Along with the problems facing the general population today – inflation, banking failures, bailouts – it's doubtful that Social Security will be around forever. Individual Retirement Accounts are specialized accounts that were invented solely to help you plan for your retirement. Your savings, that you were planning on retiring on, assisted by the government, can be put into an IRA that will hopefully help you live the life you were counting on when you retired, by appreciating well into the future.
Although this video wasn't filmed to simply frighten you into blindly buying a gold IRA, the facts probably made you wonder just how secure your future will be. If that is the case, hopefully you can find some information on this site that will help you decide what's best for you and your savings, and guide you in your financial retirement planning.
Types of IRAs
- Traditional or Roth – you set them up and control them, but banks or custodians hold the accounts for you. They keep track of the tax records and all other documents, and offer advice on how to increase your holdings. The main benefit you achieve is generous tax breaks on the interest and growth, when being taxed either before contributions (Roth) or during retirement withdrawals (Traditional)..
- Simple or SEP – set up and held by your employer, you and/or your employer make contributions to a tax-deferred plan similar to a Traditional IRA.
- Self-Directed – a custodian and the IRS regulate this type, and you are given the liberty to invest as you choose (stocks, real estate, private equity… and precious metals).
Benefits of a Self-Directed IRA
- Versatility – instruct your custodian to invest with a precious metals custodian, which then allows you to choose among gold, silver, platinum, or palladium. This is now called an IRA Rollover.
- Stability – for example, gold has been around since the start of time. While money invested into any IRA can fluctuate or even disappear due to inflation or economic collapse, and while gold has even dropped sporadically, it comes roaring back and retains its value much better than any fiat currency.
- Appreciation – and long term, gold has continued to climb in value throughout history. Overall, it's the best place to park your retirement savings.
How to Set Up a Self-Directed Gold IRA
The safest way to buy gold is to set up a self-directed IRA and roll over those funds into a gold IRA (or other precious metals). I will show you who I have found to be the best custodians in the market – those with experience with self-directed IRAs (not all have this), those with experience with gold IRAs (even fewer have this), and those who can purchase and store the gold for you (hardly anyone does this).
Contact the specialists who have the training and experience to make this a pleasant, successful event, while eliminating most of the financial stress of worrying about your retirement. They will discuss with your present custodian how best to get it done.