Have you begun letting your guard down and started putting money back into your 401k or IRA in the hopes that the recession of the last decade was a once in a lifetime experience? If so, you may be taking a gamble that you might not have the time to recover from this time in the event that things don’t go your way. The truth is that every day investors, you know the ones that are just trying to get ahead so that they might one day be able to experience retirement without the worry of trying to pay the bills and eat, should have a completely different investment strategy when it comes to saving for their retirement years. One that doesn’t leave anything to chance like the retirement investment strategy that let so many people down just a few short years ago. And yet sadly, either we are too inexperienced to invest any other way than through the normal channels like IRAs and 401Ks or are simply just too afraid to put any money into any investment, leaving us completely unprepared for the financial needs of our futures. However, there is a better way to ensure that you are investing for maximum profits while ensuring that your money will be there when you need it: Gold IRAs and Gold 401Ks.
What is a Gold backed IRA And why should you be putting your Money in it?
A gold backed IRA, or gold IRA for short, is just another type of retirement account, just like your current IRA or 401K. You can put money into the account on a pretax basis and invest in a variety of different investment options. The main difference here is that you will have a wider range of options to invest in, including gold and other precious metals.
Why is this an important distinction? Having the ability to invest in gold means that you have the ability to grow your retirement savings while protecting it against future financial shakeups. This is because gold and other precious metals increase in value when other investments decrease. This means that if you are invested in paper backed securities, by having adequate investments in gold, your account balance remains stable, even if the value of your stocks go down.
How to Set Up a Gold IRA
In order to have a Gold IRA, you have to have an IRA custodian. This is someone who is appointed to “hold” your gold as the IRS won’t allow you to keep it in your own safe at home. Anyone can be an IRA custodian, but in most cases, this entity will be a bank, brokerage or other financial company that is well versed in handling gold IRAs.
Choosing your IRA custodian will be one of the most important decisions you’ll ever make. It is important to ensure that the custodian you choose is licensed, experienced and offers a competitive rate. You should spend a great deal of time and care in selecting your custodian to ensure that you are getting the best possible service without having to worry that your investment will be stolen.
After you choose your custodian, you will work with that company to establish your account and then fund it. Some investors will choose to fund their accounts out of pocket. But, for those with limited means, a gold IRA rollover can move your existing retirement funds into your new gold IRA account without costing you a penny out of pocket. And lastly, you will direct your custodian to invest your funds in gold or other precious metals.
Start a gold backed IRA with the help of Goldco Precious Metals and take the risk out of investing for your future.