Midas Gold Group does not act as a financial advisor or give financial planning advice. Certified Public Accountants provide tax advice and tax planning. Midas Gold Group is simply a gold specialist and recommends assets that are metal-based and can be held physically in a retirement account or held physically in an individual’s possession. The next decade could be defined as a decade of wealth preservation. Most Americans must be aware of the different types of assets allowed in a retirement account that have a long track record of being a store of value. As fiat paper currencies are being devalued and debased as a result of money printing and stimulus, a physical Gold IRA should be front and center. The 2021 IRS Retirement Plan Rules apply to a paper IRA and also a gold-backed IRA. The difference is that a paper-backed IRA only allows annuities, mutual funds, stocks, fiat currency, CDs, and ETFs. A Midas Gold Group Gold IRA allows physical gold, silver, platinum, and palladium to be held in an IRA in a physical bar or coin form where it is stored and insured. These metals can be delivered at any time through an IRA distribution or can collect dust in an IRS approved depository. In this article, we discuss briefly the 2021 IRS rules for IRA contributions.
Traditional Individual Retirement Accounts (Traditional IRA)
The limit on annual contributions to an Individual Retirement Account remains at $6,000 for 2021. The catch-up contribution limit for those over 50, which is not subject to inflation adjustments, remains at $1,000. 2021 IRA contributions can be made until April 15, 2022. In 2021, the deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of households who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $66,000 and $76,000, up from $65,000 and $75,000 in 2020. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $105,000 to $125,000 for 2021, up from $104,000 to $124,000. An existing paper Traditional IRA can be transferred tax-free into a Traditional Gold IRA and it can hold physical gold, silver, platinum, and palladium. Call Midas Gold Group today for assistance. Contributions can still be made in a Traditional gold-backed IRA and used to purchase more metals. Old 401(k)s, 403(b)s, 457s, and old TSPs can be rolled over into a Traditional Gold IRA and own physical coins and bars.
Self-Employed and Small Business Retirement Account (SEP IRA)
For the self-employed and small business owners, the amount they can save in a SEP IRA or a solo 401(k) goes up from $57,000 in 2020 to $58,000 in 2021. The compensation limit used in the savings calculation also goes up from $285,000 in 2020 to $290,000 in 2021. An existing paper SEP IRA can be transferred tax-free into a SEP Gold IRA and own physical metals. A new SEP IRA can be opened and funded with the new 2021 SEP contribution limits with the help of Midas Gold Group. Midas Gold Group is privileged to assist those Americans who would like to start a SEP IRA and own gold instead of paper assets in their SEP IRA. Future SEP contributions can be made annually and used to add to your SEP IRA gold hoard. Midas Gold Group is proud to assist with this process from beginning to end and every step along the way.
Roth IRAs and Phase-Out Contribution Limits
The inflation adjustment helps Roth IRA savers too. In 2021, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $198,000 to $208,000 for married couples filing jointly, up from $196,000 to $206,000 in 2020. For singles and heads of household, the income phase-out range is $125,000 to $140,000, up from $124,000 to $139,000 in 2020. If you earn too much to open a Roth IRA, you can open a nondeductible IRA and convert it to a Roth IRA as Congress lifted any income restrictions for Roth IRA conversions. These existing Roth IRAs can be transferred into a Roth Gold IRA and own physical metals instead of paper assets. Call the Midas Gold Group IRA department today to discuss your retirement account situation before the market falls further.
Since 2000, gold has averaged a 10% annual return against the US dollar. Gold has always reflected the lost purchasing power in fiat currency. Paper currency or fiat currency continues to be devalued and debased as money printing and debt grows and surges beyond fixable levels. The 49-year fiat currency experiment started in 1971 is crashing and burning. Governments and central banks in control of money supply and money printing is
current financial system suicide. The Fed now controls 22% of the market through its balance sheet and stimulus programs. The infamous Plunge Protection Team is alive and well, but it’s not a permanent fix in any way. This is not a monetary system that is going to provide a safe and happy landing. The entire paper debt market and the financial system need to come down completely and start over completely. The Great Reset meeting in Davos in January of 2021 is an interesting name considering what is presently going on. Some investors can’t justify this possible collapse risk. If you don’t want all of your eggs in the paper dollar-denominated basket, give Midas Gold Group a call. If you don’t want your IRA or retirement account in the leveraged equity casino, give Midas Gold Group a call. If you are looking for a safety net for your legacy to protect yourself potentially against the corrupt bankers and crazy politicians, learn how to diversify and give Midas Gold Group a call. The nation’s #1 veteran-owned gold dealer has fought for your freedom, now we are ready to fight for your financial survival. Call today at 480-360-3000. Traders can be reached M-F from 8 am to 4 pm PST at 480-360-3000 or 805-601-6000. Over the next decade, we believe we are in for a financial system fight for survival. You would be better off armed with a financial system bazooka rather than a financial system pea shooter.