In these uncertain times, more people than ever are researching and investigating ways to make their money work for them and help ensure the future of their personal fortunes. What with COVID19, an incoming recession, and the ever-fluctuating stock market and American dollar – it should surprise no one that the majority of Americans are in dire straits.
The taxman is always knocking on your door. It’s been that way ever since the Great Depression. When the little guy makes a dollar, the U.S. government wants fifty cents. Doesn’t seem quite so fair, does it? Thankfully, there are popular, legal, and financially-advisable ways to keep (almost) every penny you’ve ever earned for retirement. The answer? Gold IRAs.
But where does one start with investigating a retirement fund dealing with precious metals? What even is one of these confusing types of retirement funds that I keep hearing about on shows such as Sean Hannity’s? Don’t worry, we’ll answer those few, burning questions before diving into the actual business of finding you the most perfect gold individual retirement account available to you.
What is a Gold IRA?
It is an individual retirement account backed by gold. This shiny rock is one of the most stable investments someone can make as gold remains relatively stagnant in the market in terms of worth fluctuation. In other words, it neither depreciates nor gains value randomly depending on a variety of social and economic variables; therefore, it is dependable.
These types of funds and accounts differ from 401(k)s and 401(b)s in that those two programs are employer-backed with funding matched by the employer. These retirement plans are also tied to the stock market, as money gets diffused through several channels of investment. This makes these plans less reliable and worse, taxable.
Who gets them?
Everyone and their mother seems to be discussing them, but who actually gets them? Well, a lot of people actually, and a lot of those people have ended up very well off, because of it.
“I attribute my comfort and security in retirement to the investments I’ve made in my gold IRA.”
- Debra Winger (star of ‘An Officer and a Gentleman’ and ‘Terms of Endearment’)
“I wanted to avoid the uncertainty of the stock market and tyranny of taxation, so I got myself an individual retirement account investing in precious metals and have never looked back.”
- Wesley Snipes (big-time Hollywood film producer, martial artist, and verified day walker)
“I recommend investing in a gold IRA to my audience, all my family, and friends.”
- Sean Hannity (host of ‘The Sean Hannity Show’ on FOX)
Where can I find them?
You can find them anywhere you find banking institutions, organizations, and companies. Google and Bing are excellent search engines, as is DuckDuckGo. Some companies advertise in your local area via billboard, radio, and personal ads.
However, use caution when researching. Like any private financial institution, these companies and organizations will require very personal information from you. This may include information from past bank accounts, credit checks, criminal history checks, employment verification, your social security number, your phone number, and more.
Try and suss out the company by contacting an individual you can speak with, person-to-person. This way, you can verify at least there are people working there and not money-hungry robots and scammers.
Tips for Researching:
- Like researching anything regarding money, start with the most basic step: asking your friends, relatives, and neighbors. These are people you can trust and if any of them are involved in these types of funds (which plenty of people are), they could potentially be a good source of information pertaining to the ins-and-outs of the business.
- Consumer review aggregate sites can report real-life customers’ experiences with specific Gold IRA Companies. Follow this link to find a dependable list of the best precious metals IRAs of 2022.
Tips for Deciding:
- The decision-making process typically takes anywhere from six to sixteen months, depending on the decision to make and what is being talked about. Retirement is a big deal to everyone in the family, and you want to make sure your money is set for the remainder of your lives, so this decision should not be taken lightly.
- Therapists are a great resource for both subjective and objective opinions. While they typically are not well-versed in tax laws, accounting, and IRAs, they are a great outside perspective in your life to talk about your money woes and are well-educated individuals in their own right.
Tips for Maintaining:
- Congratulations! If you’re looking for tips on maintaining your individual retirement account, that means you’ve thought about it, done your research, and pulled the trigger on deciding which company is best for you. That’s a lot of work for one person!
- With the invention of smartphones, there are thankfully a variety of ways to track your finances from the comfort of your home. If you decide to go with a company like Goldco, you’re in luck as they have tracking features on their website, as well as a good record of quick communication. Every large financial establishment typically has an app, so make sure to utilize their tracking features on a regular basis.
Finding the right gold and precious metals IRA company for you is a very important decision that will impact the remainder of your life. Don’t depend on the lottery of the stock market to keep you cushioned in your golden years. Invest in a gold IRA and keep up the long-standing tradition of having your money backed by the real thing.
See your local account or financial advising office or friend in your area to discuss all the points we’ve brought up. They may have a few questions to ask you that you haven’t thought of yourself, helping to complete a well-rounded idea in your head. Don’t wait on making a decision regarding your money. Things are changing every day in our economy and don’t you want the peace of mind in knowing your money is stagnant and tax-free?