For many people, contributing the annual maximum to their IRA all at once is difficult. The next best option is to set up automatic payments that transfer money from your bank account to your brokerage account on a regular basis, for example, every other week or once a month. Establishing regular contributions also has another benefit: investing in gold through an IRA. Investing in gold through an IRA allows you to add Gold to your retirement portfolio, and you can even rollover existing funds into a Gold IRA.
This way, you can have Gold in my IRA and take advantage of the tax benefits offered by the Internal Revenue Service. Transferring funds to a Roth IRA has benefits if you expect to leave the money in the account to your heirs. In other words, if you inherit a Roth IRA from someone other than your spouse, you'll need to start making withdrawals from it, similar to a traditional IRA or 401 (k). In fact, financial planners often suggest funding a Roth IRA once you've contributed enough to your 401 (k) to receive the full equivalent contribution from your employer. Nor are you required to withdraw from your Roth IRA for as long as you live if you don't want to, making Roth IRAs quite valuable estate planning tools.
To avoid tax complications, you must quickly convert the non-deductible IRA to a Roth IRA before profits are made with the money.