Need help? Call now.

Should You Own A Platinum IRA?

Gold Safe Exchange

Do you think your retirement assets are as diverse as they could be? In an ever-changing economic landscape, it’s good to consider alternative options that can help secure your hard-earned savings.

One option to think about is a Platinum IRA, a self-directed retirement account specifically designed for holding platinum, offering diversification and resilience against economic downturns.

In this guide, we will explore the ins and outs of Platinum IRAs, discussing their benefits, the types of platinum allowed, how to set up and manage a Platinum IRA, and potential risks and considerations.

Key Takeaways

  1. Purpose of Platinum IRAs: Platinum IRAs allow for diversification in retirement assets by acquiring platinum, known for its rarity and industrial uses.
  2. Setting Up a Platinum IRA: Seasoned professionals must select an IRS-approved custodian, adhere to contribution limits and purity requirements, and store the platinum in approved depositories.
  3. Risks and Considerations: Platinum IRAs come with market volatility risks and various associated fees. Comparing Platinum IRAs with other precious metal IRAs can aid in informed decision-making.

Understanding Platinum IRAs

Platinum IRAs provide individuals with a unique opportunity to diversify their retirement assets by incorporating platinum, a precious metal known for its rarity and industrial applications.

This type of self-directed retirement account allows you to include precious metal holdings, such as platinum, in your retirement savings in a tax-efficient manner.

But why platinum, and what are the benefits of acquiring Platinum IRAs?

What is a Platinum IRA?

A Platinum IRA is a type of self-directed retirement account that allows you to hold physical platinum as an asset to diversify your assets and secure your retirement savings from economic downturns. It is comparable to a gold or silver IRA, where individuals can retain physical precious metals within their retirement account.

Opening a Platinum IRA involves meeting specific requirements. Here are the key requirements:

  1. The purity level of platinum bars or coins held in the IRA must be at least 99.95% (or .9995).
  2. The maximum annual contribution to an individual’s IRA is currently $6,000 ($7,000 for those aged 50 and above), or 100% of earned income, whichever is lower.
  3. The precious metals acquired in a self-directed IRA must be stored in an approved depository to ensure compliance with IRS regulations.

Benefits of Acquiring Platinum IRAs

Platinum IRAs offer tangible assets, hedging against inflation, and potential long-term growth, making them an attractive option for diversifying retirement assets.

Diversification is key in any retirement strategy, and a Platinum IRA can provide a unique way to spread risk, especially since gold and platinum tend to move in opposite directions.

platinum bars stacked on top of each other.

Acquiring platinum could prove to be a beneficial long-term holding, as it has the potential to outperform stocks in the long run. Including precious metals in your retirement account can provide:

  • Safeguarding your wealth by decreasing potential volatility and risk in funding
  • Acting as a hedge in the event of an economic downturn
  • Offering a tax-efficient shelter for potential gains

Types of Platinum Allowed in IRAs

To comply with IRS regulations, your Platinum IRA can only include specific types of platinum coins and bars that meet stringent requirements.

Platinum Coins

Platinum coins, as well as gold coins and silver coins, are a popular choice for Platinum IRAs, with several IRA-approved platinum bullion coins available from various mints around the world.

Some popular examples include American Platinum Eagles, Canadian Platinum Maple Leaf’s, and Australian Platinum Koalas. These coins are issued and backed by sovereign governments, conferring a face value and legal tender status in the issuing country.

Platinum coin australian koala

Several reasons make acquiring platinum coins a more favorable choice than platinum bars. One key benefit is the increased variety of options available, allowing seasoned professionals to choose from a diverse range of coins to suit their preferences.

Platinum Bars

Apart from coins, platinum bars are another great option for Platinum IRAs. These bars must meet specific requirements to be eligible for inclusion, such as a minimum purity level of .9995 and being produced by an approved and accredited refiner.

By including platinum bars in your IRA, you can hold a range of different weights and purities, offering flexibility and diversity in your retirement assets.

Setting Up a Platinum IRA

With a clearer understanding of what a Platinum IRA entails and the types of platinum permitted, we can now go over the process of establishing a Platinum IRA.

This involves choosing a custodian, funding the account, and selecting a precious metals dealer to purchase your platinum products.

Choosing a Custodian

One of the most important steps in setting up a Platinum IRA is selecting a reputable self-directed IRA custodian to manage your account and ensure compliance with IRS regulations. The responsibilities of the custodian include:

  • Holding and safeguarding the assets within the IRA
  • Executing transactions on behalf of the account holder
  • Providing guidance and oversight

While choosing a custodian, you should consider the following factors:

  • Reputation and experience
  • Fees and costs
  • Storage options
  • Customer reviews and testimonials
  • Compliance with regulations

By choosing a reliable custodian, you can be confident that your Platinum IRA is being managed professionally and in accordance with IRS rules.

Funding Your Platinum IRA

Once you have selected a custodian, the next step is to fund your Platinum IRA. You can do this through rollovers, transfers, or contributions. Keep in mind that there are contribution limits for Platinum IRAs, with individuals under 50 being allowed to contribute up to $6,500, and those 50 or older being allowed to contribute up to $7,500.

Various factors need to be considered when funding your Platinum IRA, including:

  • Fees
  • Holding options
  • IRA Eligibility
  • Market conditions
  • Diversification
  • Long-term goals

By carefully evaluating your options, you can make informed decisions that will best serve your future goals and retirement planning needs.

Selecting a Precious Metals Dealer

After choosing a custodian and funding your Platinum IRA, the final step is selecting a trustworthy precious metals dealer that offers IRA-approved platinum products. It’s important to make sure that the precious metals dealer is offering platinum products that meet the minimum fineness requirement of .9995 percent and are explicitly stated as being IRA-approved.

To choose a reliable precious metals dealer, consider the following factors:

  • Fees
  • Customer support
  • Storage options
  • Range of precious metals
  • Reputation
  • Trustworthiness

By selecting a reputable dealer, you can be confident in the quality of the platinum products you’re adding to your Platinum IRA and the overall management of your retirement assets.

Storage and Management of Platinum IRAs

With your Platinum IRA in place, understanding the storage and management requirements becomes a priority. This includes storing your platinum in IRS-approved depositories and effectively managing your account to optimize its performance.

Approved Depositories

IRS-approved depositories store the platinum held in your Platinum IRA, ensuring compliance with IRS regulations. These depositories include:

  • Recognized institutions
  • Approved metals depositories

These depositories provide secure storage for your Platinum IRA, utilizing advanced security measures such as:

  • Surveillance cameras
  • Alarm systems
  • Access controls
  • Insurance coverage

These measures are in place to safeguard your assets against theft, damage, or loss. By storing your platinum in an approved depository, you can have peace of mind knowing your precious metals are well secured.

Managing Your Platinum IRA

For maximizing the potential of your Platinum IRA, effective management is key. This involves monitoring the performance of your assets, rebalancing your strategy as needed, and making withdrawals when necessary.

Platinum pyramid

It’s advised to review the performance of your Platinum IRA regularly to stay informed about its growth and make any necessary adjustments. Additionally, be aware of the specific rules and regulations regarding withdrawals from a Platinum IRA, as taxes and penalties may apply depending on the type and age of your account.

Risks and Considerations of Platinum IRAs

While Platinum IRAs have many benefits, understanding the potential risks and considerations that come with this type of asset is crucial.

In the following subsections, we will discuss market volatility and fees, which are big factors to weigh when considering a Platinum IRA.

Market Volatility

Market volatility can have a significant impact on the value of a Platinum IRA. Like other precious metals, platinum is subject to supply and demand fluctuations, which can lead to changes in price.

The value of a Platinum IRA may be impacted by market volatility, making it essential to carefully evaluate your risk tolerance and diversify your retirement strategy accordingly.

Although the price of platinum can be volatile, diversification is key in any retirement capital. By including platinum in your retirement account, you can potentially mitigate risk and secure your assets from market fluctuations.

Fees and Expenses

When acquiring a Platinum IRA, it’s important to be aware of the various fees and expenses associated with this type of account. These fees may include:

  • Setup fees
  • Annual maintenance fees
  • Transaction fees
  • Storage fees

Fees can vary depending on the IRA custodian and the precious metals dealer, so it’s essential to research and compare fees before acquiring a Platinum IRA.

By being aware of the costs associated with a Platinum IRA, you can make an informed decision about whether this type of holding is the right fit for your retirement planning needs.

Comparing Platinum IRAs to Other Precious Metals IRAs

Having covered the basics of Platinum IRAs, we can now draw comparisons with other types of precious metals IRAs, such as gold and silver, as well as palladium.

precious metal bars next to each other.

This comparison can provide a perspective on how Platinum IRAs fit into the landscape of precious metals.

Gold IRAs

Seasoned professionals looking to diversify their retirement assets with precious metals have an attractive option in Gold IRAs. These are becoming increasingly popular as a retirement plan option. A Gold IRA allows individuals to:

  • Hold physical gold as a qualified retirement asset
  • Provide potential long-term growth
  • Enjoy tax-deferred savings

Silver IRAs

Silver IRAs, also known as precious metals IRAs, offer seasoned professionals the ability to hold physical silver bullion or coins in their retirement capital.

Like Platinum and Gold IRAs, Silver IRAs can provide a unique way to diversify your retirement savings and secure your assets from market fluctuations. A precious metal IRA is an excellent option for those looking to include precious metals in their retirement capital.

Palladium IRAs

Palladium IRAs are a less common option for those seeking diversification in their retirement capital.

A Palladium IRA allows individuals to acquire palladium coins and bars, offering diversification, rarity, and demand, as well as industrial use and potential for growth.


In conclusion, a Platinum IRA can be an excellent option for those looking to diversify their retirement assets and secure their wealth from economic downturns. By acquiring physical platinum, you can potentially benefit from the metal’s rarity, industrial applications, and long-term growth potential.

However, it’s important to understand the potential risks, fees, and management requirements associated with Platinum IRAs. By carefully evaluating these factors and considering a Platinum IRA in the context of other precious metals IRAs, you can make an informed decision about the best asset strategy for your unique goals and retirement planning needs.