Everything you need to know about Gold IRA (Individual Retirement Account)
Is your retirement plan something that you’ve been worrying about for quite sometime? Are eroding inflation rates starting to put a dent on your finances and causing you to wonder whether or not your retirement fund will actually be enough to support you throughout your years in retirement? If you are looking for a different path to secure your retirement years in case things go south with your other investments then investing in Gold IRA is certainly something that you might want to look into.
What is Gold IRA?
Gold IRA is basically an individual retirement account designed to take advantage of the stability and long-term profitability of gold as a commodity and better secure one’s investment portfolio. Contrary to popular belief, such an investment is fairly easy to setup although it would be best to know all that you can about the investment prior to jumping in on the Gold IRA bandwagon.
Now one of the great thing about this IRA is that it fully adheres to the regulations and rules set by the IRS enabling account owners to add physical gold in their investment portfolio. Thanks to Gold IRA, ordinary people now have the option to invest in gold and leverage its value and stability in securing their retirement years. Of course the investment isn’t only limited to gold but can include other precious metals as well which includes silver, palladium and platinum.
Reasons to invest in gold for a secure retirement plan
Many international markets today are plagued by uncertainly volatility as national debt for many countries continues to get out of hand. The US in particular is struggling with over $17 trillion dollars in deficit and financial troubles that has struck Europe has barely seen any improvement over the years. Hence its not surprising that the currency in these countries have been in general decline over the years and its only going to get worse.
Now what does all these have to do about investing in gold? Well as the value of dollar continues to decline dragging a lot of other investments along with it, gold has been trending towards the exact opposite and its value has steadily increased over the years. Gold’s correlation with the value of dollar has always been negative and as dollar value continues to fall, gold is expected to increase in value as proven by recorded history time and time again. This is perhaps the best reason there is to invest in gold as a part of your retirement plan and this is a luxury that was once exclusive to the powerful and rich. Fortunately that is certainly no longer the case with Gold IRA which has made it easy for ordinary folks to invest in gold as well as other precious metals and include them in their retirement plan. There’s no other investment that is safer and more sensible than gold when it comes to securing one’s retirement and finances throughout the golden years.
What other benefits is there to Gold IRA?
One good benefit to Gold IRA especially for those that are only starting out is that it allows account owners to roll over or transfer all or part of their retirement plan investment portfolio to gold and other valuable metals IRA so that you don’t actually need any extra funds to jump start the investment. Hence instead of spending cash to begin investing in gold IRA, you can simply switch existing investments that you already have into that particular IRA especially if those investments have been dwindling in value over the years.
Getting started with Gold IRA
So how does one get started on investing with Gold IRA? A retirement plan is certainly one of the most important decisions one will have to make in their lifetime and its crucial that you get everything done right. You can start by making sure that the company you’ve selected is actually purchasing the gold for your IRA. It’s importance cannot be stressed enough and a lot of people have lost their lifetime savings by dealing with unscrupulous precious metals company that simply disappeared along with their investment. Check BBB records and any history of complaints filed against that company along with the number of years that they’ve been in business prior to making such a decision.
Now one cannot purchase gold by themselves because there is a specific process that needs to be followed. Hence it would be best to deal with a company that is not only reputable but is also well-versed in the regulations surrounding precious metals and IRA’s. Such a company can refer custodians that can manage the IRA on your behalf.
The typical process in setting up a Gold IRA
1. So let’s say that you’ve already chosen which company to go with in your Gold IRA, let’s go ahead and take a look at the typical process involves in setting it all up and how it actually works:
2. 1. Request a free gold investment and retirement kit. Take the time to review it and if necessary call one of their representatives for any questions you might have. The said kit should contain setup forms so be sure to completely fill them out with your information.
3. 2. Scan the form and send it back to them through email or regular mail. At that point, your chosen company should pretty much handle everything on your behalf. A representative will get back to you with all the paperwork that you’ll need to sign and simply send it back to them once you are done.
4. 3. Upon receipt of the paperwork, the company sets up a self directed IRA under a custodian such as Sterling Trust. You will then be advised of your account number and expect a broker to contact you with regards to the kind of metals that you would like to add to your investment portfolio. The custodian will then send the money to the precious metals company which will then send your metals to the depository. At that point you are already set and will begin receiving quarterly statements about your Gold IRA.
Considering all the financial troubles faced by today’s dwindling economy, setting up a Gold IRA in securing your retirement plan for the future is among the best investment decisions that you can make. Why not start today?