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    Roth or Traditional Gold IRA for a small business owner in Denver?

    Key Takeaways
    • I'm trying to figure out the best move for my gold IRA and I'm honestly a bit overwhelmed.
    • I just set up my account a few months ago – finally pulled the trigger after hearing a lot of buzz.
    • I rolled over about $70k from an old 401k into physical gold, mostly Eagles and a few Buffaloes.
    The 3-step rollover process explained

    I'm trying to figure out the best move for my gold IRA and I'm honestly a bit overwhelmed. I just set up my account a few months ago – finally pulled the trigger after hearing a lot of buzz. I rolled over about $70k from an old 401k into physical gold, mostly Eagles and a few Buffaloes. My initial thought was to go with a Traditional Gold IRA since that's what I'm used to with my regular retirement accounts. I own a small craft brewery here in Denver, and between that and a side hustle, my income fluctuates a bit, but it's usually in a pretty solid tax bracket.

    However, I was talking to another small business owner at a networking event last week, and he was really pushing for Roth. He made some good points about tax-free growth in retirement, especially if I think my income will be even higher then (which, fingers crossed, it will be!). But then I look at my current tax situation, and those upfront tax deductions from a Traditional IRA are pretty appealing right now. Running a small business means every deduction counts, you know?

    My portfolio is currently sitting around $72k, so not huge, but it's a significant chunk for me. I'm 48, so I've still got a good couple of decades before I'm thinking about drawing from it. What are people's thoughts on Roth vs. Traditional Gold IRAs, especially for someone in my position? Has anyone here regretted their choice?

    I'm really trying to optimize this thing for the long haul. Is there a scenario where having both makes sense down the line, or is it better to commit to one? Any advice or personal experiences would be super helpful!

    13
    3 comments

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    Best Answer▲ 4 upvotes
    T
    timothy_reed💎Premium (500k-1m)

    Man, I feel this. I was in a similar boat a few years back when I opened my own Gold IRA. Small business owner, similar amount rolled over, and I was staring at Roth vs. Traditional like it was a foreign language. Honestly, I went with Traditional at the time because my income was higher then, and the immediate tax deduction was super appealing. Now I sometimes wonder if Roth would've been better long-term, especially with projections for my retirement income. It's tough to perfectly predict the future!

    Comments (3)

    4
    timothy_reed💎Premium (500k-1m)Real Investorless than a minute ago

    Man, I feel this. I was in a similar boat a few years back when I opened my own Gold IRA. Small business owner, similar amount rolled over, and I was staring at Roth vs. Traditional like it was a foreign language. Honestly, I went with Traditional at the time because my income was higher then, and the immediate tax deduction was super appealing. Now I sometimes wonder if Roth would've been better long-term, especially with projections for my retirement income. It's tough to perfectly predict the future!

    3
    sharon_evans💰Established (100-250k)Real Investorless than a minute ago

    Hey, cool you finally got that gold IRA set up. For the $70k rollover, was that from a Roth 401k or a traditional one? That makes a pretty big difference for the tax implications on your new Gold IRA.

    1
    steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verifiedless than a minute ago

    Hey, cool you're getting into a gold IRA! Just a thought though, while gold can be a nice diversification, relying on it too heavily might not be the move, especially if you're a small business owner. Your business itself is probably your best investment right now.

    I'd really look at how much of your overall portfolio is tied up in gold. Diversification is key and sometimes folks get a little too caught up in the "gold rush" without considering other high-growth opportunities, especially within their own company. Good luck!

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