Financial Health and Wealth Advice - Transfer to a Precious Metals IRA

Transfer to a Precious Metals IRA?

Even though the elections are finally over, it is fair to say an economic frankenstorm is looming. In fact, if you talk about these matters to your friends, you are likely to find that many are concerned about their jobs, retirement accounts, and the ability to obtain the basic needs of life.

Unfortunately, turning to the news tends to make everyone even more apprehensive about what the future holds. This is just of many reasons why people are turning to precious metals and gold IRA rollover accounts– to stave off certain disaster. If you haven’t heard about gold-backed investing, this is a wonderful chance to learn more.

Did You Lose Your Job in the Last 60 Days, or About to Lose it?

As you may be aware, a number of companies are already laying off workers in order to avoid having to spend more money on health insurance coverage. Needless to say, this will put an enormous amount of downward pressure on consumer confidence during the holiday season. Interestingly enough, after you lose a job, you have a 60 day window to transfer your retirement account to another holder.

If you transfer to a precious metals IRA, you will not need to go through an employer. Instead, you can work with an independent gold-backed IRA broker to set up the account and administer it. Aside from protecting your current investment, you will not have to pay any penalties to make this transfer. Individuals that suspect they are going to lose their job can also invest in a precious metal or gold IRA and enjoy the same level of security.

Regarding Retirement Savings Accounts Being Wiped out

Do you remember the day you went to work and found out the value of your IRA had plummeted to 60% or less of its value from the day before? Chances are, you were in shock to find out you had been robbed of your life savings in a matter of hours.

Unfortunately, as the days wore on, you also found out that there was no getting that money back without trying to invest in risky paper markets that were doomed to fail just as much as the “blue stocks”. By contrast, you may also have noticed that portions of your 401k dedicated to precious metals survived the onslaught and continued to gain in value even as the global economy continued to fall apart.

To this day, when you invest in a gold 401k you can have peace of mind knowing that its value will at worst remain intact, and at best, grow at a faster rate than paper stocks.

About Currency Values

Have you heard that Iran, China, and Russia are trading with each other without using US dollars? Did you know Japan is also considering conducting trade with China using some currency other than USD? If you haven’t heard about this, or don’t understand the implications, you may be in for a very rude awakening.

Quite frankly, as the rest of the world veers away from the US dollar, US spending power both outside and within this country will continue to plummet. As may be expected, the de facto devaluation of the dollar will also cripple paper-based retirement accounts, bonds, stocks, and even your bank savings accounts.

On the other hand, precious metals are far more insulated from shifts and changes in the global economy. In fact, when the paper system crashes, precious metal investing usually leads to enormous profits. No matter how you look at it, a gold coin will buy more tangible currency than a piece of paper. Therefore, when you invest in gold for your IRA account, you will prevent it from being devalued.

Advantages of Gold vs. Paper Backed Retirement Accounts

If you want to protect your retirement fund, consider the following advantages of a gold IRA rollover:

  • Even if you lost or lose your job, you will not lose all your earnings when you transfer to a gold IRA.
  • When you get another job, you will not have to put your retirement account in the hands of an employer that may go out of business, thus forcing you to start all over again.
  • You will have full control of your retirement savings.
  • Your savings will be protected from serious and dangerous changes in the global economy.

Gold IRA Rollover

Essentially, a gold IRA rollover is backed by investments in gold instead of paper stocks in businesses or international currencies. Typically, you purchase gold through a broker, and it is housed in a depository, along with gold held by other investors. As the value of gold changes from day to day, you earn interest just as you would earn dividends from stocks or Forex trades.

Kinds of Metals

When you invest in gold for retirement purposes, you can only use bullion produced by the treasury and certified for purity. While you can choose between mint and proof gold, mint costs less while giving you just as much metal.

You can also invest in any other precious metal that is released for the purpose of IRA investing. This includes coins produced by other countries for the same purpose. For example, if you do not want to buy US gold or silver, you can elect to purchase Canadian stamped bullion instead.

Why Buy Gold Now?

At the moment, IRA interest rates appear relatively steady. In the near future, it is very possible they will become extremely volatile as employer layoffs and looming federal budget issues can have a negative impact on the holiday shopping season. Historically speaking, gold and other precious metals have retained their value, even as nations rise and fall. As a result, when you buy gold, you will truly be doing something important to protect your future financial well-being.

Once you decide to invest in a gold IRA rollover account, you will need to find a suitable way to buy precious metals. Today, the best way to buy gold for this purpose remains purchasing it through a broker that can also administer your account. If you do some research, you will find several companies that offer these services at an affordable price combined with all the tools and advice required for making sound decisions in this arena.