FAQs About IRAs

Would my IRA have real coins and bars or is it paper-gold and silver in the account?

No paper assets are placed within the Precious Metals IRA established by Harvard Gold Group. The IRS permits the ownership and control of physical, premium-minted coins and bars made of gold, silver, platinum, and palladium. You can choose all gold or a combination of various precious metals assets.

Does a Physical Precious Metals IRA protect an individual from the US Bank Bail-In Law?

The Precious Metals IRA custodian established for your account is not tied to a bank or government institution. As a result, it can shield you from third-party counter risks, including those presented by the 2014 Bank Bail-In Law in the United States. This ensures that you maintain control over your funds and have actual ownership of them.

Can I make contributions to my Precious Metals IRA?

Yes, a Precious Metals IRA has the same contribution rules as a regular paper IRA.

Contributions After Age 70½:

For people who work and turn 70 ½ after 2020, there is no age limit on making regular contributions to traditional or Roth IRAs. There can be exceptions, check with your CPA.

For 2019, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

The information on IRA Types is provided directly from the IRS website and is current through March 2024. You can find more retirement account plan types and information on their site. Click here: Types of Retirement Plans | Internal Revenue Service (irs.gov)

Can I take distributions in gold and silver out of my Precious Metals IRA?

With a Physical Precious Metals IRA, you gain financial benefits and strategic advantages through distributions, including required minimum distributions (RMDs). This differs from standard IRAs or retirement accounts, which are limited to paper investments like stocks and bonds and typically only allow for cash distributions. A Precious Metals IRA offers greater flexibility and control by allowing you to choose distributions in precious metals, cash, or a combination of both, based on your financial goals and objectives. These features have the potential to significantly enhance your prosperity and generational wealth.

Why do my IRA Precious Metals need to be stored at a depository?

Like a standard IRA or retirement account, a Precious Metals IRA is a tax-advantaged investment vehicle. As such, you cannot maintain the tax-free status of your retirement funds if they are held in a personal bank account. In a Precious Metals IRA, your gold and silver - tangible forms of real money - must be stored in an IRA-approved depository. You have the option to choose a depository that is independent of government or bank control. This independence enables you to take distributions even during bank closures or when banks impose withdrawal limit restrictions on accounts. Moreover, these depositories have protection through 'all-risk' insurance, ensuring comprehensive coverage against losses, theft, natural disasters, and damage. In contrast, paper assets like stocks, equities, and bonds do not even have FDIC insurance coverage.

Where are the depository locations?

You can choose from several IRA-approved Depository locations such as Salt Lake City, UT · Waco, Texas · Las Vegas, NV · Wilmington, Delaware · Los Angeles, CA. Contact us to inquire about additional locations that may be available soon at (844) 977-4653.

What is HGG Lifetime Customer Care?

Harvard Gold Group (HGG) is dedicated to keeping our customers informed about the dynamics of the precious metals market and relevant global events. We don't just facilitate a purchase; we nurture a lifelong partnership, excited to support you and your heirs throughout the life of your investment. Our commitment extends to every generation in your family that continues to own precious metals with us, reflecting our promise of enduring service.

What are the Details of the Harvard Gold Group BuyBack Program?

If you need to liquidate and go back to dollars, Harvard Gold Group (HGG) does not charge its customers commissions or liquidation fees. There are no minimums. You can be in cash as quickly as 48 hours if metals are in a depository or 3 days if your metals are in your possession.

Why doesn’t my financial advisor recommend buying physical gold and silver?

Brokerage firms and financial advisors generate money in multiple ways, a main source is commissions and fees which are typically charged on the front and back end of transactions. They also typically enjoy income from ‘money under management’. These firms almost exclusively sell paper assets rather than physical assets. Therefore, they understand paper-gold and silver ETFs. ETFs are known for volatility, and they might be steering you away from that risk. Alternatively, they may be reluctant to suggest hedging with physical precious metals, as it would lead to a decrease in money under management.

Tax-Deferment Benefit of a Gold IRA:

A distinctive benefit of a Gold IRA is its tax advantages, allowing for tax-deferred growth. This means the taxes on your earnings are postponed until you begin to withdraw from your account, facilitating more efficient asset accumulation over time.

For Roth IRA holders, the perks are even greater. Withdrawals from a Roth IRA may be entirely tax-exempt, further enhancing the tax benefits and elevating your financial gains. Delving into these tax advantages as part of your retirement planning can reveal significant opportunities and insights.

Consulting with a tax professional can help you explore tax strategies that meet your goals and objectives to effectively maximize the benefits of your Gold IRA.

Are there taxes for transferring my IRA/401(k) into a Precious Metals IRA?

No, you will enjoy a tax-free/penalty-free rollover of your retirement account funds. This is simply moving funds from one retirement account to another. You only incur taxes if you take possession of retirement account funds.

What types of accounts are eligible for transfer/rollover?

You may rollover IRAs or other qualified retirement accounts into Precious Metals IRAs. Qualified retirement accounts include Traditional, Roth, SEP, or a SIMPLE IRA, 401k, 403s, 457s, Pension plans, all inherited IRA accounts, Thrift Savings accounts, plus many types of Annuities. Some annuities have penalties. In some cases, some or all the penalty can be offset by promotions: Call us with questions ~ Harvard Gold IRA specialist (844) 977-4653.

How do I know how my precious metals portfolio is performing?

Precious Metals custodians provide you with online access to your account. You can track the performance of your precious metals at your convenience. You will also receive a quarterly statement.

What are the different types of Gold/Silver IRAs?

  • GOLD/SILVER TRADITIONAL IRA
    A tax-advantaged personal savings plan where contributions may be tax deductible and grow without taxes until you take funds out of the account, which is a distribution.

* As of 2023, contributions can’t exceed $6,500 ($7,500 if you're age 50 or older), or if less, your taxable compensation for the year. Check with your CPA.

  • GOLD/SILVER ROTH IRA
    A tax-advantaged personal savings plan where contributions are not deductible, but it grows tax-free. Distributions are typically tax-free.

* Contributions for Roth IRAs are the same as above for Traditional IRAs.

  • GOLD/SILVER SEP IRA
    A (Simplified Employee Pension) plan can serve as a significant source of retirement income by enabling employers to set aside tax-deferred funds in retirement accounts for themselves and their employees. Unlike conventional retirement plans, a SEP incurs minimal start-up and operating costs and permits contributions of up to 25 percent of each employee's pay. This option is available to businesses of any size, even those with just one person. Setting up a SEP is straightforward, requiring only one additional form, which Harvard Gold Group can provide.

 

  • GOLD/SILVER SIMPLE IRA
    A (Savings Incentive Match Plan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan. A SIMPLE IRA is generally limited to small businesses with 100 or fewer employees.

 

  • GOLD/SILVER INHERITED IRA
    Inherited IRAs are transferrable to a Precious Metals Self-Directed IRA:

    • If you inherit an individual retirement account (IRA) from your spouse, the funds can be moved directly into an existing traditional IRA you already have or we can assist with setting up a traditional IRA for you, which the funds will then be transferred to. This is an easy process but requires a death certificate and then a couple of other items we can assist you with.
    • However, if you inherit an IRA from someone other than your spouse, the options are different. You cannot roll it over into an existing IRA, but you may transfer it into a new IRA that we can establish for you, provided you meet specific requirements. In either scenario, failure to adhere to the rules can lead to the IRA being treated as a taxable distribution.

Our team of IRA specialists can navigate you through important rules and timelines that must be met when inheriting an IRA: (844) 977-4653

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