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The value of the U.S. Dollar is slowly depreciating and this can have a costly effect on your 401 K accounts without a gold IRA. The longer you keep your 401 K retirement fund in dollars the less you will actually have when you are ready to retire. How can you secure your retirement fund from this type of depreciations? If you already have a 401K from a previous place of employment than you may be able to rollover your money into another type of retirement account.
Investing your 401K into an IRA or a self directed IRA allows you to invest your money through a number of different holdings. These types of holdings such as real estate investments or precious metals are far more stable and profitable for you. If you are however, working a job that your 401K is currently active then you will not be able to rollover your current 401K to a new IRA account. You can contribute to and open an IRA account alongside your current 401K.
A gold IRA (precious metals IRA) is one that converts your previous 401K into gold. These type of IRAs are one of the more effective ways to ensure your retirement savings is safe from devaluation and debasement. With a gold IRA you will not have to worry about your financial freedom and can entrust that the fund you have been saving for years remain safe.
There are certain limitations when it comes to a gold IRA one being that not every kind of gold can be used in an IRA. There are specific gold coins and bars that have been approved by the internal revenue service that can be used for IRA accounts. These regulations are found in Section 408(m)(3) [aka IRC 408] of the internal Revenue Codes you can also refer to this list of the types of precious metals that are allowed in an IRA.
Another precious metals IRA requirement the IRS enforces is a custodian or trustee is present to oversee transactions that relate to a self directed IRA. Luckily, custodians services are offered from a number of management companies as well as investment firms. These companies are highly trustworthy and can greatly benefit you in building a stable and profitable IRA account. Look at this list for some of the most reputable precious metals IRA custodian companies in the industry.
The Bottom Line
Converting your 401K plan into a Gold IRA gives you the security of investing your retirement fund in a profitable and stable account.
Since gold is considered a rare element it holds a great deal of value. Studies have recently revealed that a majority of the gold reserves could be mined within the next twenty years. This could result in gold price reach over five thousand dollar an ounce.
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