When it comes to saving for your retirement, are you doing everything you can to ensure that you will have the money you need to fund your lifestyle in your golden years? If you are just deferring a portion of your paycheck into your 401k or IRA and are only invested in paper backed securities you aren’t. While paper backed securities do have the potential to make large gains when the markets are doing well, they also have the potential to become completely worthless when the markets tank, as evidenced in the 2008 financial crisis. However, there is a way to benefit from great market conditions with paper backed securities and protect yourself against losses due to failing market conditions: open a precious metals IRA.
Precious metals IRAs allow you to invest in gold, silver, platinum, and other metals that will not only remain stable during good financial market performance, they actually increase in value when other investments begin to devalue. Gold and other precious metals offer a hedge against losses in your retirement account because as your other investments devalue, they will increase, preserving the value of your retirement account. What’s even better is that opening a precious metals IRA is easy and fast. Here’s how to start a precious metals ira and take the necessary steps to protect your retirement savings.
1. Select a company to help you begin the process of opening a precious metals IRA. While any IRA or 401k has the potential to invest in precious metals, most administrators either don’t know how to do it or simply don’t offer it. This means that you’ll need to open a new IRA account with a company that is familiar with the process and understands how to help you perform a rollover.
2. Next, after your account has been established, have the company you are working with help you roll the balances of your existing retirement accounts into your new precious metals IRA. You may do this with a financial advisor or a company that specializes in performing these types of transactions.
3. Next, you will need to determine how your balance will be invested. Choose a mixture of paper backed investments and precious metals that will help you reach your investment goals while protecting your money. There are certain stipulations regarding what metals you can add to your precious metals IRA, but a financial advisor can provide guidance for your investment mix.
4. Last but not least, you need to choose a trustee to hold the physical metals that you purchase. You are not permitted by law to keep the metals you purchase in your own home. They have to remain in the custody with a custodian throughout the duration of the time that you own them. You may be charged a storage fee and a custodial fee for this service.
Buying precious metals is one of the best ways to ensure that your retirement account doesn’t wind up worthless in the event of another financial crisis down the road. Do yourself a favor and open a precious metals IRA today. For more information, please visit http://goldcopreciousmetals.com/precious-metal-iras/start-a-precious-metals-ira.html.
Do you want to know how to start a precious metals ira? Goldco Precious Metals can help. Call or click today to learn how to get the most out of your investment dollars today.