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As we start to age, retirement seems to loom before our eyes. After the age of 65, most people try to have at least a small nest egg set aside. According to financial experts, as much as 80% of pre-retirees may be ill-prepared for retirement.
Seniors often become increasingly panicked as they reach retirement age. Suddenly, those promising retirement accounts no longer seem large enough.
We all know diversification is more important than ever, which is why many seniors are investing in gold investments. To start with gold bullion, you need a trustworthy gold IRA company that will not prey on your fears.
Seniors are sometimes vulnerable to scams. We want to dispel the rumors and present the facts that will help you choose the best gold IRA companies to help you prepare for retirement.
The future is uncertain. With inflation rising and the economy teetering, no one knows what will happen to their paper assets or even the dollar's value over time.
Some seniors think they can rely on Social Security to help them through retirement. At this time, the average monthly benefit is $1,688.35.
Would this be enough money each month to survive? What would happen if the Social Security program is depleted before you retire? The following are some of the reasons seniors should save for the future:
offer a solid way to diversify your investment portfolio and prepare for the future. You hedge against inflation and increase your retirement savings when you buy gold.
Seniors are the number one target for scam artists because these unscrupulous people prey on the insecurities of the elderly. Always remember: If something sounds too good to be true, it likely is! The following are some of the most common signs of gold IRA scams:
When surveying gold IRA companies, ask plenty of questions and run if you see any red flags. Protecting your money is essential. Never let the wrong investment companies have access to your money.
Gold IRAs are self-directed IRAs that allow investors to invest all of their accounts or a portion of them in precious metals. A gold IRA also allows you to invest in other assets, such as real estate, ETFs, gold mining stock, and more.
If you have never opened a gold IRA, you may not know the steps involved or how they work. We have broken each of the steps into easy-to-understand terms so you can feel confident opening your self-directed IRA. The steps are identical for working with a silver IRA company.
First, you need to choose a custodian. The IRA custodian will act as the administrator of your IRA. They will take care of the paperwork and administrative tasks to keep your account current and in line with IRS rules. Many gold companies partner with their preferred custodians to help customers.
There will be fees with a gold IRA, but they should not be extravagant. Ask for clarification if you are being charged fees that you do not understand. You can expect to incur the following fees with your gold, silver, and platinum individual retirement account:
Before you can purchase metals, you need to fund your account, and you have a few options available. To view options you can go to: https://goldinfo.net/how-to-buy-gold-ira/. If you have an existing account, you may be able to roll over the funds to your self-directed IRA. You will need to contact the administrator of your account to get started.
You may also withdraw funds from your current 401k or other types of retirement accounts and put them into your new precious metal IRA. Just remember that you only have 60 days to make the deposit, or you will incur a tax penalty.
Remember that you can also fund your gold IRA accounts with wire transfers. You will also need to remember that there are limitations on contributions. If you are under 50, you can only contribute $6,000 a year. Once you reach the age of 50, it goes up to $7,000.
Complete details on how to move a 401k to gold with no penalty can be seen right here.
Once your gold IRA is open and funded, you can purchase gold bars and other precious metals. You need to be aware of the IRS-approved gold coins, which is why working with gold IRA companies is important.
For a complete breakdown and details of how a precious metals IRA works check out this article.
A gold IRA works in the same way as traditional IRAs. You can begin taking distributions as soon as you reach the age of 59 1/2. Withdrawing before this time could result in a penalty unless you meet the extraneous qualifications of an early withdrawal. When you reach the age of 72, there are required minimum distributions you must take out each year.
There are three types of gold IRA account options available. Consider the following options based on your retirement savings needs.
Traditional Gold IRAs are the most common among investors. With each contribution to your IRA, you can deduct the payments on your taxes. Once you withdraw, you pay taxes in the full amount owed, but you will likely be in a lower tax bracket in retirement.
There is also the Roth IRA. A Roth IRA is the opposite of a traditional one. You pay taxes with each contribution but will not owe a tax bill when you withdraw after retirement. This page will give you more information on Gold Roth options.
SEP IRAs are for those who are self-employed. This retirement account functions similarly to traditional IRAs but allows employers to contribute to their own IRAs and those of their employees.
Seniors have many options for investing in precious metals. You are not stuck with investing in only physical precious metals. Below, we break down your options to help you develop a solid retirement plan. As always, we fully recommend working with investment companies that can offer you sound guidance when you purchase gold.
If you want an in depth look at how to invest in a gold IRA you can get more information.
A gold IRA allows you to invest in gold, silver, platinum, and palladium. You will need to ensure the gold is 99.5% pure, silver is 99.9% pure, and platinum and palladium are 99.95% pure.
You can purchase bars, rounds, and coins. The only exception to the gold purity rule is the Gold American Eagle which is allowed for gold IRAs.
As a senior, you can also invest in gold mutual funds. These funds allow you to directly or indirectly invest in gold and other precious metals. You will invest in the stock market for these funds.
Gold ETFs are also an option with gold IRAs. This commodity is traded on the stock market, just like traditional stocks. ETFs allow you to invest in precious metals without taking physical ownership.
A gold future allows investors to enter a deal with a seller. The investor agrees to purchase a specific amount of gold, at a specific price, on a future date. You can buy and sell futures similarly to stocks and other tangible assets.
You do have the option of storing gold at home, but only outside of a gold IRA. The IRS requires people to hold their gold in an approved depository. Companies like Goldco partner with depositories to make it easier for their customers when buying gold.
If you want to purchase metals and store them at home, you need to ensure you have a safe place. A thief could take your entire investment in one move. Security is one of the many reasons people start buying gold with an IRA.
We have done all the research on the top gold IRA companies. The following have risen above the rest with their high level of customer service and exemplary transparency.
1. Goldco
Goldco is our top choice because they put their customers first. They will help you through every stage of the process of opening, funding, and buying gold for your gold IRA account.
The company was founded in 2006 by Trevor Gerszt. Goldco has an A+ rating from the Better Business Bureau and an AAA rating from Business Consumer Alliance. Headquartered in Woodland Hills, California, this company is endorsed by Ben Stein, Stew Peters, Chuck Norris, and Sean Hannity.
2. Augusta Precious Metals
This company is another solid choice in our top five. They are one of the easiest gold companies to start with because they take care of almost all the paperwork for their customers.
This company was founded in 2012 by Isaac Nuriani and is headquartered in Casper, Wyoming. Augusta Precious Metals is a family-owned and operated business, so they treat customers like family. They can help you greatly increase your retirement savings.
3. Birch Gold Group
We also believe Birch Gold Group is a top gold company. Because they do not push for sales, they make seniors feel comfortable.
Birch Gold Group was opened in 2003 and is headquartered in Burbank, California. They also have offices open in San Francisco and Silicon Valley.
The company has an A+ rating from the Better Business Bureau and an AAA rating from Business Consumer Alliance. You can trust this precious metal company to serve your needs and help increase your retirement savings.
4. American Hartford Gold
American Hartford Gold is also a trusted name in the world of gold IRA accounts. The company opened in 2015 with Sanford Mann at the helm. American Hartford Gold is headquartered in Los Angeles, California.
The company guides its customers through investing in a gold IRA account. They help you select the right gold products and partner with custodians and depositories to make the process of investing in gold much easier for seniors.
5. Noble Gold
We also like Noble Gold because they require one of the lowest investment minimums in the industry, at only $2,000. They educate senior investors on the Internal Revenue Service rules for a self-directed gold IRA.
Noble Gold opened its doors in 2016, so they are a newer company than some on our list. Collin Plume is the president and CEO of the company and has helped Noble gain an A+ rating with the BBB and an AAA rating with Business Consumer Alliance.
The following are some commonly asked questions:
Gold is a good investment for seniors because it hedges against inflation and retains its value, even during economic events. With a gold IRA account, you can be better prepared for retirement without stress. More details.
To buy gold 401K, you will need to take these three steps.
A gold 401K allows you to convert your current account to an IRA that allows you to invest in precious metals. People choose to switch to an IRA because they are less likely to lose money in their retirement savings.
You should roll your 401K into gold to give you more investment options. A 401 K will only allow you to invest in stocks and bonds.
With a gold IRA, you will have multiple options for your retirement plans, including physical gold, ETFs, and futures. Just keep in mind that after the age of 72, there are required minimum distributions.
People often begin to panic after the age of 50, especially if they feel ill-prepared for retirement. Gold is an ideal investment option for seniors, but you must take precautions.
Selecting the right gold company is essential for your investment efforts. We have put together our top 5 list above to help you choose wisely. Goldco is at the top for a reason, and we highly recommend them for helping you get started.
The information provided in this website is intended solely for educational purposes and general informational use. It is not intended as, nor should it be considered, financial or investment advice. Investing in gold or any other financial asset carries inherent risks, and decisions regarding investments should not be made solely based on the information presented here.
We strongly recommend that you consult with a licensed and qualified financial advisor or investment professional before making any investment decisions. They can provide you with personalized guidance and take into account your individual financial situation and goals.
We do not assume any responsibility for the accuracy, completeness, or suitability of the information provided on this website for your specific circumstances. Any reliance you place on such information is strictly at your own risk.
Any opinions offered by The Gold Information Network are The Gold Information Network’s opinions and not to be relied on by anyone for any purpose.
