Simplified Employee Pension (SEP) gold IRAs are pre-tax favored accounts with higher contribution limits than conventional IRAs. These accounts enable self-employed individuals and business owners to contribute 25% of their yearly income.

Similar to conventional gold IRAs, these accounts are subject to taxes on distributions once you commence your retirement.

Investing in a Gold IRA

Investing in gold might resemble investing in securities and other paper assets, but key differences may influence your gold acquisition strategy.

Key Factors to Evaluate Before Opening a Gold-backed IRA

Before establishing a gold IRA investment, the initial decision is whether to purchase physical gold bullion, gold coins, and other precious metals or opt for paper assets like gold mutual funds, gold mining stocks, and exchange-traded funds.

Owning tangible assets can be appealing, but it demands more effort. If you acquire physical gold for a gold IRA investment, you can't keep your gold bars and coins in a typical safety deposit box or at your residence — they must be stored in an IRS-approved depository. Also, you must ensure that all the procured precious-metal bars and coins adhere to certain IRS quality standards; otherwise, they might not qualify for your IRA.