Thinking about gold for the next generation... anyone else doing this?

Joshua Phillips

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Thinking about gold for the next generation... anyone else doing this?

joshua_phillips🏆Advanced (250-500k)

about 11 hours ago

Key Takeaways

•Been in the steel game my whole life, seen commodities go up and down more times than I can count.
•Always understood the value of a solid physical asset.
•That's why a good chunk of my retirement is in a Gold IRA – currently sitting on about $380k in various coins and bars.

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Been in the steel game my whole life, seen commodities go up and down more times than I can count. Always understood the value of a solid physical asset. That's why a good chunk of my retirement is in a Gold IRA – currently sitting on about $380k in various coins and bars. It’s been a great hedge, especially with how things have been looking with inflation lately.

My kids are (relatively speaking) young adults now, and lately, I've been thinking about what comes next. Not just for me, but how to set them up for whatever the future throws at them. The idea of diversifying some of their inheritance into gold, similar to how I've held it, has been buzzing in my head. I’m in Birmingham, and my current IRA custodian has been great, but I'm not sure if just passing on the IRA is the best strategy for them, especially if they’re not as familiar with navigating those waters.

Has anyone here explored setting up a separate physical gold holding or even a smaller Gold IRA for their children or grandchildren as part of their legacy planning? I'm talking about more direct ownership, maybe a specific stash of coins, that they could hold onto for the long haul. My folks didn't really have assets like this, so I'm charting new territory here. I want to pass on real, tangible value, not just paper assets that could get eaten away.

What are the tax implications I should be thinking about when transferring actual physical gold versus just leaving them the IRA? Are there any specific pitfalls or advantages to one method over the other that veterans here have run into? I'm not trying to make them multi-millionaires overnight, just ensure they have a solid, inflation-resistant foundation, almost like a financial lifeboat if things ever get really rocky down the line. Would love to hear any experiences or advice.

3 comments

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Best Answer▲ 8 upvotes

jennifer_martinez💰Established (100-250k)

Totally get this. I've been doing something similar, though on a much smaller scale. My parents actually started me on it. They saw the '08 crash and decided a portion of my "college fund" would be in physical silver with the idea that it'd be a long-term hold for when I was older. Now I'm in my 30s and I've continued that habit, adding some gold to the mix. It's not a huge chunk of my retirement yet like yours, but it's a foundation I appreciate having. It definitely feels like a good way to pass something tangible down.

Comments (3)

jennifer_martinez💰Established (100-250k)Real Investor✓ Verified•less than a minute ago

gary_stewart📊Growing (50-100k)•less than a minute ago

Hey, that's a smart move thinking about the next generation. Just curious, when you say "various coins and bars," are we talking mostly bullion coins like Eagles/Maples, or do you have some of the more numismatic stuff in there too? Always interesting to hear people's strategies for physical gold.

frank_rivera💎Premium (500k-1m)Real Investor•less than a minute ago

Interesting thought process, and I totally get the appeal of passing down something tangible. But "gold for the next generation" makes me wonder if a Gold IRA is the *best* way to do that. While it's great for your own hedging, future generations might be better served by a diversified portfolio that includes growth assets, especially if they're young. Gold can certainly be *part* of that, but maybe not the sole focus for their long-term wealth building, you know?

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