In case you are looking to make a good investment, you should consider gold backed IRA. Since I know many of you are not quite familiar with this process, I decided to write a couple of sentences that will help you ask the right questions and make the right decisions.
When you are about to setup your retirement account, you have a couple of options available. And since IRA and gold sound attractive, I’m sure you would like to more know about this particular option. A lot of baby boomers are interested to buy gold because they receive a lot of signals that it is important to buy gold now! So it’s only natural that a lot of folks are calling their friends or financial advisers to get some help.
The information I will provide here is quite simple and will help you understand the basics about gold backed IRA.
First, there are several different types of IRAs and the one you choose will depend on the goals you have. Self Directed type allows you to call all the shots. It’s a popular choice where your funds are transferred from your existing IRA. You can take all your funds and move them to a new account or have the company move your retirement funds for you.
Second, it is important to choose the right type of metals. You should know that the IRS doesn’t approve all gold, only bars or bullion coins. They come in different denominations, from 1/10 of an ounce to 1 ounce. Gold, platinum, palladium and silver are your options. To this day, the best choice has always been gold so I advise you to get this type of metal only.
Please note that you will need to work with an authorized precious metal dealer in order to set up an Individual Retirement Account.