Gold IRA Retirement Planning

Everyone knows they should have a plan for retirement but not everyone knows exactly how to plan for it. Studies have shown that a person needs at least 85 percent of his or her pre-retirement income in order to retire and maintain a quality lifestyle. It always makes good sense to have even more saved up just in case of any medical problems.

Individual Retirement Accounts or IRAs are a great way to save money for retirement. IRAs are a tax-deferred savings plan which means no taxes are paid up front, and the savings can start right away and grow steadily in a tax-free manner. Instead of investing in stocks or mutual funds, gold IRA retirement planning makes for a better option. You roll over certain parts of your retirement funds into gold in order to have security and diversity in your savings portfolio.

Gold has continued to increase in value. For instance, in the year 2001 the cost of an ounce of gold approximated $271. By 2011, the cost was close to $1,900 an ounce making for a marked increase in value. Any person who had invested in gold in 2001 would have seen a huge increase in savings in just 10 years.

retirement planning with gold ira

When you invest in gold in an IRA you are investing in an actual tangible item stored away in a financial institution. You will not likely see the gold that has your name on it but you will know that it is there and it is building up your retirement savings. This is because gold almost always rises in value. It doesn’t always rise dramatically but it rarely ever drops in value. The most common form of gold that you can invest in is gold coins or gold bullion. You can also invest in gold bricks, scraps, and certificates.

Setting up a gold IRA retirement plan

It is relatively simple to set up a gold IRA but you want to do some research first. The price of gold is fixed but when you buy it through a broker, there may be a selling fee added on which varies depending on the broker. You also have to pay for storage fee and for the setup of your account. This setup fee is usually a one-time fee but the storage fee will be ongoing.

Once you have researched which financial institution is best, you can go ahead and open up your precious metals IRA. The first thing that you will do is fill out an application for your new account. The application must be approved and this process takes anywhere from one to three days.

If after four days you have not heard from an account manager, be sure to contact them to follow-up. Once your application has been approved you and the account manager work together to purchase the gold you wish from a selected dealer. This is how your gold IRA account gets started.

If you already have an IRA or other retirement plan set up, you still want to consider rolling over your retirement funds into a gold backed IRA. These are usually much more stable than other forms of retirement savings.  If you are wondering how to do a gold IRA rollover click here. Rollovers can be done from different accounts. Speak to your account manager today and get details.

It is not a good idea to put all of your savings into just one investment, as is the case with anything. Diversify your portfolio to make sure you have a good chance of making money in case something were to happen to your gold investments or anything else you have invested in. Even though gold is relatively stable, you do not want to risk losing your money in the event something does happen to its value. Remember, that no investment is 100 percent free of risk.

Setting up a gold IRA retirement plan is easy and it is a nearly certain way to guarantee you will get more money back from it than what you put into it. Perhaps your returns will not be huge, but it is quite unlikely that you will ever experience a big loss.

Start researching the best rated gold&silver IRA companies today to find a reputable account manager near you. The sooner you start planning your retirement the better off you will be when it is your time to retire.