Gold gives you a way to save for retirement and not worry about what the government is doing to your currency.
In fact, there are easy ways to use tax-deferred accounts to make it even more efficient to save for your future with gold. There are a few options to consider when choosing a gold IRA, and you need to know your options.
Choose The Right Gold IRA
If you are going to open a gold IRA, the first thing you need to consider is if you want a traditional or a ROTH IRA. While many people often believe there is not a big difference between them, this couldn’t be further from the truth. The two main differences between these two types of IRA are taxes, withdrawal penalties, and eligibility.
When using a traditional IRA, you won’t be taxed at the time of contributing but at the time of withdrawing, will be eligible with any earned income, and will incur penalties if withdrawing before age 59 and a half.
Roth IRAs, on the other hand, will have you pay taxes at the time of contributing but not at the time of withdrawal (including any profit you make), will require you to have a MAGI of less than $153k to be eligible, and won’t result in penalties for contribution withdrawals after 5 years (this doesn’t include any profit you make).
As you can see, your decision at this point already has had quite an impact on any money you expect to have at the time of the requirement. You can summarize the decision between both types as follows:
Do you need the tax benefits now (traditional), or can you receive them later (Roth) to improve your earnings?
Now that you have decided on a type of IRA, you need to find the company (custodian) that better fits your needs. There are many options out there, with each of them offering different services and programs to suit their users’ needs. Unfortunately, as what the best company is will depend entirely on you, we can’t provide you with a specific name for you to use.
That being said, you might want to consider companies like Augusta Precious Metals, Gold Star Trust, Goldco Precious Metals, Birch Gold Group, and American Hartford Gold. All of these companies have a solid reputation and history that will ensure your gold is in great hands.
Get Your Gold IRA Going Today
Despite gold being considered a metal associated with the rich, opening a gold IRA is accessible to most people. Physical gold is available in small weights, so you don’t need to be a millionaire to start a gold IRA.
The process is just as easy as opening any other form of IRA, and once you get used to the hassles that come with managing self-directed IRAs, it can be way more beneficial in the long run. Gold has been valuable for thousands of years and will almost certainly outlast the US dollar.
As long as you pay attention to the different conditions offered by each custodian, you will be sure to be on the right track to retirement in no time.