Retirement Planning with Precious Metals
We all know that we should have a plan for retirement, but most of us don’t know exactly how we should do it. Recent studies have shown that we will need at least 85% of our pre-retirement income in order to retire and maintain our lifestyles. It is always a good idea to plan to have a little extra too in case of medical issues.
IRAs or Individual Retirement Accounts are a great way to save up money for when it comes time to retire. These accounts are tax-free growth or tax deferred which means that you pay no tax up front and can start saving right away. Instead of investing in stocks or savings one great alternative is gold IRA retirement planning, which includes rolling over parts of your retirement funds into physical gold for diversity and security. As a good example of the increase of gold, in the year 2001 the cost of an ounce of gold was $271 and by the year 2011 the cost was almost $1,900. That is a major increase. You would have greatly increased your retirement savings if you have invested in 2001.
When you invest in gold for your IRA you are investing in physical gold that is stored at a financial institution in your name. While you will rarely see your gold you will know it’s there and earning you money. This is because gold prices almost always are on the rise. Gold isn’t always rising dramatically but it rarely ever falls. The most common forms of gold invested in are gold bullion and gold coins; however, there are a variety of different forms of gold that you can invest in including bricks, scraps, certificates, and more.
Setting up a gold IRA is relatively simple but it is wise that you do a little bit of research first. While the price of gold is fixed a gold broker can add on a selling fee and this fee can vary. You will also have to pay for an account set up and storage fee. While the account set up fee is one time the storage fee will be on going because the gold has to be stored by a certified financial institution.
Once you have done your research and you know what institution you are going to open your gold IRA with and you know who you are going to buy your gold from it is time to approach the institution. The first thing that they will have you do is to fill out an account application. An application takes around one to three days to be approved. If it you haven’t heard from your account manager in four days you should contact them. From there you and your account manager will work to purchase the gold from your selected dealer and start your gold IRA account.
If you currently have an IRA or another retirement plan set up that is less stable, you should consider planning to rollover your retirement funds into a gold IRA plan. Gold Ira Rollovers can be done from a variety of different accounts so speak to an account manager nearby you today to get details. The process for setting up a rollover account is almost the same as setting up a new gold IRA account.
As with many forms of investment it is never good to put all of your money in one type of investment. Diversifying your portfolio allows you to have a better chance of making money and to have money in case something were to happen. Despite the fact gold has been fairly stable there is still a chance that something could happen so plan wisely, no investment is 100% risk-free.
Not only is setting up a gold IRA retirement plan easy but it’s an almost guaranteed way to get more money back than you put in. Sometimes that money won’t be huge but it is extremely rare that you get nothing or a very low amount. Start your investigation into gold IRA companies today and find an account manager in your area to set up your very own gold IRA retirement plan. The sooner you start planning your retirement the better off you will be when it comes time to retire.