Are you only years from retirement or looking to prepare for retirement well in advance? Then it is time to focus on your career and take the mystery out of your retirement planning in workplace environments where job loss and illness are all possibilities. As you go to the workplace, planning for a lifetime should still remain in the forefront. There was a time when ending a professional career and beginning retirement meant a guaranteed pension and health insurance for the rest of one’s life.
Now for many Americans, a retirement plan is a big mystery and some fear retirement may not even be a possibility because working Americans cannot rely on employer-provided pensions anymore. Instead, many employees are now finding themselves relying on work-related and personal saving as Americans are living longer — eighties and nineties. If you are one of those Americans, it is time to reap the benefits of gold IRA investments for retirement. Fortunately, there are many different ways that you can invest your hard earned money. The most common that you will hear of are 401Ks, Stocks, and traditional IRAs but there is a better option out there for people who are concerned about difficult times in the economy. A gold IRA is a great plan for those who don’t trust stocks or other traditional savings plans.
A gold IRA is similar to that of a traditional IRA. You invest a certain amount of money into a gold which is then stored for you as part of a retirement plan. Think of this as holding gold in your IRA instead of paper or stock assets. While the most common name for these IRAs is gold IRA that is only because that is the most commonly invested precious metal. Precious metal IRAs can include gold, platinum, palladium, or silver. The only requirement is that they be in an approved form. Mostly these forms are coins or bullion.
With how much money each one of these coins and bullion can cost the government does not allow for storing these items at home. You must store them with an approved custodian. You may have seen a few websites that claim that you can store your gold IRA at home. This is partially true but it isn’t recommended. If you invest in Gold Eagle coins and set up the account properly you can store them at home. There are two reasons that you won’t want to store your gold at home though. It is to easy to have your gold stolen or destroyed if you store it at home. You could have a fire and lose all of your investments in addition to losing your home. The other reason that you don’t want to store it at home is that it is hard to get gold insured with your home or renters insurance company. They don’t want to be liable it if gets stolen or destroyed.
Gold is one of the oldest forms of currency. In fact, it is the oldest form of currency that is still recognized by many countries. While you don’t often see gold being used for transactions it contains a level of authority in the financial world that is hard to break. Over the years gold has shown a trend of being at higher value when stocks and the rest of the economy are low in value. This makes gold a very recession proof investment. It is extremely rare for gold to see a major drop because of the fact that it is not paper or electronic funds.
While it is not good to put all of your eggs in one basket, it is always worth investing in a solid resource. If you already have an IRA or another investment plan you can perform a rollover which merges part or all of your other retirement investment into gold IRA. This allows you to take an IRA which may be more risky and put it into something that can hold its own.
The process for getting a gold IRA is fairly simple. The first step is like any other account. You go to a financial institution and fill out the paperwork to start an account. You will be notified within a few days if you are approved. After that you and your financial advisor need to decide where the gold for your account will be purchased from. The last step is to finalize the account and transfer the gold from the seller to the custodian.
All of the taxes for your account will work the same as a traditional IRA. This means that you can save for your retirement in a controlled and safe way! When it comes to fees, your gold IRA will have storage fees and a management fee but they tend to be negligible if you find a good company. There is plenty of information that you should look at before making the decision to get a gold IRA investment account. For example, you need to decide what institution to go with, what metal you are going to invest in, and where you are going to buy said metal. If you want to find more information on gold IRA investments thegoldrushexchange.com has a large stock of information. From reviewed brokers to guides and statistics you can find it all on this website.
For more career and retirement advice, subscribe to the column today. There is no such thing as being over-prepared for retirement or starting too soon in your career to save up for retirement. Planning for the future is the important thing you can do as a career professional in regard to your retirement plan. Explore your options early on in your career to increase your financial security and make for excellent career choices.