Navigating in the world of retirement savings and plans can be confusing, intimidating, and a lengthy process unless you do some research and work closely with the bank, company, or employer in charge of the accounts. Investing in gold has been very popular in recent years as it is a steady and trusted form of currency that holds a decent amount of value in today’s ever-changing and complex global market. Luckily there are many easy ways to invest your money and assets into gold and make a decent return on that investment to enjoy the comfortable retirement you earned.
What you need to know before investing in Gold
The most common issue of people looking to invest in gold is the belief that you have to have a large amount of savings before you can invest. While the price of gold was higher in the recent years, that is great reason to invest! The higher the price of gold, the higher the value of your investment. The accounts that you can put your assets into that allow gold investments are highly protected from the most common factors that devalue your savings. These factors include currency devaluation, inflation, and government access and taxation of retirement savings. If protecting your assets is important to you, investing in gold may be a great solution for you.
So, what is a Gold IRA
As most individuals approaching retirement age are aware, most savings consists of valuable personal assets and monetary currency in a bank or safe deposit. A Gold IRA allows account diversity by investing money into physical precious metals such as gold, silver, and palladium.
What are the first steps to setting up a Gold IRA
Begin by obtaining what the IRS refers to as an IRA Custodian. One of the most recommended custodian by popular demand is the company Lear Capital. Next, you work with your IRA Custodian to set up a Self-Directed IRA plan. Normally, a 401K is chosen by your employer and since gold is seen as a non-traditional investment, most employers do not offer plans for investments in gold and other non traditional investments. Next, with the assistance of your IRA Custodian, you will rollover your assets into the Gold IRA account.
You’ll find reviews of top precious metal IRA custodians here.
Once your assets are transferred, you and your IRA Custodian will track your investments and watch your investments grow. For perspective, if you put $33k into a Gold IRA account in 2002, you would currently be able to cash out those investments at over $200k today.