Gold has long been a great way to turn your cash into a growing investment. But did you know that you could save for retirement and increase your wealth by opting for gold?
A gold IRA is a fantastic option for anyone looking to diversify their retirement portfolio. But that isn’t the only reason more people are investing in gold – as a trustworthy investment choice, a gold IRA could be an excellent option for your retirement savings.
What is a Gold IRA?
A gold IRA is just like a traditional IRA, with one primary difference.
When you invest in a traditional IRA, you’re putting your money in stocks and bonds. If you invest in a gold IRA, you’re using your money to buy gold of some kind – most commonly, gold coins and bullion.
Simply put, a traditional IRA puts your money into the stock market. You can invest the money you’ve saved in stocks, bonds, mutual funds, and securities to grow your cash and get a return on your investment. With a gold IRA, however, you’ll turn your money into pieces of actual gold. It’s like buying physical proof for your investment, which should increase in value over time.
In addition to gold, you can also invest in a gold IRA and purchase other precious metals. Many gold IRAs include gold, silver, platinum, and palladium. The IRS defines how pure precious metals need to be in order to qualify for a gold IRA.
A Gold IRA Gives You a Valuable Investment
Choosing a gold IRA can be a smart, valuable investment decision. Turning your retirement savings into a gold IRA offers plenty of benefits.
Most importantly, a gold IRA can supplement any other retirement funds or investments you already have. It’s a great way to diversify your investment portfolio, and it can offer an added level of financial security. The Motley Fool reports that gold’s value tends to act opposite to assets like stocks and bonds – so if the stock market is seeing your traditional IRA lose value, your gold IRA will gain value.
This is especially beneficial if the bulk of your retirement assets and investments take a big hit. If your investments lose a lot of value, your gold IRA can help balance out your losses with an increase in value.
Additionally, while all investments can fluctuate in value, gold is pretty steady. Gold has been incredibly valuable for decades, and that isn’t going to change in the future. While its value may decrease slightly, it’s a precious metal that will continue to see additional value – which is great news for your retirement savings.
Investing in a Gold IRA Can Be Complicated
Of course, like all investments, a gold IRA can have some drawbacks. No investment is guaranteed to increase in value, and that’s true of gold too.
Gold IRAs can also come with hefty fees. According to the Motley Fool⁴, there are commonly fees for the following when you set up a gold IRA:
- An account setup fee.
- Fees for transactions, like additional purchases of gold.
- Fees for withdrawals.
- Annual custodian fees.
- Storage fees to keep your gold with an IRA custodian.
- While these fees aren’t really anything out of the norm when it comes to investments, the fees tend to be higher on gold IRAs. That’s because gold IRAs aren’t very common, and companies can take a bigger percentage.
Additionally, gold prices and values can be a bit unpredictable. So, experts recommend that you put no more than 10 percent of your retirement funds into a gold IRA. Older adults who are close to retirement should also be wary of opening a brand-new gold IRA, if they want to minimize their risks.
How to Open a Gold IRA
Are you ready to turn your cash savings into a smart investment? If you’ve decided that a gold IRA is the perfect way to maximize your retirement savings, here’s what you need to do to get started.
Find a Custodian: You’ll want to search for an IRA custodian that offers gold IRAs. If you need a reputable Gold IRA Company, here’s one: Regal Assets.
Deposit Your Funds: Once you’ve found the right custodian, you’ll open a self-directed IRA and put money right into your new account. It’s just like a normal IRA – you can deposit funds from your savings or roll over an old 401(k) or IRA. If you need a reputable Gold IRA Company, here’s one: Regal Assets.
Choose a Metal Dealer: Your custodian will recommend different partners and metal dealers to help you purchase gold assets. But you can also do your own research and search for metal dealers online. Make sure you look only for metal dealers who meet IRS standards.
Once these steps are completed, you’ll be all set up. But, before you take these steps, make sure to do your research. You’ll want to research whether or not a gold IRA is the right investment for your finances. And, if so, you’ll need to search for a custodian and a metal dealer who can help you find the right products and investment moves for your growing retirement savings. If you need a reputable Gold IRA Company, here’s one: Regal Assets.
Frequently Asked Questions about Gold IRAs
Here are answers to the most commonly-asked questions regarding gold and precious metals IRAs. Review them to get an understanding of how an account can be started to help you build wealth in retirement.
What is a gold IRA?
A Gold IRA is handled much the same as a traditional IRA (Individual Retirement Account). The main difference is that the assets held are physical gold bars, coins, or other precious metal pieces. Unlike a traditional IRA, which deals in paper assets, you will own the actual assets represented by your investments.
Why should I invest in a gold IRA?
While it is a personal decision to choose a gold IRA, many investors favor them over traditional IRAs because gold is seen as an asset that could hold its value against severe market fluctuations and inflation. Gold would never be valued at zero dollars.
Is a gold IRA safe?
Any investment carries risk, and gold IRAs are not a sure thing. You must carefully weigh the pros and cons of investing in physical bullion. If you feel that investing in gold is a good risk, then you’ll likely find a gold IRA to have similar assurances.
What do gold IRA companies do?
Just as you would choose the best company to handle a traditional IRA, you will need a company or firm to handle your gold investments. A reputable gold IRA company can assist you with the purchase, storage, and sale of your gold investments, as well as rolling over traditional IRAs, 401(k)’s, and eligible retirement fund account assets to a gold IRA account.
Do gold IRAs only handle gold?
The other name for “gold IRA” is “precious metals IRA”. This is because many of these companies also offer investments in silver, platinum or palladium. They may hold your investment in bars or coins, but a reputable company will only offer approved assets with purity standards that meet the requirements of the IRS.
Can I do a gold IRA rollover?
Yes. In fact, many of those who choose to invest in a gold IRA do so with funds they acquired while using a traditional IRA or company-managed 401(k). Retirees are also making the switch to gold with accounts they take with them upon leaving the workforce. Many investors choose to roll over just a portion of their IRA or 401(k) to a gold IRA as a way to diversify their nest egg.
How much do I need to get started?
Each gold IRA company will have its own minimum investment requirement, but it’s possible to open an account with just $100 in investments, plus any applicable storage and administrative costs. Fees will vary by company, as well, and may cut into your total investment amount. Research each company to get the best value for your investment dollar.
Can I see my precious metals in person?
While each company has different arrangements for the storage and transfer of gold, silver, and other bullion, many do offer separate storage spaces for each investor. This is called “segregated storage” and it ensures that each investor’s metals are stored specifically for that investor. There is no mixing of metals in this instance, and so it is also possible to arrange to visit your own, specific metal assets. Contact your gold IRA management company for details of what they offer for storage and visitation.
How can I get my gold?
If you are at the qualified age to start getting disbursements from your account (usually 59 ½ ), you can usually choose to take funds in either cash value, or by having the actual metals shipped to you directly (Remember that you have to start taking payments at 70 ½, if you haven’t already). Each company will have their own procedures to follow to request withdrawals, which may be subject to IRS penalties or taxes – the same as cash.
Gold IRAs can be a smart investment, and you have options for choosing a Gold IRA company.
Investing in a Gold IRA is one of many ways to plan for retirement, and if you choose to do so, you should be aware of the way to do it wisely. There is likely a company out there that represents your values in price, customer service, product, and storage.
Which Company Do We Recommend?
Regal Assets will walk you through and answer all of your questions. They will go over the different options you have and no time pressure you the sale or tried to direct you into anything. Their style is customer come first and foremost. They will also take the time to educate you on precious metals investing since this is YOUR retirement money. When you call, you will be directed to one accountant representative and he or she will answer every phone call or email from going forward.
Still have questions? Let Regal Assets give you clarity and earn your trust.
As if all that’s not enough, this company is most responsible and trustworthy business practices demonstrated by the A+ rating with the BBB. you’re guaranteed fast, efficient access to any gold you decide to order with a 7-day delivery guarantee as well.
We’ve done an extensive Regal Assets Review here… This company is listed #20 on INC 500’s for Financial Services, and a preferred membership with TrustLink.
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