There are many different ways to invest in gold. In my opinion, one of the best ways to invest is through a gold IRA. An IRA is an Individual Retirement Account which you can have set up initially with gold, or have transferred / rolled over into gold at a later date.
A IRA in simple terms is a way to save for retirement. I believe the biggest benefit of adding gold to your IRA is that fact that you’re adding a tangible asset to your investment portfolio. A “tangible asset” that’s more stable than the US dollar.
Once you retire, the US government allows you to convert that investment into physical gold which will then be shipped to your home. (if you choose.)
Some of us already have an IRA account set up and don’t find it feasible to open another one. In that case, depending on your IRA custodian, you should be able to perform what is called a:
Gold IRA Transfer
Performing a transfer requires you to get in contact with your previous IRA Custodian as well as finding a new one. The benefit of this method is that there is no real time limit restrictions on having this completed unlike performing a rollover. Once you find a new custodian it’s just a matter of changing over who has control of the account.
Gold IRA Rollover
Performing a rollover is a little bit different and a little more risky. Doing a rollover consists of cashing out your current IRA and then re-investing it into your new account manually. However, you have a 60 day government enforced window to re-invest those funds back into your new IRA. Failure to do so could subject you to very high taxes and penalties.
Types of IRA’s
Below is a list of the different types of IRA’s you may encounter.
This is what’s described as a regular IRA. It’s a savings plan that’s available anybody who is receiving a taxable income and is under the age of 70 1/2.
This is basically a traditional or Roth IRA that’s shared between spouses’. Working income may limit the access that either spouse may have on their account(s).
These types of IRA’s are somewhat similar to traditional IRA’s although they have a different payout format. Basically you are taxed when you invest, but not when you withdraw. Which could work out better in the long run.
These kind of IRA’s are like traditional IRA’s although they are set up by an employer for an employee.
This is a retirement plan for business with less than 100 employees.
I hope this article has made it clearer on how to invest in gold among any current IRA account holders. The fact remains is that if you’re not investing in gold IRA’s then you are not maximizing your potential earnings. Contact us today if you would like to learn more info or if you have any questions.
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Or, click here to learn more about IRA’s or an individual retirement account.