Gold IRAs are growing in popularity every year. Since the United States Treasury enacted the Peoples’ Precious Metals Integrity Act of 1992, everyday American citizens like you and me can hold tangible, physical assets such as gold, silver, and platinum in special accounts that are virtually inflation-proof time capsules (plus interest). But are these alternative retirement companies right for you? What happens if you already have a retirement plan in place, does that render me ineligible to purchase bouillon?
A lot goes into researching something as crucial as your financial life post-employment in the US. It’s hard for some people to even approach the subject due to the sheer amount of information out there, conflicting or otherwise, that everyone is expected to not only parse through but understand. Here are some helpful ways to start out:
Friends, Family, & Neighbors
Some people say that you should never ask your coworkers, friends, or family for financial advice. Who are they to tell you how to live your life? What do they know about finances or precious metals individual retirement plans?
Well, while your loved ones and neighbors may not all be certified public accountants, some of them are. Ask those people what they’ve invested in and try to record every word they say. That way, you can go home and copy them tit-for-tat and rake in the big bucks with the best of them.
All joking aside, go to your neighbor’s house down the street. You know the one with the big front yard and BMW in the driveway. Ask that lady what she invested her money in. I’d bet you, almost without a doubt, that it’s gold. Nine times out of ten, that’s what it is.
Your local public library is a typically packed, untapped market for a wealth of financial education all for free at the tip of your fingers. Do you want to know if the gold you have in your home is something you can invest in? For current and up-to-date laws and regulations regarding purchasing and saving gold, you may want to do some further research online.
The last thing you want to do is invest in something that time-and-time-again has been proven to not be very lucrative or, worse, a fraud. Some collectible, precious metals are of fineness that some companies may deem worthy of interest while others do not. It all depends on what company you’re working with and which employee you get that day.
If you’re still not sure, then don’t worry. Thankfully, the IRS has an official website where it goes over, in detail, your collectibles and lets you know which one’s may be deemed as tangible investment properties or not.
If you’ve never used Google, I’d be pretty surprised. Shocked, to be honest. However, there are people out there who are new to using Google to search for new businesses and financial assistance.
The three most basic things you’ll want to search Google for in terms of precious metal IRAs:
- If you have an exact question, but the most important words in quotation marks.
- Google the company or program you’re interested in and type “+scam”.
- Search for the company or program you’re interested in investing with and find if they have reviews on sites like Google, Yelp, or Yellowpages.
Investigate Your Options
The internet is a dangerous and untrustworthy place; a far cry from its humble beginnings as a way for people all over the world to simply communicate and share ideas.
With so many possible scams and fraudulent companies out there, you want to make sure your t’s are crossed and i’s are dotted before giving away any personally identifying or financial information.
Verify Your Options
Now, this part can be tricky. You’re going to want to find a “Contact Us” or perhaps just a “Contact” page on the company’s website. If they do not list a physical address, or it’s not an address in the United States, then it’s definitely a fraud.
Check that the address is a legitimate establishment and that the phone number actually connected to the correct business. Besides those things, you’re going to want to verify with an employee that the IRA you are interested in features things that you need, such as easy transfers and rollovers from other approved retirement plans.
Make sure the Gold IRA you’re interested in has the options you need. For instance, do you already have a retirement fund? If so, you’ll need to transfer them to physical gold. This link will help show you the best company to transfer with: https://www.wishtv.com/sponsored/best-gold-ira-companies-for-ira-transfers-to-physical-gold-in-2022. If that’s not enough, please try another research technique.
Like when you’re researching anything else, as soon as you feel comfortable and confident enough to make a decision on if a gold IRA is right for you, and which company to choose, go back to square one and check your bases:
- Is the business real?
- Is the business rated well online?
- Is the business verified by third parties?
Once you’ve answered those very simple questions, you’ll be able to make an educated decision on your future retirement goals and plans. It may seem too simple to some, but these basic research steps are often forgotten about and when money is at stake, all your cards should be on the table.
You may still be asking yourself, “Is this right for me?”, and that’s okay; we’re all on the very same page. While the entire world has financial institutions backed by precious metals, gold holdings in the United States have always been the frontrunner. That doesn’t seem to be something that will change any time soon as it’s almost double the next country’s holdings (Germany).
Don’t settle for less than the real thing: gold. It’s not just our ancestors that coveted this beautiful, precious metal; it’s our current economy. Get it on one of the most stable and reliable ways to invest in the safety of your future and the future of your family’s financial status.