Gold IRAs are the retirement accounts of choice for today’s savvy investors and savers. When you have all or part of your IRA savings converted into gold, you can be sure that this value will not fluctuate wildly or depreciate greatly over time like can happen in traditional money markets or the stock market.
This is the draw for getting at least some of your IRA savings put into Gold IRAs. Precious metals like gold and silver have been the currency of choice for centuries – you can never go wrong with solid precious metals stockpiled as savings. And gold IRAs are a lot easier to open or rollover than a traditional IRA or 401k, especially if you already have an existing IRA account. It’s no wonder that the highest level of achievement in any endeavor is called the “gold standard”. When you invest in Gold IRAs, you have effectively raised your savings to the ultimate gold standard.
So what do you need to know in order to get started saving smarter for your golden years? Here’s how to start a gold IRA in three easy steps:
Step 1: Open an Account
The first step to starting a gold IRA is to complete and file the necessary paperwork. In order to do this, you need to select a custodian for the gold you’ll be investing in. Choose one with a solid reputation like Goldco Precious Metals.
Step 2: Fund your Gold IRA
The next step is to fund your gold IRA. You can do this in one of two ways. You can take money that you have sitting in a savings account or other account and transfer them into your new gold IRA. Or, you can choose to roll your existing retirement savings into your new gold IRA using a process known as a gold IRA rollover. Since gold IRAs are recognized by the IRS, you don’t have to worry about paying penalties or taxes on the money you roll over. Just complete the paperwork.
Step 3: Get Invested
After you fund your account, it’s time to start buying gold. Your custodian may be able to make some suggestions on what gold products will help you reach your savings goals the fastest. But ultimately, the sky is the limit. Whether you choose gold coins or bullion, or a combination of both, you can know you have given yourself a seriously secure wealth-building, investment-saving platform that will let you retire with confidence.
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