With the current economy looking up these days, it’s easy to fall back into old patterns when it comes to saving for retirement. This is especially true for those who aren’t looking for a fast way to try and return their retirement account balances to their original, pre-Recession levels quickly. However, experts agree that while the economy looks pretty good today, there is a huge potential for a future downturn in the coming few years. This is mostly due to the expiration of many stimulus bills that were enacted in 2007 and 2008 in an attempt to prevent a full on global financial collapse. These bills were not intended to remain in effect forever and most are expected to expire without renewal when they reach ten years old, which is right around the corner.
So, as an astute student of history, what steps can you take to prevent a retirement account wipeout that you did just a few years ago? You start a gold IRA.
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 Number 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 Number 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 Number 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.
Goldco Precious Metals can show you how to start a gold IRA in just three easy steps without using any money out of pocket. Visit today to learn more.