brings us to step six. Storing your 00:07:47.620 --> 00:07:49.839 precious metals. And I'm guessing I can't just 00:07:49.839 --> 00:07:51.930 keep them in my sock drawer. You guessed right. 00:07:52.029 --> 00:07:54.430 The IRS is very specific about this. The metals 00:07:54.430 --> 00:07:56.709 have to be stored in an approved depository. 00:07:56.769 --> 00:07:58.870 So like a high -security vault? Exactly. And 00:07:58.870 --> 00:08:01.509 it has to be managed by a licensed custodian. 00:08:01.529 --> 00:08:03.689 So I can't keep it in my safe deposit box at 00:08:03.689 --> 00:08:06.350 the bank? Nope. That's a no -go, too. So it's 00:08:06.350 --> 00:08:08.810 all about keeping things safe and secure and 00:08:08.810 --> 00:08:11.129 following those IRS rules. Okay, so those are 00:08:11.129 --> 00:08:14.170 the six steps to convert your IRA to a gold IRA. 00:08:14.810 --> 00:08:17.829 But before someone takes the plunge, what are 00:08:17.829 --> 00:08:19.329 some things Doug highlights that they should 00:08:19.329 --> 00:08:21.459 really think about? He mentioned some important 00:08:21.459 --> 00:08:24.379 considerations, and the first one is taxes. Of 00:08:24.379 --> 00:08:26.680 course. You've got to be aware of the tax implications 00:08:26.680 --> 00:08:29.160 and any potential penalties. Right. You don't 00:08:29.160 --> 00:08:30.939 want to get hit with a surprise tax bill. Nobody 00:08:30.939 --> 00:08:33.700 wants that. So while direct transfers are generally 00:08:33.700 --> 00:08:36.440 not taxable, if you're converting from a traditional 00:08:36.440 --> 00:08:39.799 IRA to a Rothgold IRA, you'll likely have to 00:08:39.799 --> 00:08:42.320 pay income taxes on the amount you convert. OK. 00:08:42.399 --> 00:08:44.860 So it's important to talk to a tax advisor to 00:08:44.860 --> 00:08:47.720 figure the specifics for your situation. Absolutely. 00:08:47.899 --> 00:08:50.120 A good tax advisor can save you a lot of headaches. 00:08:50.399 --> 00:08:52.419 What else should people be thinking about? Well, 00:08:52.639 --> 00:08:55.299 another big one is understanding the IRS guidelines 00:08:55.299 --> 00:08:58.259 for gold IRAs. We've talked about eligible metals 00:08:58.259 --> 00:09:00.960 and storage, but are there other rules people 00:09:00.960 --> 00:09:03.960 need to be aware of? Yeah, the IRS is very particular 00:09:03.960 --> 00:09:06.299 about the purity standards of the metals, and 00:09:06.299 --> 00:09:08.480 you have to use an approved depository for storage. 00:09:08.700 --> 00:09:11.399 So it's not just about doing things right. It's 00:09:11.399 --> 00:09:14.600 about doing things the IRS's way. Exactly. And 00:09:14.600 --> 00:09:17.419 your gold IRA company and custodians should be 00:09:17.419 --> 00:09:19.460 experts in these regulations so they can keep 00:09:19.460 --> 00:09:22.080 you on the right track. OK. So following the 00:09:22.080 --> 00:09:24.860 rules is crucial. What else? Well, there are 00:09:24.860 --> 00:09:27.759 also costs involved in setting up and maintaining 00:09:27.759 --> 00:09:30.360 a gold IRA. Right. Everything has a price tag. 00:09:30.480 --> 00:09:33.559 That's true. You'll have fees for setting up 00:09:33.559 --> 00:09:35.759 the account, annual maintenance fees, storage 00:09:35.759 --> 00:09:38.320 fees, and maybe even transaction fees when you 00:09:38.320 --> 00:09:40.519 buy or sell your metals. So it's important to 00:09:40.519 --> 00:09:42.899 factor all those costs into your decision making. 00:09:43.259 --> 00:09:45.000 Absolutely. You need to make sure a gold IRA 00:09:45.000 --> 00:09:46.820 makes financial sense for you. All right. So 00:09:46.820 --> 00:09:50.080 we've talked about taxes, IRS rules, and costs. 00:09:50.460 --> 00:09:53.240 What about liquidity? How easy is it to turn 00:09:53.240 --> 00:09:56.139 your gold back into cash if you need it? That's 00:09:56.139 --> 00:09:57.659 a great question. And it's another important 00:09:57.659 --> 00:10:01.059 consideration. Gold isn't quite as liquid as, 00:10:01.059 --> 00:10:03.779 say, stocks or bonds. So it might take a little 00:10:03.779 --> 00:10:05.460 longer to sell and there might be fees involved. 00:10:05.539 --> 00:10:07.299 Right. It's not something you can easily cash 00:10:07.299 --> 00:10:09.580 out overnight. So if you need quick access to 00:10:09.580 --> 00:10:11.779 your money, a gold IRA might not be the best 00:10:11.779 --> 00:10:14.259 option. That's something to keep in mind. But 00:10:14.259 --> 00:10:16.740 on the flip side, gold has some pretty compelling 00:10:16.740 --> 00:10:19.559 benefits that make it an attractive option for 00:10:19.559 --> 00:10:23.080 many people. Like what? Well, first of all, diversification, 00:10:23.120 --> 00:10:25.639 we've talked about this, but it's worth repeating, 00:10:25.980 --> 00:10:28.679 having gold in your portfolio can help reduce 00:10:28.679 --> 00:10:31.559 your overall risk. Especially during times of 00:10:31.559 --> 00:10:34.620 economic uncertainty. Exactly. Gold tends to 00:10:34.620 --> 00:10:37.519 hold its value or even go up in price when other 00:10:37.519 --> 00:10:39.519 investments are struggling. So it's like a safety 00:10:39.519 --> 00:10:42.360 net. In a way, yes. And then there's inflation 00:10:42.360 --> 00:10:44.120 protection. Right. We talked about that too. 00:10:44.460 --> 00:10:47.009 Gold's historic ability to hold its value. during 00:10:47.009 --> 00:10:49.509 periods of high inflation. Exactly. So it can 00:10:49.509 --> 00:10:51.409 help preserve your purchasing power when the 00:10:51.409 --> 00:10:53.629 value of the dollar is declining. And there's 00:10:53.629 --> 00:10:56.289 one more benefit, right? Yes. The fact that gold 00:10:56.289 --> 00:10:58.769 is a tangible asset. It's a real thing you can 00:10:58.769 --> 00:11:01.490 hold. Exactly. Unlike stocks or bonds, which 00:11:01.490 --> 00:11:04.370 are just pieces of paper, gold is something you 00:11:04.370 --> 00:11:06.669 can physically own. And that can be very appealing 00:11:06.669 --> 00:11:09.309 to some people, especially in today's world where 00:11:09.309 --> 00:11:12.590 so much is digital. It gives you a sense of security 00:11:12.590 --> 00:11:14.929 and control over your investment. It's like owning 00:11:14.929 --> 00:11:17.769 a piece of history. In a way, it is gold has 00:11:17.769 --> 00:11:20.450 been a valuable commodity for centuries. OK, 00:11:20.509 --> 00:11:22.509 so we've covered the steps, the considerations, 00:11:22.669 --> 00:11:25.629 the benefits. Now, what's the long term perspective 00:11:25.629 --> 00:11:28.769 on gold IRAs? Doug emphasizes that gold should 00:11:28.769 --> 00:11:32.049 be part of a diversified portfolio, not your 00:11:32.049 --> 00:11:34.509 only investment. So it's not about going all 00:11:34.509 --> 00:11:36.509 in on gold. Right. It's about balance. You want 00:11:36.509 --> 00:11:39.090 a mix of different assets like stocks, bonds 00:11:39.090 --> 00:11:42.139 and maybe even real estate. And Doug highlights 00:11:42.139 --> 00:11:45.120 how gold has performed during past economic crises. 00:11:45.500 --> 00:11:48.440 He uses the 2008 financial crisis as an example. 00:11:48.519 --> 00:11:50.460 When the stock market was crashing. Exactly. 00:11:50.620 --> 00:11:52.559 And during that time, gold actually went up in 00:11:52.559 --> 00:11:55.299 value. So it kind of acted as a safe haven. It 00:11:55.299 --> 00:11:57.120 did. And that's one of the reasons why people 00:11:57.120 --> 00:11:58.899 are drawn to gold, especially when there's a 00:11:58.899 --> 00:12:00.860 lot of uncertainty in the world. Makes sense. 00:12:01.200 --> 00:12:03.019 So what's the outlook for gold in the future? 00:12:03.600 --> 00:12:07.110 The guide suggests a cautiously optimistic outlook. 00:12:07.230 --> 00:12:09.970 There's still a lot of economic uncertainty out 00:12:09.970 --> 00:12:12.269 there, and central banks around the world are 00:12:12.269 --> 00:12:14.289 holding on to their gold reserves. So there's 00:12:14.289 --> 00:12:16.769 continued demand. Right. And there's also a growing 00:12:16.769 --> 00:12:19.590 interest in ethically sourced gold, which could 00:12:19.590 --> 00:12:22.190 further boost its value. But again, it's all 00:12:22.190 --> 00:12:24.950 about balance and diversification. Exactly. Now, 00:12:24.950 --> 00:12:27.350 before we wrap up, Doug's guide addresses some 00:12:27.350 --> 00:12:29.769 frequently asked questions. Yeah, he covers some 00:12:29.769 --> 00:12:31.450 of the things that people often wonder about. 00:12:31.649 --> 00:12:33.899 Like taxes, for instance. Right. He confirms 00:12:33.899 --> 00:12:36.379 that direct transfers from a traditional IRA 00:12:36.379 --> 00:12:39.720 to a gold IRA are generally not taxable. But 00:12:39.720 --> 00:12:42.139 converting from a traditional to a Roth gold 00:12:42.139 --> 00:12:45.100 IRA is a different story. Right, you'll likely 00:12:45.100 --> 00:12:46.919 have to pay taxes on the amount you convert. 00:12:47.100 --> 00:12:49.100 So it's always best to talk to a tax advisor. 00:12:49.320 --> 00:12:51.279 Always. And another common question is about 00:12:51.279 --> 00:12:53.320 storage. Right. People want to know where their 00:12:53.320 --> 00:12:55.759 gold is actually being kept. And the answer is? 00:12:55.960 --> 00:12:59.159 An IRS approved depository managed by a custodian. 00:12:59.440 --> 00:13:01.659 No exceptions. Nope. You can't keep it at home 00:13:01.659 --> 00:13:04.019 or in a regular safe deposit box. So it's all 00:13:04.019 --> 00:13:06.559 about security and following those IRS rules. 00:13:06.779 --> 00:13:09.860 Exactly. And one last question. Can you take 00:13:09.860 --> 00:13:12.659 physical possession of a gold in your gold IRA? 00:13:13.740 --> 00:13:16.059 Unfortunately, no. Yeah, if you take possession 00:13:16.059 --> 00:13:18.519 of the gold, the IRS considers it a distribution. 00:13:18.799 --> 00:13:22.080 And that means? Taxes and possibly penalties 00:13:22.080 --> 00:13:23.879 if you're not old enough to withdraw from your 00:13:23.879 --> 00:13:26.539 IRA yet. So the gold has to stay with the custodian. 00:13:26.779 --> 00:13:29.320 It does to maintain its tax advantage status. 00:13:30.039 --> 00:13:32.919 It's all about following those IRS rules. Alright, 00:13:32.960 --> 00:13:35.299 so to sum up everything we've learned today about 00:13:35.299 --> 00:13:39.360 converting a traditional IRA to a gold IRA using 00:13:39.360 --> 00:13:42.039 Doug Young's guide as our roadmap. It's a way 00:13:42.039 --> 00:13:44.240 to diversify your retirement savings, potentially 00:13:44.240 --> 00:13:47.019 protect yourself against inflation, and own a 00:13:47.019 --> 00:13:49.820 tangible asset that has held value for centuries. 00:13:50.120 --> 00:13:53.120 And it's a six -step process that involves choosing 00:13:53.120 --> 00:13:56.080 the right gold IRA company, finding a custodian, 00:13:56.120 --> 00:13:58.279 moving your funds, picking out your metals, and 00:13:58.279 --> 00:14:00.320 making sure they're stored correctly. But it's 00:14:00.320 --> 00:14:02.779 not a decision to be made lightly. You have to 00:14:02.779 --> 00:14:05.440 consider the tax implications, the IRS regulations, 00:14:05.700 --> 00:14:08.000 the costs involved, and how easily you can access 00:14:08.000 --> 00:14:10.549 your money if you need it. Exactly. It's about 00:14:10.549 --> 00:14:12.490 making an informed decision that aligns with 00:14:12.490 --> 00:14:14.629 your individual financial goals. Absolutely. 00:14:14.950 --> 00:14:16.730 So for all of you listening, we encourage you 00:14:16.730 --> 00:14:18.649 to think about everything we've discussed today. 00:14:18.929 --> 00:14:21.509 And if a gold IRA seems like something you'd 00:14:21.509 --> 00:14:24.009 want to explore further, do your research, talk 00:14:24.009 --> 00:14:26.029 to financial advisors, and make sure it's the 00:14:26.029 --> 00:14:29.029 right fit for you. And here's something to ponder 00:14:29.029 --> 00:14:31.649 as you continue your financial journey in a world 00:14:31.649 --> 00:14:34.210 that's increasingly digital. Where everything 00:14:34.210 --> 00:14:38.519 seems to be moving online. Exactly. How might 00:14:38.519 --> 00:14:41.259 incorporating a little bit of something tangible, 00:14:41.620 --> 00:14:44.419 something real like precious metals, contribute 00:14:44.419 --> 00:14:47.299 to your overall peace of mind and the long -term 00:14:47.299 --> 00:14:49.320 stability of your portfolio. It's a question 00:14:49.320 --> 00:14:51.379 worth asking yourself. It is, because ultimately 00:14:51.379 --> 00:14:53.639 it's all about creating a secure and resilient 00:14:53.639 --> 00:14:56.039 financial future for yourself. A future where 00:14:56.039 --> 00:14:58.299 you feel confident and prepared no matter what 00:14:58.299 --> 00:15:01.000 challenges come your way. Well said. Thanks for 00:15:01.000 --> 00:15:03.000 joining us on this deep dive into the world of 00:15:03.000 --> 00:15:05.620 gold IRAs. It's been a pleasure. Until next time, 00:15:05.700 --> 00:15:07.000 take care. Take care. Bye.