There are many retirement accounts to choose from that will help you save more for retirement. Traditional IRAs are the most popular, followed by Roth IRAs or 401ks. These accounts enable you to invest money before taxes to help you grow your money quicker than just saving. It also prepares you for a more secure future. Visit our website and learn more about daltonfinancialnews.com.
The first IRAs appeared on the market in 1974. This allowed investors to hold a variety of securities, including bonds, stocks, and even mutual funds. It wasn’t until 1997, however, that precious metals were added to the range of investment options. Bill Clinton signed into law the Taxpayers Relief Act of 1997. This allowed anyone who was invested in a retirement or other retirement account to be able to purchase silver or other precious metals to grow their accounts.
What about gold in your IRA?
This is why this shift was so significant. In the midst of the financial markets being stable and constantly on the rise, it seemed ridiculous to think that a gold-backed retirement fund would be possible. But, the past few decades have shown us how important it is for investors to invest in gold or other precious metals.
As with silver, platinum and palladium gold, it has a stable value in good financial markets. It may lose some value in times of high bullion, but it does not completely lose its value like paper-backed securities. When the financial markets fall, however, gold’s real benefits for retirement accounts are immediately apparent. Gold, along with other precious metals, starts to rise in value when other securities slide. By including gold in retirement account investments, you can create an insurance policy that protects your savings against loss.
How to create a gold IRA
Setting up a gold IRA can be easy. You will need to find a trusted custodian to assist you in purchasing and holding the gold you have invested. Unfortunately, the United States government won’t allow you keep your gold in a safe at your home. This requires that you have an IRS approved custodian take care of it.
While you have the option of using a bank or brokerage for your custodial requirements, these are not the only options. Find a reputable company you feel comfortable with before opening a gold IRA.