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Traditional IRA vs Roth IRA: Which Should You Choose?

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When it comes to choosing how to save for the future, you might find yourself deciding between a Roth IRA and a traditional IRA. These IRAs both give you the opportunity to set money aside for the future and there are tax benefits to be had from each one.

So, how do you know which one is right for you? In this article we take a look at each one to help you decide which one you should be putting your money into.

What is an IRA?

An Individual Retirement Account (IRA) is a method of saving for your retirement in a way designed to save you taxes. It is a personal savings plan which allows you to put money aside for when you are retired in a way that supplements your employer-sponsored savings plan with a wider range of investment choices.

There are different types of IRA available depending on the benefits that you need and what you plan to do with the money, so it is important to think carefully about your current situation and the one you plan to be in when you retire. Once you have worked this out, you are better placed to decide how to invest for the future.

Traditional IRAs

One of the most important points to remember when it comes to traditional IRAs is that the contributions are tax-deductible on both federal and state tax returns for the year in which you make the contribution. Your withdrawals are therefore taxed at your own income tax rate when you make them, which for most people tends to be during retirement.

The contributions that you make to your IRA tend to lower your taxable income in the contribution year, which in turn lowers your adjusted gross income (AGI). In some situations, you might find that this helps you to qualify for other tax incentives.

Traditional IRAs are designed not have money withdrawn from them until you reach the age of 59½. Should you do so, you will be liable for a 10% early withdrawal penalty, and you will have other taxes to pay on the amount. There may be circumstances, such as using up to $10,000 to pay for qualified first-time homebuyer expenses or qualified higher education expenses, where you can avoid the penalty, but the taxes will still apply.

Ideally, a traditional IRA should be taken by someone who assumes that they will be in the same tax bracket or lower when they come to make their withdrawals. The contributions to a traditional IRA can come from either pre- or after-tax dollars, and in 2023 the maximum contributions are $6,500 for the under 50s and $7,500 for the over 50s.

Roth IRAs

A Roth IRA is a special type of individual retirement account where you can contribute your after tax dollars which can grow and be withdrawn without tax after retirement if the account has been open for at least five years. With Roth IRAs, there is no tax deduction when you make a contribution, and you will not lower your AGI for that year.

However, as you have paid your tax bill upfront, the withdrawals you make from your Roth IRA are tax free when they are made during retirement. It is worth keeping in mind that there are income eligibility restrictions attached to Roth IRAs, which mean that currently, a single filer must have a MAGI of less than $153,000, with contributions phasing out starting with a MAG of $138,000. In the case of a married couple, your modified AGIs must be less than $228,000 and contributions phase out starting at $218,000.

There are no required minimum distributions (RMDs) with a Roth IRA, so there is no requirement to withdraw money at any age. As beneficiaries will not owe income tax on any withdrawals they make from your Roth IRA, they have become a popular way to transfer wealth.

In a Roth IRA, it is possible to withdraw sums equivalent to your contributions before the age of 59½ tax free and without the fear of penalties before the due date of your tax return. However, you must have held the IRA for at least five years before you can start to withdraw from it.

These types of IRA tend to be best suited to individuals who expect to be in a higher tax bracket when they decide to start making withdrawals. Currently, your contributions come from your after-tax dollars and in 2023 they are capped at $6,500 for the under 50s and $7,500 for the over 50s.

Main differences

Whilst both types of IRA can offer tax breaks but claiming them comes down to timing. The traditional IRA provides tax benefits now, whilst the Roth IRA allows you to enjoy tax free withdrawals in the future. It is therefore important to try and calculate whether you think your tax bracket will be the same when you retire, or whether it is likely to be higher or lower.

The withdrawals system is also another key difference between traditional IRAs and Roth IRAs, as whilst the traditional system requires you to take mandatory RMDs, there is no requirement to take anything from the Roth IRA if you don’t want to.

There are IRS rules on IRA eligibility which may restrict which IRA you can have. When it comes to deciding which IRA to opt for, you need to decide what its primary use will be. Think about how you plan to contribute to it, when you want to withdraw from it and whether you want to use it to pass some of your wealth on to your children.

Your IRA choices will be based on your own personal circumstances, so it is important to seek independent financial advice or use an online calculator to help you decide which type of IRA you are better suited to. There are some clear differences between the two types of IRA, so some it is important to take a glimpse into the future to see what the purpose of your IRA might be.

How Does a Precious Metals IRA Work?

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How Does a Precious Metals IRA Work?

A Precious Metals IRA is a tax-efficient retirement savings vehicle, providing investors with the opportunity to diversify their retirement strategy. By incorporating precious metals like gold, silver, platinum, and palladium, individuals can attain a certain level of protection against market fluctuations. Here is a straightforward guide to how they work.

Overview of Individual Retirement Accounts (IRAs) 

There are various types of IRAs available, including Traditional IRAs, Roth IRAs, and SEP IRAs, each with its own distinct features and eligibility requirements.

Traditional IRAs allow for tax-deductible contributions, providing potential tax benefits during the contribution phase, while withdrawals are taxed as ordinary income in retirement.

Roth IRAs, on the other hand, enable tax-free qualified withdrawals in retirement, as contributions are made with after-tax dollars.

SEP IRAs cater to self-employed individuals and small business owners, offering them a simplified and tax-advantaged retirement savings solution.

Understanding the benefits and tax advantages associated with IRAs is crucial for individuals seeking to establish a solid foundation for their retirement planning.

Reasons to consider investing in a Precious Metals IRA 

Here are the three headline benefits of investing in a Precious Metals IRA.

Diversification 

Throughout history, precious metals have consistently displayed a limited correlation with conventional financial assets such as stocks and bonds This characteristic means that holding precious metals helps to diversify a portfolio, potentially reducing its overall risk.

During periods of economic uncertainty or market volatility, precious metals have consistently acted as a hedge, exhibiting the tendency to maintain or even appreciate in value.

Historical performance of precious metals 

The historical performance of precious metals is another factor that attracts investors to Precious Metals IRAs. Gold and silver, in particular, have demonstrated long-term value appreciation and have acted as a store of wealth for centuries. This track record, combined with their limited supply and intrinsic value, has made them a popular choice for investors seeking a reliable asset class.

Potential as a store of value 

Precious metals have demonstrated the ability to function as a reliable store of value. Unlike fiat currencies, which are susceptible to the erosive effects of inflation, precious metals have demonstrated their ability to retain purchasing power over time. They act as a safeguard against the devaluation of currency, offering investors a tangible asset that safeguards wealth during periods of economic downturns.

Setting up a Precious Metals IRA 

Here’s a guide to the key steps of setting up a Precious Metals IRA.

Choosing a custodian 

An IRA custodian is a financial institution or entity responsible for holding and administering the assets within the IRA. The custodian assumes responsibility for securely holding and administering the assets within the IRA. They have a vital function in facilitating transactions, ensuring adherence to IRS regulations, and offering administrative services.

Factors to consider when selecting a custodian 

Choosing a custodian involves evaluating multiple important factors to make an informed decision. Key considerations include the custodian’s reputation, track record, fee structure, available storage options, quality of customer service, and the range of precious metals permitted for investment. It’s essential for investors to do thorough research and accurately compare different custodians to identify the one that aligns best with individual investment objectives and personal preferences.

Opening a Precious Metals IRA account 

Generally, opening a Precious Metals IRA entails completing an application form, designating beneficiaries through the required forms, and agreeing to the custodial terms and conditions. Additionally, it is likely to be necessary to provide evidence of identification and tax identification information.

Contribution limits and eligibility requirements 

The contribution limits and eligibility criteria for Precious Metals IRAs closely resemble those of traditional IRAs. As of 2021, individuals under the age of 50 have an annual contribution limit of $6,000, while those aged 50 and above can contribute up to $7,000. It is, however, important to stay informed as these limits may be revised periodically. Consulting the IRS guidelines or seeking guidance from a financial advisor ensures access to the most current information.

Eligibility to contribute to a Precious Metals IRA is contingent on factors like income level and employment status, which may impact an individual’s qualification. Understanding these requirements helps determine one’s eligibility and contributes to informed decision-making when establishing and funding a Precious Metals IRA.

Funding the Precious Metals IRA 

Funding a Precious Metals IRA can be done through different methods. One option is to transfer funds from an existing IRA or 401(k) into the Precious Metals IRA. This process, known as a direct rollover or trustee-to-trustee transfer, ensures a tax-free and penalty-free transfer of funds. Another option is to make direct contributions to the Precious Metals IRA, either by cash or check. Additionally, rollovers from other eligible retirement accounts, such as SEP IRAs or SIMPLE IRAs, may also be possible.

Investing in precious metals within an IRA 

Investing in precious metals within an IRA offers several options to consider. The most direct method is investing in physical bullion, such as gold or silver bars and coins. This allows investors to own the actual metal, which is stored securely by the custodian.

Another option is investing in precious metals through Exchange-Traded Funds (ETFs) and mutual funds, which provide exposure to the price movements of the metals without the need for physical ownership. Additionally, individuals can explore investing in mining stocks and equities of companies involved in the production and exploration of precious metals.

Rules and regulations for investing in precious metals within an IRA 

It’s vital that investors have a comprehensive understanding of the rules and regulations pertaining to precious metals investments within an IRA. In particular, investors need to steer clear of prohibited transactions, such as engaging in the purchase of metals from disqualified individuals or utilizing the metals for personal purposes. Additionally, investors must accurately report the fair market values of the precious metals held within the IRA to the IRS.

Withdrawals and liquidating a Precious Metals IRA 

The Required Minimum Distributions (RMDs) and withdrawal rules, which apply to Precious Metals IRAs, are similar to those of traditional IRAs. The IRS mandates that individuals start taking RMDs from their IRA at a certain age, usually starting at age 72. Failing to take the required distributions may result in penalties, so it’s essential to understand and fulfil these obligations.

Options for liquidating a Precious Metals IRA 

There are three main options for liquidating a Precious Metals IRA.

Selling to a specialist dealer: This is a straightforward way to convert the metals into cash.

Exchange the metals for cash within the IRA: This provides flexibility while keeping the funds within the IRA structure.

Taking physical possession of the metals: This is possible but has significant implications for both tax and security (i.e., the need for safe storage).

Tax implications and considerations when liquidating 

Liquidating precious metals within the IRA can result in tax implications, such as potential capital gains taxes. To navigate these tax considerations effectively and ensure compliance with IRS regulations, it is highly advisable to seek guidance from a tax professional. Consulting with a tax expert will provide the necessary clarity and understanding of the specific tax implications associated with the liquidation of a Precious Metals IRA.

Contact Us Today

If you would like to start your IRA account today then please contact our experts and we’ll be happy to help guide you through the process.

Have a question regarding precious metal IRA’s? Visit our FAQ page and see if we have already answered your question.

You can also give us a call on our toll-free number: 888 421 1745.

How to Sell Your Precious Metals From Your IRA

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How to Sell Your Precious Metals From Your IRA

Welcome to Cash For Any Coins, experts in all things precious metals from gold to silver, platinum, and even palladium. We’ve got 20 years of expertise in the precious metals game and are the go to place to sell your coins online.

In this blog, we’re going to be looking in detail at the process of how to sell precious metals from your IRA and tell you where and how you can sell them if they’re held in an IRA.

Let’s start with the most important rule of all when answering the question of how to sell coins from your IRA, and that’s using an expert.

Use an Expert

It can be a very time consuming and frustrating process selling your precious metals from an IRA. Luckily for you, Cash For Any Coins has built relationships over the years with all of the major precious metals IRA custodians.

We’ve got the buying power, industry connections and the knowledge to make a success of your precious metal liquidation or Required Minimum Distribution (RMD). We can help you every step of the way when it comes to selling your IRA eligible coins.

We have worked with thousands of clients, each with their own unique circumstances, to help protect wealth, provide liquidity, and ensure financial security through crashes, wars, and and a pandemic.

Book an Appointment with an IRA Advisor

They’re here to make the process of selling your precious metals from your IRA as simple as possible and talk you through every single aspect you need to know. They have a wealth of experience and work closely with you and your custodian to facilitate the sale of precious metals of any kind through your IRA.

This kind of service isn’t commonplace in the industry but it’s something we proudly provide here at Cash For Any Coins. That’s because our customers come first with Cash For Any Coins, and our mission is to make the process of selling your coins simple, secure & speedy!

A Simple Process

You can sell your IRA precious metals simple, secure & speedy with Cash For Any Coins!

Step 1

Get started by calling (888)421-1745, emailing or booking a phone appointment. Our experts are standing by to answer your questions and evaluate your unique situation.

Step 2

After you’ve decided how much you want to sell, we’ll make you an offer based on current fair market value. This offer is yours to accept or reject.

Step 3

On acceptance, we’ll provide the client authorization form. This form is legally required to authorize your IRA custodian to deal with us directly in order to complete the transaction.

Step 4

Next, we’ll coordinate your sale with your custodian and provide the final transaction receipt.

Step 5

On your approval of the final transaction receipt, we overnight payment to your custodian. This means we pay you even before we receive your precious metals.

Get in Touch with Cash For Any Coins Today

So, as you can see, the best place to sell your IRA precious metals is right here with Cash For Any Coins. We’ve got the expertise, knowledge, and commitment to our customers to get you the fair market value with simple, secure & speedy process.

However, if you aren’t fully convinced or if you have any burning questions for us to answer, let us know. To ask any questions about selling your precious metals from your IRA, how to sell your coins generally speaking, or anything at all about selling your coins, get in touch with our committed team of experts today.

You can visit the Cash For Any Coins website or you can speak to one of our team today.

You can also give us a call on our toll-free number: 888 421 1745.

We look forward to hearing from you and helping you sell precious metals from your IRA!

Guide To Selling Precious Metals

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Guide To Selling Precious Metals

Here at Cash For Any Coins, our experience and expertise are your tools to achieve your financial goals and priorities. So, if you want to sell your coins & bullion, you’ve come to the right place.

In this Blog, we’ll explore the best places to sell your coins, how to get fair market value price, and even the possibility of liquidating your coins through a precious metals IRA.

Let’s start by working out how much your coins are worth.

How To Sell Your Coins – At Fair Market Price

There are lots of ways you can gauge the value of your precious metals which you can use when figuring out how to sell coins in your collection.

Using the price you paid is a good place to start, but you can also look at live charts and historical data to give yourself a strong understanding of how much your precious metals are worth.

Then, we’d highly recommend heading over to Cash For Any Coins. Why? We make selling your precious metals Simple, Secure & Speedy!

Sell Your Coins – A Simple Process

Lots of dealers make it pretty difficult to sell your coins, whether they’re gold, silver, platinum, or palladium, so you need to make sure you use someone who keeps things simple. Like us.

With Cash For Any Coins, learning how to sell your coins is a simple to follow process. We love our customers and love trading precious metals, so we do all the hard work for you to save you the time and effort. We don’t bargain or haggle, and we make sure everything is absolutely clear and transparent which means no hidden fees or fuss.

And that’s it! The whole process to sell your coins takes no time at all and everything is laid out in plain English for you to understand.

Sell Your Coins From Your IRA

With Cash For Any Coins, you can even liquidate your precious metals if they’re held with a Custodian. We have at our disposal, a team of expert IRA advisors who are more than happy to speak to you and provide a full run-down on what you need to do to make it happen.

Our IRA advisors are experts in their field and love helping customers, and work closely with you and your custodian to facilitate a speedy pay out.

Book your appointment with an IRA advisor today or take a look at our dedicated IRA page for more information on the process.

Check the Historical Data

A key aspect of making sure you get the best fair market value is checking the spot price data on whatever type of metal you’re offloading. Unsurprisingly, you can do this with Cash For Any Coins at our Market Research page.

Here, we give you a run-down of historical data for each precious metal we purchase from collectors such as yourself, from gold to silver, platinum, and palladium. You can also see live spot-prices for each of the precious metals mentioned, so you can understand the market and whether or not it’s a good time to sell, or not.

This is a really helpful tool to determine the worth of your coins, so make the most of it with Cash For Any Coins.

And if you have any queries at all that we haven’t touched on or you can’t find online, then please don’t hesitate to get in touch with our expert team of precious metal enthusiasts today.

Get in Touch

Get in touch with Cash For Any Coins to get the ball rolling and turn your precious metals into cash!

If you have any questions at all about the process, you can contact us today.

Give us a call on our toll-free number 888-421-1745 or email our friendly team at hello@cashforanycoins.com and somebody will get back to you swiftly and answer any questions that you might have about how to sell your coins or other precious metals.

Best Place to Sell Coins Online

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Best Place to Sell Coins Online

We are Cash For Any Coins, industry experts and leaders in the game of precious metals. If you are a collector or investor in precious metals it may be time to liquidate a portion or all of your coins. No matter your reasons, we are here to listen, advocate, and act on your behalf to help you make the most out of your precious metal holdings.

But where is the best place to sell coins online?

In this blog, we’ll tackle everything you need to know about selling your coins. This includes the best place to sell coins online, ways in which you can sell coins online, and everything else you need to know before selecting where and how you sell coins in your collection.

Let’s start by talking about the different kinds of coins available.

Gold Coins

Gold coins are the most popular form of bullion and precious metal on the market.

Unlike other investment opportunities, gold is a tangible asset, which means gold pieces are much easier to identify and trade compared to many non-tangible entities such as cryptocurrencies and stocks. This physical nature of gold gives buyers a sense of confidence because they know exactly what they’re dealing with when they sell or buy coins online.

The value of gold coins also regularly increases and is currently at record highs prompting a lot of investor to sell with a huge profit, and is nowhere near as volatile as other entities in investment circles. It’s also known to be inflation-proof.

All of these, and more, are key reasons why gold is one of the most popular coins in the precious metals game, so, if you’re looking to sell coins from your collection, gold is always a strong place to start. You can sell your gold coins with Cash For Any Coins today.

Silver Coins

When you’re talking about how to sell coins online, you have to mention silver. Nearly as popular as gold in terms of being easily characterized, many of the same reasons gold is so popular also apply to silver. It is a well-known entity and is easily traded, and prices are rarely affected by outside factors such as inflation.

Silver is another asset that you can physically touch and feel and therefore add to a collection, and it has that added level of authenticity due to its highly popular nature. It’s been used as currency in the past and perhaps most importantly of all, it is simply beautiful to look at as a precious metal.

So, if you’re looking to sell coins, silver and gold are a great place to start because they are so easy to sell and trade. Cash For Any Coins buys silver at fair market value, take a look and sell your silver today with our team of experts.

Platinum

Platinum has been popular in the jewelry market for years now, but it’s becoming more and more sought-after in the precious metals investment industry, too. It has most of the same plus-points as buying and selling gold and silver, but is much rarer.

The cost of platinum is right now at a fantastic level, so it’s a great time to sell up if you’re looking to sell coins from your collection. It’s rare, unique, beautiful, and has been increasing in value for a long time, so it’s definitely a great time to sell your platinum which you can do online with Cash For Any Coins.

Palladium

Another relatively new kid on the block, palladium is a brilliant investment opportunity and fantastic commodity to sell if you’re looking to move coins on from your collection or investment portfolio.

It’s a truly stunning material and the range of palladium pieces is magnificent, so it joins the ranks of platinum at the minute in terms of popularity. This looks set to develop to levels of gold and silver when it comes to popularity and palladium is a great option if you’re in the market to sell coins online. You can sell your palladium with Cash For Any Coins today.

Now, with the precious metals covered, let’s jump in to the best place to sell coins online, and why this is the case.

Where is The Best Place To Sell Coins Online?

Right here! Cash For Any Coins are experts in the industry and the absolute best place to sell coins online.

The reasons to sell your precious metals are as unique as every individual. Whether you inherited your coins, have them as part of an IRA, or have collected them for fun and profit, we have the expertise and experience to make the process of cashing out all or part of your precious metals easy and stress-free.

It’s really as simple as that and you know you’re in safe hands when you sell coins with Cash For Any Coins. We feature live spot checker charts and historical data on our website so you can make an informed decision on whether or not its time to sell your coins & bullion.

All in all, as a team, we’re passionate about what we do and have been in the precious metals industry for years. It’s for this reason and many others that Cash For Any Coins is the absolute best place to sell coins online in an unpredictable world of investment.

Get in Touch and Sell Your Coins Today

To ask any questions about selling your coins with us, or to get right down to it and get yourself a valuation on your precious metals, get in touch today. You can visit our website & follow our simple, secure & speedy process, or you can contact our client care experts, or Book an appointment today!

You can also give us a call on our toll-free number: 888 421 1745.