Gold Backed IRA – A Good Option For Your Retirement?
Retirement money is probably the most important money in your life since it supports you when you don’t have a job to support yourself. Furthermore, this is the time when your body doesn’t allow you to do physical and mental labor that is part of most of the jobs. In short, you have to collect the money you have made during your lifetime to be financially stable even when you don’t have a job. Nevertheless, medical conditions in old ages take a big chunk of the money you have saved in your retirement accounts.
Some people think that it is difficult to save the money in retirement accounts or any types of accounts because they have a lot of expenses to take care of even before retirement. However, inflation is the biggest problem when it comes to saving money. In addition to inflation, the volatility and unpredictability of the market remains another big problem when you are investing your money in various commodities, futures and options. There is no doubt that real estate investments can be highly lucrative and hugely profitable, but they have their own big risks. Real estate is not safe from market volatility and inflation.
Gold Backed IRA – Options
Considering all options you will always come to the conclusion that gold backed IRA is the best one to go for. Gold backed IRA is not only a way of saving money in the form of gold or taking possession of the most precious metal of the world. It is more about fighting and shielding against the many forces that erode your retirement savings. Inflation and market volatility are the two major rodents that will eat away the profit from your retirement money and leave you with a paltry sum at the end. Gold backed IRA on the other hand gives you the upper hand.
Gold backed IRA allows you to store gold in your account. You might not believe it but this is the only way for you to store gold in physical form in the safest manner possible. The IRA certified depositories are the safe places where your gold is stored against a very small yearly fee. You cannot have the gold shipped at your house since it will attract taxes and is against the rules of gold backed IRA. However, you can get your gold shipped in its tangible at your doorstep when you have reached the qualified age of liquidating your retirement account.
The good thing about gold backed IRA is that you sleep with peace. You don’t have to keep on worrying about the changing market conditions and unstable political conditions around the world. Even when there is war the gold retains its value. If you were to judge and make your choice of investment based on past performances, gold will be the winner any day. Gold backed IRA is also a self directed account so you are the one who take all the decisions about your money. Your custodian is only a custodian of your gold backed IRA but cannot invest your money anywhere without your permission.
Gold Backed IRA – Final Thoughts
Rollovers are quite popular these days and the fact that you can rollover your current IRA or 401K to a gold backed IRA with ease should remove any lingering thoughts from your mind. Once you have your gold backed IRA setup, you will be investing money from it to buy gold to secure your life after retirement. There is nothing special that needs to be done when you have a gold backed IRA. However, you are highly advised to be careful when choosing a broker to buy gold. Ask your custodian to provide you with a list of safe and reliable brokers to buy gold.
Gold-Backed Roth IRA
Rollover IRA into Gold
Gold and Silver Backed IRA