Gold bars can be added to United States citizens' IRA, 401K, and 403B retirement plans. Gold bars provide a way of buying gold in large quantities. A couple of the draw backs of buying gold as bars is that when bought from sources outside of your nations borders is that there may be taxes that have to be paid that you might not have to pay when buying gold coins. This is due to the fact that most countries consider these to be currency even though their value as gold is considerably higher than there currency value. The second drawback to buying the larger bars of gold is there cost which can make reselling them more difficult. The plus side of buying the larger gold bars is that besides being easier to store is that the premiums are typically lower per ounce than for gold coins and rounds. Note: rounds are subject to being taxed the same as bars since they are not currency, private assayers have to strike their gold as rounds since they do not have the privilege of minting currency.
One way of getting around the tax phenomenon for United States citizens is by adding gold to their IRA, 401K, or 403B retirement investments. In 1997 these gold investments were restricted to the American Gold Eagle however over the years this restriction has been relaxed. Now Gold bars or non-collectable coins having a fineness of 99.5% or higher can be used. There are a number of steps that needed to be followed in order to take advantage of this opportunity. The first is to find out whether or not your current retirement plan handler is able to allow you to add gold to your non taxable retirement package. If not you will have to set up a Self-Directed retirement plan. You will have to do some research to find out how to get this done without having to pay taxes and fees or fines that may occur if you do not follow the proper procedures.
When it is established that you can add gold to your non-taxable retirement plan there are two different ways to make your gold purchases. Besides buying gold your current income it is possible to use money you have already invested in your IRA, 401K, and 403B portfolios. Again there are guidelines that you’ll need to explore if you want to convert any of these assets into gold. It is also important to find a reliable place to buy and store your gold. Again prudence is necessary for obvious and not so obvious reasons.