Investing in gold can be a wise and lucrative decision. But many investors are still uncertain about the best way to do it. The Legacy Gold IRA offers a secure and efficient way to do just that. The Legacy Gold IRA is a self-directed IRA that allows you to purchase and store precious metals within the same account.
It is a great way to diversify your retirement portfolio and protect your assets. In this comprehensive review of the Legacy Gold IRA, we will discuss what you need to know before investing, including the different types of accounts and the steps in rolling over your gold IRA.
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Legacy Gold IRA Company Background
Legacy Precious Metals, an established and trusted bullion dealer, advises clients to diversify and hedge retirement savings to include precious metals. Their expertise lies mostly in the construction of retirement account portfolios that do well even when markets are falling.
Legacy Precious Metals believes that your financial future is too important to be left to chance. When the company was first founded, protecting people's wealth and ensuring their security in old age was a high focus.
The company is proud to offer various precious metals-related services under one roof, such as investing, teaching and the direct shipping of bullion stock.
They use their knowledge of the field and advice to equip their customers to improve their lives and secure their financial futures.
Why Should You Put Gold in Your IRA?
Individual Retirement Account (IRA) contributions safeguard personal and family financial stability. The money you save in these accounts will grow tax-free until you withdraw it in the future.
If you want a safe and worry-free retirement, you should invest a large chunk of your long-term savings in safe and secure assets. While a cash IRA may seem secure, the value of your savings decreases rapidly due to out-of-control inflation. If you're looking for an asset that will last and grow in value over time, look no further than gold.
Investors are taking precautions by storing physical gold in their IRAs while the global economy struggles amid lockdowns, shortages, conflicts and inflation.
In times of economic turmoil, when most investments suffer losses, a gold IRA increases in value. To take financial risks means to be aware of potential threats but to take no action to mitigate them. Having a Gold IRA makes it simple to safeguard your financial future from the perils of the economy.
Legacy Gold IRA Products and Services
Regarding gold IRA products and services, Legacy Gold is one of the best in the business. Offering a comprehensive range of products and services, they have something for everyone - whether you're just getting started or are a seasoned investor.
Legacy Gold offers gold IRA rollovers, transfers and conversions, so you can easily move your retirement funds into a gold IRA. They also provide self-directed IRAs that let you diversify your portfolio and invest in physical gold. Plus, they'll help you set up an IRA with their secure storage facilities.
Legacy Gold provides various helpful investing tools, from their online portal to their exclusive gold IRA calculator. With these tools, you can track your investments and decide when to buy or sell. And if you need any advice, their team of friendly experts is always available to answer your questions and offer guidance.
What Is a Gold IRA?
A gold IRA or individual retirement account is an investment account that allows you to have physical gold stored in a secure location. It's an account that lets you invest in gold bullion coins or bars instead of paper currency. All the tax advantages of a regular IRA are available with a gold IRA, plus you still get the reassurance of owning tangible assets.
In only a few days, Legacy Precious Metals can help you convert your existing retirement account into a gold-backed IRA.
Types of Gold IRA Accounts
There are three types of gold IRA accounts you can choose from.
Traditional Gold IRA
The Traditional gold IRA is the most popular of the three and allows you to invest your pre-tax dollars into gold and other precious metals. Any contributions you make to the account are tax-deductible, so you can save on taxes while building your retirement fund. When you begin taking distributions in retirement, those withdrawals will be taxed as income.
Roth Gold IRA
The Roth Gold IRA is more flexible than the Traditional Gold IRA and allows you the opportunity to invest post-tax dollars into gold and other precious metals. This means you won't get a tax break when you contribute to the account, but any earnings from your investments grow tax-free. When you take distributions in retirement, those withdrawals will also be tax-free.
SEP Gold IRA
The SEP Gold IRA is specifically designed for self-employed or small business owners. It works similar to the Traditional Gold IRA in that you can invest pre-tax dollars into gold and other precious metals, but it allows you to contribute up to 25% of your net annual income or up to $56,000 (whichever is less).
Any contributions you make to the account are tax-deductible, so you can save on taxes while building your retirement fund. When you begin taking distributions in retirement, those withdrawals will be taxed as income.
What Is Self-Directed IRA?
A self-directed IRA allows you to make investment decisions from a broader range of options than a traditional IRA. With a self-directed IRA, you can invest in real estate, private placements, promissory notes, limited liability companies and much more.
This type of IRA is especially attractive to those with the knowledge and skills to manage their investments. In addition, this type of account can provide tax benefits and create a secure retirement income.
The key feature of a self-directed IRA is that it allows you to decide how to invest your money. Instead of relying on professionals to invest for you, you can take control of your retirement savings. This means you can choose which assets to buy and sell and when to do so. This can help you achieve your long-term financial goals.
A self-directed IRA also offers some tax advantages. Many investments are tax-deferred, meaning you don't have to pay taxes on any earnings or gains until you withdraw from your account. Additionally, contributions to a self-directed IRA may be tax deductible depending on your circumstances.
How Does a Self-Directed IRA Work?
There are many similarities between self-directed IRAs and their more familiar relatives, the traditional and Roth IRAs. These accounts cater to the usual tax-deferred growth and the tax-free growth and withdrawals in retirement.
The primary contrast is the investment options available to you when funding your IRA in this manner. Regular IRAs are limited to investments such as equities, bonds and mutual funds typically made available through brokerage houses.
With a self-directed IRA, however, you can invest retirement funds in alternative assets, such as real estate, businesses and even virtual currencies. The vast majority of people who establish a self-directed IRA do so to invest in long-term assets that are more difficult to buy and sell than the stocks, bonds or mutual funds that can be acquired with a few clicks of the mouse.
Custodians of self-directed IRAs are prohibited from providing investment advice, so you must make all investment decisions for your account. When you start an IRA account, you do it at the custodian's institution. Your self-directed IRA custodian may be one of the many investment firms specializing in this type of retirement account.
Advantages of Investing in Gold and Other Precious Metals
Investing in gold and other precious metals can be a great way to diversify portfolios. Gold, silver, platinum and palladium are all attractive investments for various reasons.
Physical Asset
Unless you own a large percentage of a company's shares, you won't have much say in how the business is run. Does ownership of a house belong to you if you have no mortgage? The bank still has legal property ownership, so the answer is no.
After making a purchase, the precious metal is yours to keep forever. Having them in an IRA doesn't change the fact that they are still your property. If you ever decide to sell it or pass it on to your children, you are free to do so at any time. Having something tangible to hold in your hands provides comfort that can't be replaced.
Liquidity
One of the greatest benefits of precious metals is their liquidity because they are so easy to store, move and sell. Physical gold and silver are accepted as legal tender in several countries and can be easily purchased with cash.
Protection Against Inflation
The old cliché "a dollar isn't worth what it used to be" is true in today's economy. Those who coined that statement were spot-on. It's important to remember that living expenses are increasing across the board.
While the dollar and other currencies' value declines, silver and gold's value remains stable. As the currency weakens, the price of gold and silver will continue to rise, which is good news for investors. In times of economic distress, precious metals prices tend to remain stable.
Store of Value
To put it another way, we now have access to resources that weren't around 50 (and even 20) years ago. An example is the cryptocurrency market. On the other hand, silver and gold have been prized by humans for at least the past five thousand years if not longer.
Some investments will undoubtedly be a bust. They come and go as the winds of change and novelty blow. There is, however, no imminent threat to silver and gold. Precious metals will always be prominent in industries as diverse as trade, jewelry and the arts. Whatever else may happen, their value will make them a sought-after commodity.
Safe Havens
Buying precious metals as a whole is a secure investment. Although there is always a degree of risk with any investment, gold and silver are safe bets. Haven investments offer peace of mind during times of economic uncertainty.
In times of economic uncertainty, gold and silver hold their worth. Sometimes they even begin to rise. Not being regulated by the government also protects their worth.
Diversification
Another adage to remember is, "don't put all your eggs in one basket." Investments in gold and other precious metals are included here. A diversified portfolio is preferable to one consisting entirely of a single type of asset; thus, it is important to keep this in mind at all times.
Gold's strength as an investment is that it is not linked to other asset classes. Since this is the case, its price is subject to market forces alone. It is not dependent on the performance of other stock and bond markets. Therefore, adding gold or other precious metals to your investment portfolio can help to ensure that your holdings are well diversified.
Gold IRA Rollover
Gold IRA rollovers occur when retirees move funds into an IRA invested in physical gold or other precious metals. Bullion coins and bars are the most common storage medium for these metals, which are maintained in a secure vault.
The process of completing a gold IRA rollover is straightforward.
1. Identify a Provider
Gold IRAs are different from traditional IRAs in several key respects, the most notable being that their value is tied primarily to the price of gold and other precious metals.
Many investors recognize the value of gold and silver as an investment, but few understand how to open a gold IRA. With the assistance of a provider, you can select the precious metals you wish to invest in, get in touch with a custodian and select a storage facility. Consider the provider your guide during the entire process of setting up your new account.
2. Choose a Custodian
Retaining physical ownership of gold acquired through a gold IRA is illegal. For this reason, you must have a trusted custodian do the necessary gold inspections on your behalf.
To be a custodian, a company must be able to keep track of all the financial dealings between you and the other party. They include everything you might need to file your taxes with the Internal Revenue Service (IRS).
The primary function of a custodian for a gold IRA is to trade the metals you deposit into the account. As long as you have an account, they will carry out whatever transaction you specify.
3. Activate Your Account
After selecting a financial institution and a custodian, you can open your new gold IRA. Following this step, your provider and the custodian can invest your funds.
They will negotiate the sale or purchase of precious metals with the supplier on your behalf as needed and as you deem suitable. When the service provider learns what investments you want to make and how much you want to invest, they will work with your custodian to physically move your new assets to a safe location.
After that, your precious metals and coins will be stored safely for the duration of your account. In addition to keeping your new assets secure from harm, the custodian will ensure you follow IRS regulations.
They will do all the heavy lifting, like managing your account and retrieving your precious metals from safekeeping. A detailed accounting of your transaction's costs will be maintained and copies of all relevant paperwork will be provided to you and the IRS.
4. Launch the Rollover Process
After you've done the first three, you can transfer your money and other assets to your new account. This may be achieved through either a direct or indirect rollover.
Cash and other assets in your initial retirement account are transferred directly to your trustee or custodian in a direct rollover. Moving forward, your gold IRA service provider will assist you and work closely with your custodian to meet your needs.
The process of an indirect rollover is more involving and time-consuming. In a gold IRA rollover, the company hands over funds from an existing account, stipulating that those funds be deposited into the new account and not used for any other purpose.
5. Purchase Gold
Once you've completed the rollover process, you'll need to arrange to buy the bullion or other precious metals from the company you've chosen. They have the expertise to acquire the assets and carry out the gold rollover.
Verify that the firm you hire has established relationships with many institutions and trustees. With these in place, the company can assess your options and guide you toward the best.
Legacy Gold IRA Rating
Legacy Gold IRA has been rated A+ by BBB, which is excellent news. This shows their commitment to customer service and financial stability. It's important to note that many other rating companies have not rated Legacy Gold IRA, so their rating could change. However, knowing they earned an A+ rating from BBB is reassuring.
As you could expect from a young company, this one doesn't have a wide selection of precious metals. Most of the major review sites have not reviewed it yet. If you want a reputable business with thousands of satisfied customers, a wide variety of products and reasonable rates, look elsewhere.
Should You Invest in Legacy Gold IRA?
Having been in operation for quite some time, Legacy Precious Metals is a full-service precious metals investment firm. They helped numerous customers with no major issues.
Even though it's a respectable firm, we can't recommend it. They are not the ideal alternative for investors who wish to shield their retirement savings from inflation with a gold IRA and they are not the best solution for individuals looking to buy precious metals. We recommend that you partner with fine gold IRA companies.
With our top-rated gold IRA companies, you can expect to receive a wide range of services such as account setup, asset storage and secure asset transfer. They will provide a dedicated account manager to help you make informed investment decisions.
They will also provide an online platform to track your investments and review performance data. They also offer secure custodial services that ensure your gold is stored safely and securely and their fees are competitively priced.
Our highly recommended gold IRA companies offer various options that make investing in gold easy. You can choose from various gold coins and bars or opt for a gold ETF.
They also provide a wide range of customer support services, including phone and email support. Plus, you can expect expert guidance from their knowledgeable staff members who can answer any questions you may have.
Don't forget to check out our top recommended companies before investing!