Have you heard of Gold IRAs? Are you wondering just what they are and if setting one up for yourself is a smart financial move? If so, you've come to the right place.
Gold IRAs, also referred to as Precious Metals IRAs or self-directed IRAs are a way for individuals to invest in gold, silver, and other precious metals. Rather than relying solely on the volatile stock market, you can diversify your portfolio and invest some of your money in precious metals. This is a sound investment idea, because with diversified investments, you won't get hit as hard financially if the stock market crashes right before you're ready to retire.
Goldco is one gold investment company you may want to consider to help you set up a Gold or Silver IRA. Keep reading to learn more about Goldco and whether they are the right company to help you make sound investment choices for your future.
Goldco's Self-Directed IRAs
Self-directed IRAs are a version of traditional IRAs. However, rather than holding stocks or bonds, individuals are allowed to hold precious metals or other forms of investments. Goldco offers two different types of self-directed IRAs: Gold IRAs and Silver IRAs.
Below we'll share more about the benefits of having either a Gold or Silver IRA as well as the ways Goldco can help you get your investments set up.
Why Choose a Self-Directed Gold IRA with Goldco?
As we shared above, self-directed IRAs are a great way to diversify your portfolio and protect your overall wealth. When you have money invested in different areas, such as the stock market and gold or silver, it provides you with more stability should one source of investment crash.
For example, if you had all of your money invested in the stock market and the marked crashed right before you were ready to retire, it could put you in a tight situation where you wouldn't have as much money as you were planning on. This could make your retirement less comfortable or could even cause you to continue working longer than you were planning. However, if some of your money was invested in precious metals and the stock market crashed right before you wanted to retire, you would be less impacted since the portion of your funds in precious metals would still be fine.
In general, the price of gold and silver tend to rise when the stock market is down, which can offer additional security and benefits with a diversified portfolio. And, gold is just a sound investment. Gold holds its value well and often does better than other types of investments.
One of the reasons gold holds its value so well is that it is highly sought after. In addition to being popular for jewelry, gold is also used for some technologies and other luxury items. Silver, like gold, is also highly popular and also being used more and more for technological advancements. The consistent demand for gold means that its value should continue to rise, not decrease.
Gold and silver are also easy to liquidate when you're ready to sell them. This is not the case with other investment types, such as real estate. When you retire, you'll be able to continue holding or sell some or all of the gold or silver in your Precious Metals IRA, which will be easy since there are so many vendors that will purchase these metals.
Over the past 20 years, the value of gold has grown nearly twice as fast as the stock market. Think about what this means for the value of your investments when some of your money is invested in gold.
A Gold IRA through Goldco offers all the same tax benefits you'd enjoy with a traditional IRA. The main difference is that instead of investing your money in stocks, you're investing it in gold.
If you're ready to set up a new Gold IRA, the team at Goldco can help you get started. They're well-versed on the specific IRS regulations regarding self-directed IRAs and can work with you to ensure you follow the correct procedures to avoid any penalties or violations.
Goldco makes it easy to set up your new Gold IRA. Start by visiting their website and fill out the application to open a new IRA. Then, you'll need to choose how you plan to fund the IRA and arrange for money to be transferred to Goldco.
Once your account is funded, you'll be able to select the gold or other precious metals you want to add to your IRA. Once your metals are selected, Goldco will take care of sending them to an IRS-approved storage facility until you reach the eligible age to hold or sell them. Once you retire, you can choose to take your disbursements in gold or cash.
As you determine which coins or bars you want to add to your account, there are a few considerations you'll want to keep in mind. While gold bars may seem appealing, you may also want to consider adding gold coins to your portfolio. The value of a gold bar will be purely based on the price of gold, whereas some gold coins may sell for higher prices due to demand for the coin or limited mintage.
Gold held in a Precious Metals IRA must be at least 99.5% pure, based on the IRS regulations. Goldco offers a list of the various gold coins and bars they offer that meet these requirements and can be held in a Gold IRA.
Gold IRA Coins
Gold IRA Bars
Goldco also offers a large selection of gold bars. There are a wide range of sizes to choose from. Some of their most popular sizes of gold bars include 1-ounce, 5-ounce, 10-ounce, and 100-ounce bars. Each bar offered by Goldco is 99.99% pure. PAMP Suisse and the Perth Mint are two of the mints and refiners where Goldco receives its gold bars from.
Like a Gold IRA, a Silver IRA is another great option for individuals looking to diversify their portfolio by investing in precious metals. Investing a portion of your money in silver can help protect your overall investments should the stock market take a down turn.
Silver is a sound investment ,and it continues to be in demand. However, unlike gold, platinum, and palladium, sliver is more economically priced, making it more affordable. You can add many more silver coins and bars to a Silver IRA for the same price you'd spend on just a few gold coins.
When you're ready to retire and need to liquidate the coins or bars in your portfolio, you should have no trouble doing so if you're invested in silver. It has been traded even longer than gold and is still a highly sought-after precious metal.
If you decide you want to set up a Silver IRA with Goldco, the process will be the same as setting up a Gold IRA. Just fill out the form on the website, fund your account, and select the silver coins and bars you want to add to the account. You may also choose to select a mix of silver and gold for your self-directed IRA.
In order to be held in a Silver IRA, silver must be 99.99% pure. Goldco offers a large selection of IRS-approved silver coins and bars to add to an IRA.
Silver IRA Coins
Silver IRA Bars
In addition to the wide selection of silver coins, Goldco also offers investors the option to purchase silver bars. Silver bars available through Goldco are 99.99% pure and come in numerous sizes include 1 ounce, 5 ounces, 10 ounces, and 100 ounces. Goldco offers silver bars from some of the top and most respected silver producers including PAMP Suisse and the Perth Mint.
Transferring and Rolling Over Existing IRAs
If you have an existing retirement investment account, you may be able to roll it over into a Gold or Silver IRA. Goldco's website offers a helpful guide you can use to determine whether your current retirement account meets the criteria to be eligible to rollover into a Precious Metals IRA. You can also reach out to one of the members of the Goldco team if you still have questions about your account's eligibility.
A common time to pursue a rollover IRA is if you are switching jobs or retiring from your current jobs, as these events would allow you to move funds from a company-sponsored account. IRA rollovers allow you to move the funds from these existing investment accounts into an IRA account. Depending on your situation and the investments you hold, you may be able to rollover funds from more than one retirement account into your new Precious Metals IRA.
A benefit of rolling over existing funds and setting up a Gold IRA rather than simply purchasing gold to hold at your home is that the value of the precious metals in your account are taxes at a much lover rate than personal investment. Depending on the type of account you set up, you may not even be taxed on the gains on your investment.
There are a few other benefits associated with rolling over an existing account into a Gold or Silver IRA. Funds help in gold and silver are less susceptive to seizure by the government than some other accounts. Gold and silver also offer protection against the devaluation of the dollar over time, so the investments you're making today may be worth significantly more in the future.
Before rolling over or setting up a new self-directed IRA, take some time to read up on the IRS guidelines, rules, and penalties regarding IRAs. First, learn the contribution limits for an IRA based on your age. Exceeding these limits will result in a 6% fee each year until the mistake is corrected.
You also won't be able to withdraw any funds from your account before you reach at least 59 ½ years old. Removing funds before this will lead to a 10% fee, and you'll also owe income tax on the money you withdraw. There are a few exceptions to this rule, which include death or disability.
Now that you have a better understanding of Gold and Silver IRAs, you may be ready to start the rollover process and get your new Precious Metals IRA all set up. Goldco offers a simple and straightforward 4-step process to get you all ready to go. A member of their team is also available if you need assistance throughout the process.
The first step of the process is to review your various investment options. Compare investing in gold and silver with other options, such as the stock market and real estate, and confirm that you are definitely ready to invest in precious metals. Start deciding which types of precious metals you'd like to hold in your portfolio.
Next, reach out to one of the Gold IRA specialists at Goldco. They'll work with you to help you fill out all the necessary paperwork to get your new IRA all set up.
The third step in the process is to work with the Gold IRA specialist to set up a transfer of the funds to your new account. Once the funds have arrived in your new account, you can choose the specific gold or silver coins you'd like to invest in. Your Gold IRA specialist will work with you to get everything added to your account. Goldco will take care of everything else to get your precious metals securely store.
Once your Gold IRA is et up, you can watch its value grow. Each year, you can make a new contribution of up to $6,000 without paying any penalties ($7,000 if you're older than 50). $6,000 is the total amount you're able to contribute across any IRAs you have, so keep this in mind as you plan your contributions.
Goldco's website is also a great resource for individuals looking to learn more about planning and saving for retirement. One of the tabs across the top of the page is labeled 'Resources,' and under it, you'll find a list of some topics to help you increase your knowledge.
One of the items under the tab is precious metals prices. Clicking on this link will take you to a page where you'll be able to view the current prices for gold, silver, palladium, and platinum.
Goldco also offers a collection of videos, eBooks and FAQs to help each individual make sure all of their questions are addressed, and they have the information they need to feel confident investing in precious metals.
Free Self-Directed IRA Guide
If you're intrigued by the idea of investing in precious metals but not ready to get started just yet, consider requesting a free copy of Goldco's self-directed IRA guide. This useful guide shares more information about the reasons to invest in precious metals and how to get started. It also includes useful information about the IRA process and how long it should take to get your new self-directed IRA set up and funded.
If you're ready to set yourself up for future financial success, setting up a Gold or Silver IRA with Goldco is the way to do it. Investing in these highly-sought after precious metals will help diversify your portfolio to help you prepare for retirement. Fill out the form on the website or reach out to a member of the Goldco team today to get your new Precious Metals IRA set up and funded.