SHOULD YOU CONSIDER A GOLD ROTH IRA?

It is important to create an Individual Retirement Account that is going to provide you with a good return. However, due to the volatility of the economy, your investment returns are likely to prove less than promising. Over the last few years, individuals holding IRAs with traditional assets have seen the value of their plan decline, and so many investors have been giving consideration to adding gold to their retirement accounts for better security. The U.S. Dollar may have been devalued, but metals are a stable investment because they are a commodity not affected by market forces.

During the late 1990’s the government introduced a number of changes to the system, and those with an Individual Retirement Account were allowed to hold precious metals in both traditional and Roth IRAs. Up until then, investors were mostly reliant on bonds and stocks so these new changes offered another alternative. In recent times, the U.S. Dollar has taken a nosedive but the prices of metals have risen. The current state of the economy may not appear too healthy. But since gold, silver, platinum and palladium prices continue to be on the rise, investors have been turning direction and putting their money into metal.

Both types of IRAs have the same goal – the funds are invested in order to provide an income for retirement. Thus, every prospective retiree would hope to see that their investments were profitable, or at the very least – didn’t lose value. Gold and silver prices have not dropped. In fact, they still continue to climb so this is one good reason why a gold retirement account could pay decent dividends. If you already have an Individual Retirement Account or a 401k plan and are thinking to convert it into a Gold Roth IRA, then you should seek the advice of a reputable custodian or trustee as they will have the professional experience to guide you through the process. Investors might like to know that the conversion process is both penalty-free and tax-free.

If you do not already have an existing account to transfer or convert, then a trust company can help you open a new account. Bear in mind that if you decide to buy precious metals for your Gold IRA, they have to be stored by the custodian and the depository must be approved by the Internal Revenue Service. When you make contributions to your Roth account, the funds have already been taxed, so no penalties or taxes become due once you start to withdraw the funds.

If you want to retire and draw on your investment, then you must be at least 59½ years of age. Should you decide to withdraw funds before then, you will be subject to pay penalties. If you have the traditional type, then you cannot add any more to the fund once you reach the age of 70½. However, those with the Roth type may contribute for as long as they wish. Should you consider a Gold Roth IRA account, you will need to contact your financial advisor for more detailed information.

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