All of us hope that, one day, we will find ourselves able to retire—comfortably, securely, and without constant worries about income levels. Sadly, this long-held American dream is one that fewer and fewer of us are realizing. The economy is in a downward spiral, the power of the dollar has diminished by 95 percent in the last 100 years, and Social Security offers little real possibility for a truly secure retirement. It goes without saying that there is no time like the present to consider alternative options for retirement investing.
According to Wholesale Direct Metals, complaints about traditional retirement accounts are resolved through the set-up of gold IRAs. A gold IRA is effectively just what it sounds like; it’s an Individual Retirement Account, only instead of investments in stocks and bonds, it involves an investment in gold. Setting up a gold IRA is a great way to ensure a solid retirement nest egg, because—unlike the stock market and very much unlike the dollar—gold has a stable and secure value that has held steady over time, and is set to increase in the near future.
So can anyone just walk into a bank or a financial planner’s office and ask to set up a gold IRA? Sadly, the answer is no. With that said, it is not too hard to set up an IRA devoted to gold. Simply follow the five steps listed below.
Select a Custodian
First and foremost, you will need a custodian for your IRA. Sadly, most traditional financial planners will not allow you to invest in anything other than tried-and-true stocks, bonds, and mutual funds. As such, you will need to find a company that allows you to set up a self-directed account. A self-directed IRA will let you invest as you see fit—in real estate, in foreign currencies, and yes, in gold. There are many self-directed IRA custodians the world over.
Fund the Account
The next step is to fund the account. This is the easy part, in one sense, because all you have to do is write a check, denoting your annual contribution. Send if off to your chosen IRA custodian and you’re ready to move on to the next step.
Purchase Your Gold
The next step is to actually find a dealer of gold and other precious metals. Naturally, Wholesale Direct Metals is a good place to begin. According to Wholesale Direct Metals, complaints about traditional retirement accounts are resolved through investments in gold, silver, bullion, proof coins, numismatic coins—all products that the company provides.
Transfer Your Gold
The next step is to secure your gold somewhere. Your IRA custodian will verify the invoice of your purchase. The custodian will then arrange for the gold to get transferred to a secured depository of your choosing.
Complete the Process
From there, you need only ensure that the process is completed. Your custodian should send you an alert when your gold or silver is secured. You will also receive regular updates concerning the total value of your gold portfolio.