Getting invested in gold is easy with Goldco Precious Metals
In 1997, Bill Clinton passed the Tax Payer Relief Act. It was this act that allowed those who hold IRAs to purchase gold as an investment in their IRAs as well as silver, platinum and even palladium. While this ability has been around for awhile, it’s not been until recently that people have started taking an interest in investing in gold as part of their retirement savings strategy. However, investing in a gold backed IRA is a great way to diversify your portfolio and provide a way to ensure that future stock market crashes or financial collapses won’t wipe out their savings. This is because as a general rule, gold prices increase as stock market values decrease, which can help stabilize your retirement account during financial instabilities in the markets.
If you are interested in setting up a gold IRA to protect your retirement savings, here’s what you need to know.
First, know that you may be able to invest in gold or other precious metals through your existing IRA account. Place a call to the administrator of your existing IRA to see if this is a possibility. If it isn’t, you can still take advantage of investing in gold IRAs by simply opening a gold IRA account.
Find a custodian for your gold IRA and open an account. Make sure that your account allows you the ability to invest in gold. All types of IRAs are eligible for gold purchase including traditional IRAs, Roth IRAs, simplified employee pensions (SEP) accounts and even simplified incentive match plans for employees (SIMPLE). Talk to a retirement professional to see which account is the right account for your needs before opening a gold backed IRA.
Next, it’s time to fund the account. You can do this in one of several ways. First, you can deposit money directly. However, this isn’t a possibility for many. The second, and much more popular option is to rollover your existing 401k or IRA into a gold IRA. Because these are mainstream IRA options, you can have a gold 401k rollover without having to pay early withdrawal penalties or have any adverse tax impacts.
Regardless of how you fund your account, if you start a gold backed IRA, you are taking steps to ensure the viability of your retirement savings strategy and that you won’t be left high and dry the next time the stock market crashes. Even in a weak market, gold remains strong and even gains value, protecting your retirement savings. If you are thinking that a gold IRA might be something you are interested in pursuing, now is the time to take action and contact the professionals at Goldco Precious Metals today. Goldco Precious Metals is a leading gold IRA provider who can have you set up and buying gold in a matter of just a few days, giving you the peace of mind you need to ensure that you will have the money you need to retire comfortably. Contact Goldco Precious Metals today to find out more about the benefits of gold IRAs and convert IRA to gold.
A gold IRA can help you meet your retirement goals where other products fail. Visit Goldco Precious Metals today to learn more about the benefits of investing in gold.