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LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Individual Retirement Accounts (IRAs) are popular investment vehicles for individuals who want to save for their retirement. Generally, there are two types of IRAs: Traditional and Roth. However, there are other types of IRAs such as Inherited IRA and Gold IRA. In this article, we will discuss the key differences between Inherited IRA and Gold IRA.

Inherited IRA:

An Inherited IRA is an account in which an individual inherits the account from a deceased relative. It is also called a Beneficiary IRA. The rules governing Inherited IRA are different from Traditional or Roth IRA. The beneficiary is required to take minimum distributions every year, regardless of age. The distribution amount depends on the age of the beneficiary and the account holder at the time of their death.

Inherited IRA distributions are subject to income tax. The beneficiary will need to pay income tax on the distribution amount at their tax rate. If the account holder was under 70 1/2 years old at the time of their death, the beneficiary has the option to take the distribution over their lifetime.

Gold IRA:

A Gold IRA is an investment account that allows individuals to invest in physical gold, silver, platinum or palladium. The account holder can purchase gold coins or bars through a custodian or broker. Gold IRAs are different from Traditional or Roth IRAs because the investments are in physical assets rather than stocks, bonds, or other paper assets.

The main advantage of a Gold IRA is that gold serves as a hedge against inflation and economic uncertainty. Gold prices generally rise during times of economic turmoil or inflation. Therefore, investors who are concerned about the economy or worried about the value of their money can invest in gold as a safe haven.

In conclusion, Inherited IRA and Gold IRA are two different types of investment vehicles that offer different benefits. An Inherited IRA is an account inherited from a deceased relative where the beneficiary is required to take minimum distributions annually. On the other hand, a Gold IRA is an investment account that allows individuals to invest in physical gold to hedge against inflation and economic uncertainty. Therefore, it is important to understand the differences between these two accounts and choose the one that suits your financial goals and needs.