Many people are aware that there is a variety of retirement accounts which can help you save more money to retire. The most common options are traditional IRAs as well as Roth IRAs. These accounts give you the ability to invest money prior to taxes. This allows you to grow your money more quickly than you can simply save. You can see babyboomersus.net for more information.
IRAs, which allow you to invest in stocks, bonds, or mutual funds, were introduced on the market back in 1974. In 1997, precious metals were included in the range of investments that can be invested in. Bill Clinton signed The Taxpayers Relief Act of 97, which allowed investors in any type of retirement account to purchase silver, and other precious metallics, in order to help grow their account balances.
Is gold included in your IRA
So why was this significant change? A gold-backed retirement account was a radical idea at the time. The financial markets seemed stable and on an upwardsswing. However, these past years have shown how important it was to invest gold and other precious materials.
When the financial markets are healthy, gold, silver, platinum, or palladium has a fairly stable price. While gold can experience a decrease in value when bullion is plentiful, it does not lose all of its value as quickly as securities that are paper-backed. The true value of gold in retirement accounts becomes apparent when the financial market takes a dive. This is because gold, and other precious materials, tends to appreciate when other securities go down. This means that having gold as part of your retirement investment portfolio will provide you with an insurance policy that protects savings from any loss.
How to start a IRA for gold
The process of starting a gold IRA was simple. Finding a trusted custodian for your gold investments is the most difficult step. The United States government won’t let you keep your gold at home in a safe. They require you to hire an IRS approved custodian.
Although you can choose to use a broker or bank for custodial purposes, they aren’t necessarily the only options. Finding a reputable, trustworthy company is key to opening a gold IRA.