Gold IRAs can be a safe and reliable way to save for your retirement and diversify your portfolio. Record gold sales combined with the appearance of many more companies processing and simplifying transactions have made investing in a gold IRA a one-stop shop. Any fees charged for your Gold IRA rollover would be charged by your custodian bank, either by your existing 401 (k) administrator or by the custodian of your new account. While it may sound tempting to keep physical gold in your retirement account, gold IRAs aren’t a good choice for every investor
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An easy way to get started with a Gold IRA is to transfer funds from another retirement account you have, such as a 401k, 403b, TSP, or another. Conversely, if you think you’re likely to be in a higher tax bracket when you retire than you are now, you’re likely to find a Roth IRA cheaper. A self-directed gold IRA can give you peace of mind if you want to hold physical assets. However, if you want to diversify precious metals without the hassle and expense of a gold IRA, you can also invest in gold ETFs, gold mutual funds, and stocks of gold mining companies. If you’re at least 59.5 years old — or if you’re at least 55 and no longer work for the employer that provided your 401k plan — then transferring your 401k funds to a Gold IRA shouldn’t be a problem
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type of self-directed IRA is best for you depends on your current personal financial circumstances and what your financial situation will look like in retirement. Gold IRAs are usually defined as alternative investments, meaning that they are not traded on a public stock exchange and require specialized expertise to value them. Check back regularly to see how your investments are doing and consider making an annual rollover if you want to keep buying gold. While gold may well have a place in a well-diversified portfolio, it’s important to weigh the risks of buying gold versus other assets
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After you’ve set up a Gold IRA, simply contact your 401k plan administrator, the person who is your trustee for that account, and instruct them to transfer the amount of money you want to invest in your Gold IRA to your Gold IRA’s custodian manager. If gold seems like a good choice for you, Sentell suggests investing no more than a third of your retirement savings in a gold IRA. As with most important financial decisions, opening a Gold IRA isn’t a decision you should make lightly or before you do your research. Gold is often used as a hedge against inflation, allowing investors to bet against uncertainties on the wider market
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