How Gold IRA Plans Work

Navigating the world of retirement savings and plans can be confusing, intimidating, and a lengthy process unless you do some research and work closely with the bank, company, or employer in charge of the accounts. Investing in gold has been very popular in recent years as it is a steady and trusted form of currency that holds a decent amount of value in today's ever-changing and complex global market. Luckily there are many easy ways to invest your money and assets into gold and make a decent return on that investment to enjoy the comfortable retirement you earned.

What you need to know before investing in Gold

The most common issue of people looking to invest in gold is the belief that you have to have a large amount of savings before you can invest. While the price of gold is higher in recent years, that is all the more reason to invest! The higher the price of gold, the higher the value of your investment. The accounts that you can pool your assets into that allow investment in gold is highly protected from the most common factors that devalue your savings. These factors include currency devaluation, inflation, and government access and taxation of retirement savings. If protecting your assets is a strong value of yours, investing in gold may be a great solution for you.

So, what is a Gold IRA/ 401K?

As most individuals approaching retirement age are aware, most savings consists of valuable personal assets and monetary currency in a bank or safe deposit location. A Gold IRA allows account diversity by investing money or assets into businesses or companies that own, hold stock in, or my physical precious metals, consisting of gold, silver, and palladium. These entities' value is backed by physical gold and the processes used to deliver, manufacture, process, and deliver this gold all around the world. By investing in these entities, your investments are safe and sound and regulated, and managed easily by you!

What are the first steps to setting up a Gold IRA/ 401K?

Begin by obtaining what the IRS refers to as an IRA Custodian. This custodian is a sort of an asset “babysitter” for your assets that the government also trusts. The most highly recommended custodian by popular demand is Advantage Gold. Next, you work with your IRA Custodian to set up a Self-Directed IRA plan which is a 401K plan that allows you to choose which investors and companies you want you to invest your money into. Normally, a 401K investor choices are chosen by your employer and since gold is seen as a non-traditional investment, most employers do not offer brokers that allow for investments in gold and other nontraditional investments. Next, although seen as a complex process, with the assistance of your IRA Custodian, you will roll over your assets, no matter the form, into the Gold IRA account. Once your assets are transferred you and your IRA Custodian will track your investments and watch your investments grow. For perspective, if you put $33k into a Gold IRA account in 2002, you would currently be able to cash out those investments at over $200k today. With that kind of return, you can't afford to NOT invest in gold! Talk to your employer, financial institutions, and share members of your assets to get on the road to making a smart investment in gold and reap the benefits in just a few years.