There are a lot of advantages to adding gold to your investment portfolio and retirement strategy. Inflation is something nearly everyone concerned about their financial future worries about. How much are your dollars going to be worth when you retire? Those same dollars that will buy a week’s groceries today may buy two days’ worth in ten years! You can eliminate some of the uncertainty about your financial security by adding gold in your IRA accounts. A gold IRA is like a home security system. It keeps out undesirable elements while allowing you to enjoy your retirement relatively free of worry.
How to Open a Gold IRA Rollover Account
It’s not that hard to open a gold IRA rollover account but it does take some research. When you need a new car you don’t just choose the first one you see, do you? No, you decide how big a car you need, what you’ll be using it for, how high the gas mileage is, what kind of fuel you’ll want to use, and even what color you prefer. You need to be just as careful when choosing a company to rollover your IRA to a gold IRA! One of the most respected and reputable companies out there is www.RegalAssets.com but we’ll be giving you plenty of information further down the page to help you make a decision on which company to trust with your assets.
Opening a gold IRA rollover account is a bit more involved than investing in paper assets but you’ll find it’s easier than you think to set one up. The operative word is “rollover”; you are taking funds from an established IRA and rolling it over into a different kind of account–in this case, one that invests in gold.
The first step is to find an IRA custodian that is licensed to deal in precious metals investments, like Regal Assets, Sterling Trust, or a few others that are trustworthy. A traditional broker or fund family can’t and won’t do rollovers because it involves additional expenses for them.
Maybe you don’t want to put your entire IRA in gold and that’s okay! You can convert all or part of your IRA assets into gold. It’s entirely up to you and what you anticipate your financial needs will be when you retire. Rolling over an IRA into a gold IRA is tax free and you can do it with many types of IRAs. These include but aren’t limited to a traditional ROTH, SEP, or Simple IRA, 401(K), 403b, 456 Deferred Compensation Plan, TIAA CRAF, and many others including a Beneficiary IRA you may have inherited.
You can make the same contribution to your gold IRA each year that you can with a traditional IRA. You pay the custodian then they buy the gold and store it or you can choose to buy gold stocks.
What Types of Precious Metals Can I Buy in my IRA?
Fortunately, you can’t just look up gold on the internet and buy it willy-nilly. You are limited to certain standards when buying gold for your gold IRA. This is not another meaningless government regulation but one intended to protect your investment. You are allowed to buy bullion, coins, and gold stocks but they must meet purity standards. If the gold is not .999 fine it is not eligible for a gold IRA.
You’ll probably find some great deals on gold coins or bullion such as the South African Krugerrand which has been heavily advertised. The custodian of your gold IRA rollover account can guide you in your purchases or you can leave the acquisitions entirely up to them with or without your required approval.
The below image tells you what all can be included in a Precious Metals IRA and also lists down all the products that are offered by Regal Assets in their portfolio.
Choose the Right Company to Convert Your IRA
Unless you’ve lived the life of a hermit, you’ve seen and heard so much advertising about gold and gold IRAs that you’re not sure who you should choose. The best way to choose the right company to roll over your IRA into a gold IRA is to distance yourself from any emotion and that means forgetting every advertisement you’ve been exposed to. This is an economic decision and you need to be objective. The company you choose to open and administer your gold investments could make the difference between a comfortable retirement and near poverty.
Reject all advertising you may have seen and scrub it from your mind. You may like a celebrity that endorses a company but remember, he or she is being paid to sell that company and could not care less how it affects you. Likewise, throw away any unsolicited mailings you’ve received and delete unsolicited emails touting one company over another. Remember that people advertise in order to make money and they aren’t worried about your retirement–only their bottom line!
Don’t Choose Blindly!
Research reputable companies and look up customer comments. Visit investment message boards and read about the experiences of others. Check out a company’s rating with the BBB , including resolved and unresolved complaints. Investigate their ratings with the SEC (Security Exchange Commission) to see if they’ve had any actions taken against them or been investigated.
After you choose a few companies to consider you need to ask about their fees. Check their administrative fees, storage fees, and initial set-up fees. You may find that storage fees can be prohibitive with one firm while another charges more to open an account but has friendlier fees for storage and maintenance of the account. Read the fine print! Some tout a flat storage fee but it can increase exponentially as your holdings grow. Insist that they give you concrete figures that you can verify, not ballpark prices that depend on the circumstances.
Be Sure of What They Deal With
What type of gold does the company deal in? Some deal only in bullion, which may not be financially feasible for you. If buying several ounces at a time doesn’t fit into your budget, look for a company that will buy smaller bars of bullion or different denominations of acceptable coins.
It’s YOUR Choice, Not Theirs!
If you find yourself being pushed toward one form of gold over another or beyond your budget, run. These aggressive sales techniques can quickly break your carefully planned budget and ruin your long term planning. If a representative insists you buy one form of gold over another it is probably because they profit more from it, often at your expense. A good company is willing to let you think about your decision and will actually discourage snap decisions.
Weigh the pros and cons before you choose a company for your gold IRA. How long will it take to cash in your metals? Some companies can turn around a buyback in 30 days while others take as many as 90 days. By then, if the situation is serious, you could be in an impossible financial bind.
Insist on someone who will answer all your questions in plain language without industry slang. it’s your money, not theirs, and you have a right to understand what you’re doing. They should take their time and help you make the right choices even if it means they don’t profit as much. Where is their storage facility and is it really secure? These are important questions that directly affect your financial security.
Thankfully we have done a lot of Hard work for you and collected all the information of the best gold ira companies for you here. We have also collected all the relevant contact details so you can directly contact them and ask all of the above questions before you make your decision.
Watch Out for Scams!
The very nature of the business renders it ripe for unscrupulous profiteers, particularly self-directed gold ira accounts. A weak economy like the current one often encourages these types of accounts since people want to save fees and invest that money instead. Since you have full control you’ll be inundated with all sorts of investment “opportunities” that promise huge returns on your investments. There are two main scams you should watch out for.
Watch Out for Deceptive Contracts
A very professional sounding “advisor” will get you all hyped up about investing in gold and promise huge appreciation. He or she is armed with historical facts and wild speculations that actually might make sense due to the chaotic economy. They’ll even send you slick pamphlets and a prospectus if you ask. When you are convinced they’re legitimate and finally make an investment you’ll think you made a wise decision. However, if you want access to your gold you might find that you aren’t actually entitled to it. Confusing terms and conditions written in print so small that few will bother to read it before they sign the contract will effectively steal your hard-earned money and you’ll be left with little or nothing.
The Old Bait ‘N Switch is Alive and Well!
The bait and switch scam makes you think you’re getting and storing physical gold but what you actually are buying are gold certificates. When you finally want to cash in the certificates you’ll find they are worth considerably less than you invested. The company that issues these certificates may not even own enough gold to honor their commitments.
if you want to avoid these and other scams you should never respond to emails, snail mail, or phone calls offering investment opportunities of any type, especially in gold. If it sounds too good to be true, it’s too good to be true. Be sure you deal with an accredited investment firm who in turn deals with a reputable and accredited gold dealer. By no means should you ever respond to radio or television ads no matter who their spokesperson is.
Arm Yourself with Information
While all that is a lot to think about you’ll find the knowledge you need to make rational decisions about securing and preserving wealth for your retirement right here. The best way to find all you need to know about investing in gold is to ask the right questions. We’ve interviewed hundreds of new investors and found the most common questions they ask–and some they didn’t but should!
- Will precious metals really protect you?
- Which precious metals are right for you?
- How to roll over your IRA into precious metals
- Tax considerations
- Types of gold, silver, platinum, and palladium
- Should you choose stocks or physical metals?
- The different types of IRA accounts
- Honest reviews of companies that can help you convert your IRA to precious metals
- How to buy gold
- How to invest in gold to your greatest advantage
A Few Facts About Gold
The decision to invest in gold isn’t one to be taken lightly. How much security do you want in your portfolio and your life after retirement? How much do you need? Can you afford it? Here are a few points to consider when you’re making the decision whether to get a gold IRA rollover account.
Gold vs. Paper Assets
People used to hoard cash and that worked until paper money began to be unstable. The Great Depression and subsequent periods of inflation and deflation through the decades prove that money and other paper assets are not stable. You could have millions in paper assets that are reduced to nearly nothing in a matter of days. A $20 gold piece in 1940 would buy a prom dress and pay for the limousine and dinner with money left over. Today that same gold piece will buy the identical items even though the costs have dramatically increased. Gold holds its value while paper assets are subject to the whims of the economy.
Does Gold’s Value Really Increase with Time?
You’ll hear people claim that gold’s value has increase 80% in the past two years as the dollar declined in value. Gold never actually increases its value, contrary to what gold deals would have you believe. They can claim its value increases but that is only in relation to an inflated dollar. The price of gold rises because the dollar is worth less. The gold your father bought for $150 an ounce in the early 70s now sells for $1291. It costs more dollars not because it has become more valuable but because the dollars are worth much less.
Gold is a Preferred Investment for World Governments
That last fact is critical to know when gauging the economic trends that you depend on to plan effectively for retirement. Did you know that in 2013 China imported a little over 1000 tons of gold? They surpassed India in gold imports but not by much. Why are these two nations buying so much gold, as well as other precious metals? Do they know something that the average person doesn’t?
Making Sure Your Retirement is Secure
People who invest in gold know that a gold IRA is just one of the many strategies available to insure that your retirement is everything you want it to be. You can learn about gold IRA rollover accounts here and decide if it’s a strategy that can work for you.
As mentioned before, Regal Assets is the company many investors choose to grow and safeguard their retirement wealth. Their website offers many resources and information on gold IRA accounts including financial news, a FAQ, price charts, types of gold available, and much more. Rated A+ by the BBB and just as highly by TrustLink and Inc.500, you’ll be impressed with the tools they offer as well as their client base.