Currency is getting weaker and weaker as we have seen with the uncontrolled printing of money, zero percent interest rates, and the rising debt in many nations. Even with all this happening, some things will still remain constant in your life; retirement. So, if your senior years are no longer secure with paper money in your account, what about precious metals?
Globally, there seem to be a great shift from investing in the currency market to investing in precious metals. Many countries have seen the dwindling value of the dollar, euro and other superpower currencies thus precious metals like gold and silver are the new investment item. Why? Because they will maintain value even in the later years.
Many governments are practicing this investment trend, but you as an individual need to secure your future as well with a precious metals retirement package. Wouldn’t it be sad if you stored up huge bank notes only for them to degrade in value by the time you are retiring? Won’t that mean you have to start working all over again to supplement the little you have in the bank?
If you are an employee on a payroll, by now you should have a precious metal 401k rollover plan. What does this mean? Most employers give about 6% of your income towards your 401k account. This is the rollover we are talking about and it is generally free untaxed money. Rather than store all of it in a 401k account, why not channel part of it in retirement precious metal? As the old saying goes, don’t pull all your eggs in one basket so spreading your investment portfolio is a wise move while you are still young.
So what if your employer doesn’t provide a 401k account? There still a plan B which is the Individual Retirement Account or IRA abbreviated. The only difference with the 401K account is that this one you set up for yourself. Otherwise, it still is pre-tax money and you can choose to split your investment just like with the 401K account.
Does the IRS approve of this tax-free investment plan? The answer is an absolute yes. The IRS allows any individual with an IRA account to take part in a precious metals IRA investment. Precious metals in IRA investment plants include gold, palladium, silver and platinum. These metals are available for investment as well in a precious metals 401k rollover. It is a wise way to diversity your retirement portfolio and with time will generate wealth that is tax-free.
So how do you set up precious metals backed IRA? You will need a broker and a depository who will guide you on how you will invest precious metals for IRA. The broker will help you in purchasing precious metals from qualified dealers and the depository will act as a secure point where your invested precious metals IRA will be held. Before that, you must make sure that your IRA provider is authorized and recognized by the IRS and that they allow their clients to invest in precious metals.
With your dealer to offer guidance, you will then need to buy a Direction Letter and Depository Letter which will be filled and submitted to the New Direction Individual Retirement Account (NDIRA) authorities. You will also need to agree on purchase terms with your dealer who will then send the agreed price as an invoice to NDIRA officials. The dealer will be provided payments from your IRA funding while NDIRA sets up your depository account. Your dealer will then start shipping the precious metals to your depository hence your investment in retirement precious metals will have started.
Note that the precious metals for IRA will solely be owned by the IRA itself. This is especially for gold and silver IRA accounts. The IRA will take care of all costs and the proceeds go directly to them. Every legal document that details the investment of precious metals for IRA will bear the name of your IRA provider and not your personal names. At no time will the precious metals be handled by your personally; the IRA will invest in precious metals on your behalf, what you are doing is securing your IRA account and ensure it doesn’t fall in value when you hit 70 years.