With the current economic uncertainty, adding gold or silver to your portfolio would be a wise strategy for diversification and a way to hedge against inflation and the declining value of the dollar. More so, with the relatively low price of gold currently, there may be no better time to invest than the present.
Many investment experts and financial advisors now recommend including precious metals like gold in one’s investment portfolio or individual retirement account.
Individual retirement accounts (IRA) are investment plans that help you prepare for retirement by providing tax incentives. An Individual Retirement Account or IRA is a tax deferred financial product generally used by workers who are actively employed to deposit a certain amount every month from their income.
Deposits can be tax deductible and investment’s earnings are not taxed until it is withdrawn. Under the provisions of the Taxpayer Relief Act of 1997, individuals are permitted to invest in gold and other precious metals minted by the Treasury Department. Hence, an investor can put gold in an IRA to better diversify their portfolio holdings and ensure greater financial security.
However, investors are advised to opt for an IRA that allows them to make their own investment decisions. This type of account is known as a self-directed IRA.
Provided that they meet the criteria set by the IRS, there are four types of precious metals that can be bought and stored as investments: palladium, silver, gold and platinum. However, due to the fact that gold is the investment favoured by most investors, a retirement account comprising of any number of precious metals is usually termed a gold IRA.
If you are thinking of investing in gold, but still want the tax benefits provided by an IRA, you can have the best of both worlds by converting your Individual Retirement Account to a gold-backed IRA. A gold IRA is an individual retirement account where physical precious metals like gold are stored instead of paper currency or paper-based assets on behalf of the owner of the investor who owns the account.
Investing in a gold IRA rollover will help protect your savings against inflation and currency devaluations because the value of the US dollar has been shrinking gradually over the last decade as more countries are opting to conduct their business operations using other currencies besides the dollar.
Gold, on the other hand, has been used as a store of value for centuries and it can never lose its value as a precious commodity no matter the state of the global economy. Besides, our recent history has proven that gold and other precious metals can withstand economic shocks much better than the traditional stocks and other similar investment options.
Gold IRA Companies
Before picking a gold IRA custodian to perform the 401k to gold IRA rollover, it is very important for every investor to first perform their own due diligence. There are many gold IRA companies operating in the industry but you’ll have to decide which is best for your particular situation. While searching for a suitable custodian, be on the lookout for a company with experience, knowledge and integrity, and one that is transparent in their transactions.
Take your personal financial goals into consideration and do not let your emotions get the best of you when taking this decision.
Research into the company’s history and read reviews about their services.
Be sure to pick a company that offers gold-backed IRA as an option.
Some of the best gold IRA companies for handling gold IRA conversions IRA are Regal Assets, Birch, Rosland Capital, Blanchard, Augusta, Monex, APMEX and JM BUllion.
Gold IRA Reviews
Here is a brief review of some of the top gold IRA custodian companies based on based on gold ira reviews by clients’ feedback.
Regal Assets – This California-based company has one of the best ratings according to statistics from the Better Business Bureau (BBB). They have a bias for precious metals IRAs as well as 401K rollovers. Their service also covers bullion coins and bars.
They have a great customer support team that offers expert advice to all their clients.
Account set up with this company is very fast (as short as 24 hours) and precious metals purchased by their clients are often shipped in as little as 7 days.
Without a doubt, Regal Assets is an industry leader in gold IRA investments.
Rosland Capital – This company was founded in the year 2008 and has quickly become a leading light in the industry.
Setting up a precious metal IRA here can take up to 3 days. They deal primarily with gold and silver coins from the USA and Canada.
Merit Gold – With over twenty years of industry experience, this company not only deals in all kinds of gold and silver coins, they also provide up-to-the-minute market updates.
While they don’t necessarily have the shortest account set up time, they are a long standing company with a good reputation to boot.
Blanchard & Company – Located in New Orleans, this company has been active in the industry for over three decades. They offer their expertise to clients in the area of numismatics and precious metals consultancy. They have a full complement of highly qualified staff on their payroll which is an indicator of their level of professionalism.
Capital Gold Group – The Capital Gold group is vastly experienced in investments involving several types of precious metals. They also provide access to authentication services for their clientele towards their gold IRA investments.
Getting your account set up with their service can take as long as three weeks, which is longer than the industry’s standards.