The Essential Guide to Gold IRA Contribution Limits in 2023

Anybody researching tax-advantaged ways to diversify their retirement portfolio has probably come across gold IRAs. Precious metals such as gold and silver are excellent choices for savvy savers- but how much exactly can you- and should you- put into a gold-backed IRA?

Here is a handy summarized guide to the 2023 gold IRA contribution limits- and a little more information about how to use your funds wisely.

How Much Can You Contribute to a Gold IRA?

Until 2022, the annual contribution limits on gold IRAs were $6000, or $7000 for those aged 50 or over.

In 2023, the limits changed. They are now $6500 per year, or $7500 per year once you reach 50. These are the same rules that apply to traditional IRAs and Roth IRAs.

A SEP Gold IRA is a little different. They are designed for self-employed business owners and employees of small businesses. The limit in 2023 is 25% of your total compensation- capped at $66,000. If a quarter of your earnings is more than $66,000, you cannot contribute the excess.

Is There a Way to Contribute More to a Gold IRA?

There is nothing to stop you from investing more than the annual contribution limits to your gold IRA- but doing so will incur a tax penalty of 6% on everything over the maximum approved amount.

You can also invest more money in gold by rolling over funds from another tax-advantaged savings account- such as a traditional IRA or 401(k). This is a good way to invest a lump sum in physical gold without paying extra taxes- since the funds have already been contributed to a retirement saving plan.

How Much Should You Contribute to a Gold IRA?

What you can contribute and should contribute are not necessarily the same. Gold IRAs are meant for diversification and inflation hedging- but they should not be a person’s sole retirement investment option.

The generalized advice for retirement plans is to invest between 10% and 30% of your savings in gold- but it is always best to speak to a financial advisor about your specific circumstances, financial goals, and current portfolio before making any decisions.

Why Is a Gold IRA a Good Choice for Retirement Investors?

Gold has been a safe-haven asset for generations- and remains one of the best ways to hedge against inflation. When the US Dollar value drops, the price of gold usually increases- so it protects against losses in times of economic turbulence.

It is also a tangible asset that is not directly tied to the success of the stock market. If there was another market crash, gold would not lose its value- which cannot be said for most traditional stocks and bonds.

The Bottom Line

If you are looking for a great way to minimize risk, protect your wealth, and diversify your retirement savings- then a gold IRA could be the answer. As long as you follow the maximum contribution limits ($6500 for under 50s and $7500 for over 50s), then you won’t have to pay any additional tax.

Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.