In times of economic uncertainty, you could be at risk of losing your retirement savings and wealth due to the declining value of the U.S. dollar, hyperinflation, and a dysfunctional fiscal policy by our government.
If you’re considering opening up a gold IRA account, or converting your existing IRA into one, then you’re making a wise choice. Gold has been one of the most safest and stable investments since ancient times and is widely considered as a universal currency by countries around the world.
Many savvy investors believe that precious metals such as gold and silver are the key to preserving wealth because it’s one of the only assets that increase in value during economic turbulence.
In 2008 when the recession started and our economy took a dive, the price of gold actually went through the roof! Those who were holding gold assets in their portfolio profited tremendously, while those who invested in paper assets such as currency, bonds and stocks lost a significant portion of their net worth.
What Is A Gold IRA and How Does It Work?
A Gold IRA (also known as a precious metals IRA) is basically a self-directed IRA account in which gold and other precious metals such as silver, palladium, and platinum can be stored. This is opposed to traditional IRA accounts or 401ks that contain paper-based assets such as currency, stocks, and bonds.
Inside of a precious metals IRA, you’re allowed to hold four different types of metal including gold, silver, palladium, and platinum. The IRS has certain rules and restrictions in place, so you need to make sure that the gold bars or coins you purchase are IRS-approved.
If you’re converting your existing IRA into a gold-backed IRA account, your previous retirement plan must go through a “rollover” process. If you follow the rules and regulations set forth by the IRS, this process is entirely tax free. The physical gold or silver that you purchase for your gold IRA must be stored in one of the depositories approved the the IRS.
Steps To Setup A Gold IRA Account
There’s a lot of confusion and misinformation about how this entire process works. There’s 3 steps involved in the process, and I’ll explain each of them below:
Step 1: Choose A Custodian – A gold IRA custodian will help you file all the necessary paperwork with the IRS and make sure you’re fully compliant with their regulations. They’ll help answer any questions you may have and make sure you’re existing retirement account is eligible for a rollover.
Step 2: Fund Your IRA – Purchase your precious metals from a reputable dealer, and fund your gold IRA account. Your custodian can help you find a gold company to purchase your metals from, and can assist with choosing which types of metal is best for you. You can choose between bars and coins, but there’s pros and cons to each.
Step 3: Choose a Depository – Choose an IRS-approved depository or trustee to store your physical gold. The IRS doesn’t allow you to store the precious metals in your home.
Which IRA Custodian Do We Recommend?
Whether you want to open up a new gold IRA account or convert your existing ira or 401k, the company that we recommend most is Regal Assets. Here’s why Regal Assets is the best in the industry:
- A+ Rating With The Better Business Bureau and 5-Star Rating on TrustLink.org
- Lowest Storage Fees For Your Gold
- Experienced Staff Available 24/7 To Answer All Your Questions
- All Fees Are Waived For The First Year
- Guarantees Delivery of Your Gold Within 7 Days
Whether you have a 401k, traditional IRA, or a pension plan, you can still quality for a gold IRA rollover with zero tax implications. This means that you can safely convert money into your gold IRA without risking any penalties or losing any of your money to taxes.
Here’s our full review: Regal Assets Review
How To Get Started With Your Gold IRA
Here are the steps you need to take to get started.
1. Visit the Regal Assets web site or call their customer service number to speak with a customer service representative.
2. Fill out their form to request a free information kit.
3. A representative from Regal Assets will call you to answer any questions you may have. They’ll also mail you their free gold investment kit. This kit includes information on the history of gold, a special edition of Forbes, a brochure explaining the services they offer, and the paperwork you need to get started with the process.