How To Secure Your Retirement Savings With Gold
With a gold rollover IRA instead of investing in stocks your IRA will be invested in precious metals such as gold and silver, this allows your IRA or 401K to be better secured. Imagine sleeping peacefully at night without having to worry about your money.
Most retirement plans were designed for people to put money aside and potentially gain double or triple what they have put in with tax benefits. However, most plans come with a certain amount of risk, such as retirement plans that invest in stocks. If the economy goes down or the market crashes you are out of money. Gold is a resource that has been treasured throughout the ages and has always carried a monetary value. In fact, it is one of the few items that almost continuously grows in value. Over the years there have only been a few dips in value but unlike certain stocks the value of gold has always rebounded.
A lot of people are confused by all things financial so here is how you can roll your retirement plan over to gold, it is actually extremely simple. You can convert many different types of retirement accounts into gold IRAs, including: 401 (K), 401 (A), 403 (B), 457, thrift savings, and annuities. For most plans the process is fairly simple.
As with any type of investment it is wise to shop around. There are many different dealers out there and some of them will try to get more money from buyers. Gold always has a flat rate but dealers add on a purchasing price that you will have to pay in order to purchase the gold. Account managers will also charge a onetime set up fee in order to start your gold IRA rollover. In addition, almost all forms of gold investment are required to be kept by a certified custodian. These custodians will charge a fee in order to protect your gold investment.
If you are more interested in storing your gold at home or your own safe then you might want to consider a rolling over a checkbook IRA to Gold Eagles bought from the U.S. Treasury. This is the only time that you will not have to have your gold protected. However, checkbook IRAs are extremely hard to setup and undergo a lot scrutiny from financial authorities. They may be more pain than they are worth.
For all other rollovers you can purchase a wide variety of different types of gold as long as they are kept secure by a financial institution. Two of the most popular options are gold coins and gold bullion but some people invest in gold bars and scrap gold. There are also less physical methods to invest gold in but when it comes to those plans you never own the physical gold.
Setting Up An Account
Once you have found a financial institution to manage your account you go in and fill out a set of paperwork. This paperwork is for setting up your new account and transferring balance from your regular retirement plan to your gold IRA. In one to two days you should hear back from your account manager that your account has become active. If you do not hear back after three days you should contact the manager and ask for an update on your account.
After your account has been setup you will work with your account manager to purchase the gold that you want and transfer it to your bank. If you do not know exactly what kind of gold you want to purchase it might be wise to speak to your account representative before you start the process of setting up an account.
Gold IRAs are a safe option for many people to invest in but no investment is completely safe. It is always advised that you not keep all of your eggs in one basket. Diversify your retirement for a safer future and a higher potential to earn money.