Have you been thinking about your retirement savings strategy and wondering how you could improve it? If so, you aren’t alone. Many people, especially those hardest hit by the Great Recession of the last decade are finding themselves wondering whether their current retirement strategy is strong enough to make up for their losses in 2008 as well as protect themselves from future losses.
The truth is that if you are still invested in a Traditional or Roth IRA or a company sponsored plan such as a 401(k), you may not be growing your savings fast enough to make up for the losses you have experienced. You may also have no protection against future loss. The good news is that there is an easy fix for both of these situations: a gold IRA.
What is a Gold IRA?
A gold IRA is just like any other individual retirement account. The difference lies in what your IRA is invested in. But as we saw in 2008, Wall street is unpredictable! We need some “insurance” in our IRAs to protect our retirement savings. Just like any Roth IRA, you can make the allowable annual contributions into your IRA. Your money can be invested in any number of investment vehicles where it will hopefully grow faster than if you had deposited it into a savings account or buried it in your backyard. When you reach retirement age at 59 ½, you can begin taking regular distributions as needed to provide you income that you can use to pay your living expenses as well as fund some of the activities you had planned for your retirement.
The insurance you need is a gold IRA! In a gold IRA, you have the opportunity to invest in physical gold and other precious metals. This is important because gold provides you with the growth potential and insurance against future losses that other types of investments in your retirement accounts don’t offer. Gold, unlike traditional stocks and mutual funds, actually increases in value in the face of economic adversity. This means that when traditional investments lose value, the gold in your account increases in value, protecting the value of your account. Gold also has the ability to increase in value when markets are good, ensuring that your savings reach their maximum earnings potential.
What Can I Store in My Gold IRA?
There are a number of different precious metals products that you can invest in with your gold IRA. However, not all gold, platinum, silver or palladium products are eligible. Each product must meet specific fineness or purity requirements before they can be purchased and placed in a gold IRA. This ensures that the items you purchase will maintain their value on the market.
It is important to mention that because gold is a physical asset, you might think that you can store your gold at home in your own safe. Unfortunately, this isn’t the case. The precious metals you invest in must be held in the custody of an IRS approved custodian that is in charge of administering your gold IRA and stored in a licensed, insured depository.
Goldco offers a wide range of gold, silver, platinum and palladium products that are approved by the IRS for inclusion in a gold IRA. Some of the more popular options include the 1/4 oz UK Gold Lunar Year of the Rooster as well as the 1/4 ounce Gold Australian Saltwater Crocodile. Both of these products meet the stringent fineness test for inclusion in a gold IRA.
As mentioned previously, platinum and palladium products are also eligible in gold IRAs. Goldco offers an array of platinum products that meet IRS requirements including the Platinum Canadian Maple Leaf Coin and various palladium bars and coins. Questions concerning which investments are the right ones for your needs can be answered by your Goldco IRA representative.
As mentioned previously, gold IRAs offer several benefits over other types of retirement accounts. These include offering protection against loss for your retirement account balance as well as allowing you to grow your account balance no matter what the financial markets are doing. Investing in gold and other precious metals provides a more inherently stable investment option and also provides diversification to your retirement account so you’re holding more than just traditional investments like stocks and mutual funds. This is because while the price of gold does fluctuate, it does so with much less volatility than paper backed securities.
Thinking that a gold IRA might be a perfect choice for your retirement savings needs? Great. The next thing that you need to do is open your account. Opening a gold IRA is an easy process that doesn’t require you to spend any money out of your own pocket. The first step is to contact Goldco today and start the process. Together, we will complete the documents to set up your account and transfer or rollover funds from your existing IRA, 401k, or other employer sponsored plan to open the account. The next step is to send back your completed paperwork and let Goldco go to work for you. We will open your account and process the necessary documents to transfer the funds in your existing account without having to worry about paying taxes or early withdrawal penalties. Once your account is open, your representative will then be able to help you make informed decisions regarding the precious metals you should invest in. The entire process usually takes about 2-3 weeks.
In the past, the process of investing in gold was somewhat difficult and challenging, making it an undesirable option for the everyday investor. However, after the events of 2008, more and more people are looking for better ways to save for their retirements as well as protect their savings from future instability. Goldco is ready to help you with your transition to a gold IRA that will allow you to make better investment decisions. Call and speak to one of our friendly, knowledgeable representatives about your options today!