The unstable economy makes retirement a major concern for most Americans. What could be more challenging when you retire? Individual Retirement Arrangements, or IRAs were also introduced by the government. These allowing individuals to both save money for retirement and get tax breaks. The flexibility of the assets you can put into an IRA makes it different than other retirement accounts. You can see gold IRA fees for more information.
Many IRA accounts owners had to reevaluate the viability and safety of traditional investments in stocks, bonds, or mutual funds after the stock market collapse. Due to the volatile stock market, many have suffered significant losses. For stability, people now look for a gold IRA.
You need to take precautions with your investment in gold IRA to ensure your retirement assets and your investments. You can place precious metals in your gold IRA, including gold, silver or platinum. These precious metals can withstand economic turmoil and the associated ill effects such as inflation or devaluation. Because of their limited supply, and high demand, precious metals can withstand these occurrences.
A good place to start is having an account custodian who permits the inclusion precious metals in your IRA. You will have to create a self-directed gold IRA. You should have an IRS-accredited bank account if you are interested in investing in physical assets like gold bullion bars and coins. It is forbidden by the IRS to handle precious metals assets personally. In order to avoid getting penalized, you must deposit your asset directly into the storage area.
All gold bullion coins or bars are eligible as gold IRA investments. The IRS has established standards for the quality of your physical asset in order to be considered account investment. Acceptable as legal tender are silver and gold bullion coins that are less than 995 in fineness. Only a few coins meet the requirements, including the American Gold Silver and Platinum Eagles (or the Canadian Gold Maple Leaf coin), the Australian Kangaroo Nuggets (or the Austrian Philharmonics). They are 99.9% pure and bullions are an excellent choice.