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With the future of Social Security looking shakier every day, and the once common employer-provided pension becoming a mythological creature, the importance of taking control of your own retirement investment portfolio has become more essential than ever before. Gold investing, particularly in gold IRAs, is one way you can secure your financial future.
What Is An IRA?
Individual Retirement Accounts, or IRAs, are retirement plans that allow their owners to make tax-advantaged contributions. IRA holders may invest pre-tax dollars in their accounts, or they may invest post-tax dollars and avoid paying taxes on later withdrawals (Roth IRA). As of 2013, investors currently have a $5,500 per year investment cap for individual IRAs owned by people under 50 and a $6,500 per year cap for IRAs owned by people over the age of 50.
IRA contributions can be invested in a number of ways, including gold investing. Investing in gold may be desirable because of the historic performance of gold, and gold’s tendency to do well during times of economic crisis.
Knowing how to invest wisely in gold IRA plans is important, however. When choosing to invest in gold, these tips may help:
– Be sure that your IRA plan allows gold investing. Not all IRAs are set up for gold investment, so you may need to rollover the funds into a new account. Similarly, if you have an eligible 401k, you can rollover that account into a new gold-backed IRA.
– Picking a precious metals company or IRA custodian that is knowledgeable about gold investing (Learn More) and who has considerable experience in this field is essential. Think carefully about your age and current financial position to determine which types of gold assets you should invest in. A skilled precious metals advisor will be able to help you determine which options could offer the best growth potential, stability or protection of your retirement savings.
– Be aware of the limitations concerning gold products you can use to invest in an IRA. If you choose to use gold coins, these coins must have a fineness of no less than .995. They must also be considered legal tender in their nation of origin. The American Gold Eagle, which has a lesser gold percentage, is an exception to this rule. Some other common gold coins used for investment include the Canadian Maple Leaf and the Australian Gold Kangaroo.
– Make sure any gold investments you make are not exempt from the tax protections offered to IRA plans. An accountant or investment adviser can help you make this determination.
– Be sure to diversify. A gold IRA can be a great component to an investment plan, but you may not want to make it your only investment. Consider spreading your retirement investments across a diverse portfolio for best results.
Birch Gold Group is a reputable, widely recognized precious metals company that has extensive experience helping people like you make smart decisions regarding gold investments. The firm is rated A+ by the Better Business Bureau and has a well-trained staff that can help you examine your personal finances and find out what gold investment platform works best for your circumstances.
Contact us today at (800)355-2116 or fill out the form on this page to learn more about investing in gold.