Should You Get a Gold IRA?

December 17, 2021December 17, 2021 by Nick Jones

Are you nearing your retirement? You want to spend your golden years relaxing. You shouldn’t have to worry about money.

You need to have a retirement plan. Don’t be like the 1 in 4 Americans who don’t have savings for their retirement. Future planning is the best thing you can do for yourself and your family.

What should you include as part of your retirement plan? You should get a gold IRA. Read on to learn more about a gold IRA and why you need one.

What Is a Gold IRA

A gold IRA is a type of individual retirement account. It’s like other IRS in which you can invest in stocks and bonds, but with a gold IRA, you invest in physical gold.

Gold is a precious metal. A gold IRA can hold this type of precious metal in bullion form. Think of gold coins and gold bars.

If you prefer to hold stocks, you can hold a gold-company stock or mutual fund. You can also choose to go with a fund that tracks a gold index.

How To Invest in a Gold IRA

If you like the idea of investing in gold, you should get a gold IRA. The first step calls for the opening of a self-directed IRA. You must open one with a custodian.

The custodian will allow you to hold a precious metals IRA. This must be an IRS-approved financial institution. It’s often a bank or trust company.

You must also find a precious metals dealer. The dealer will buy the gold for your gold IRA.

Once you open the gold IRA account, you must fund it. Then, you can select investments. Your custodian and precious metals dealer will do this on your behalf.

Traditional Gold IRA or Gold Roth IRA

Here’s where this might get tricky. Do you invest in a traditional gold IRA or in a gold Roth IRA? There are pros and cons with each type of IRA account.

On a traditional gold IRA, you have deductible contributions and tax-deferred growth. With a gold Roth IRA, your distributions are tax-free. This account also has after-tax dollars contributions.

The Benefits of Having a Gold IRA

So far, you’re on board with the idea of a gold IRA? One of the advantages of having a gold IRA is that it’s a long-term hold. This is a great way to keep your assets off your hands until you retire.

A gold IRA offers greater control. Remember, this account is self-directed. You can make your investment decisions.

Want to learn more about investing in a gold IRA? Visit www.raremetalblog.com/precious-ira-home-storage to learn more.