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What is a Self-directed IRA Account? | (& How To Open One)

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What is a self-directed ira account?

What is a self-directed ira account? How does it differ from other types of IRAs? Does it offer unique benefits that you should not miss out on? If you are here today because you want to obtain the answers to such and more questions pertaining to self-directed IRAs, then you are in the right place. All you need to do is read on till the end of this post to find out more. Let’s hop right into it. 

P.S.Gold Retired

See our Top-5 List of  Gold & Silver IRA solutions

What is a Self-directed IRA ( SDIRA)? Gold Retired

A self-directed IRA is a unique type of Individual Retirement Account ( IRA) that can hold a wide variety of alternative assets that are otherwise not allowed in regular IRAs. Although SDIRAs are overseen by IRS-approved custodians or trustees, they are directly managed by the person who owns the account, hence the term “self-directed”. 

There are two main categories of SDIRAs, which are described below:

1. Traditional IRA

With a traditional IRA, you are required by the law to invest your money on a pre-tax basis. This means that you can avoid paying any taxes on your contributions, hence giving your investments the opportunity to grow tax-deferred. When it is time to withdraw your money during your retirement years ( at age 59 ½ years or older), you will be required to pay taxes on your withdrawals at the ordinary income tax rates defined by the IRS. 

2. Roth IRA

For this type of IRA, investors get to invest their post-tax dollars, meaning that they pay taxes before making any contributions to their accounts. This effectively means that they will grow their investments tax-free, and when they withdraw their money during retirement, they won’t be required by the law to pay any taxes on their withdrawals. 

==>Gold Roth IRA Rules | Let´s go through them in a simple way

Which assets can you hold or invest through a self-directed IRA? Gold Retired

An investor can use a self-directed IRA to invest in assets that are not allowed or offered through regular IRAs and online brokerages. With a self-directed IRA, you can tap into a wide range of financial assets, thus maximizing your income-generation potential. 

Those who open regular IRAs are limited to paper assets such as: 

With a self-directed IRA, however, you can access and invest in a wide array of assets, which include: 

  • Precious metals such as gold, silver, platinum, and palladium.
  • Cryptocurrency 
  • Real estate 
  • Crowdfunded assets e.g. loans 
  • Limited partnerships 
  • Private stock 
  • Commodities
  • Land and mineral rights 
  • Agriculture 
  • Horse races 
  • Tax lien certificates, etc. 

The list of allowed investments can be longer depending on what your self-directed IRA custodian allows you to hold. That said, however, there is a list of items and assets that you are not allowed to hold or invest in through a self-directed IRA, including:

  • Life insurance
  • Collectibles e.g. art, gems, alcoholic beverages, stamps, collector coins, antiques, and rugs.

**How do I open a Bitcoin IRA? | Some Top Things To Consider!

**Best Self-directed IRA Custodians | Ranked by Main Features

How exactly does a self-directed IRA work? Gold Retired

A self-directed IRA works in a manner similar to standard IRAs. For starters, the annual contribution limit for SDIRAs is also $6000 ( or $7000 for those who are 50 years or older). Note that the annual contribution limits change from year to year. Investors can choose to open their SDIRA as a traditional IRA or a Roth IRA, with the taxation rules applying in the same manner as the standard Traditional and Roth IRAs. 

The only difference between SDIRAs and standard IRAs is the type of investments one is allowed to hold through either account. With an SDIRA, you can hold alternative assets, in addition to the traditional assets that are exclusively allowed for Standard IRAs.

One thing that you should note, however, is that you cannot purchase the alternative assets from your SDIRA custodian. Your SDIRA custodian may only hold the assets after you have purchased them from a dealer or broker. This makes the process of investing through SDIRAs complex for some investors. You can, however, navigate this field easily if you turn to an IRA company that specializes in assisting clients to open a new account and begin investing with no hitches or hassles. 

You should, however, be very careful about any company, dealer, or broker you interact with during the account opening process, since it is possible for you to get scammed by a fake company posing as genuine service providers. 

How do I open a self-directed IRA? Gold Retired

If you are looking for a way to open a self-directed IRA, in a bid to increase your scope of investments, then you can follow the process outlined below:

1. Find a reliable custodian 

You should start by finding a reliable IRS-approved self-directed IRA custodian. Do not forget to check their customer reviews, and any complaints filed on any consumer trust sites such as Trustpilot, Better Business Bureau, and Business Consumer Alliance. 

What is a Self-Directed IRA Custodian? What You Should Know!

2. Choose the products you need to purchase 

After figuring out which company you will turn to for the custodian services, you can proceed to determine the alternative investments you want to buy. When you have settled on the asset classes, you may need to find a reputable dealer to purchase the assets. Your custodian may offer suggestions for the best dealers to contact for various assets, but you should do your due diligence to ascertain that you are getting the best deal out there. 

3. Fund your account 

You can fund your SDIRA by sending money directly from your bank account savings, or you can do an IRA rollover. An IRA rollover may be the best option for any account holder who has an existing retirement plan. 

4. Complete the transaction 

Once you have found a suitable custodian and dealer, you can proceed to instruct your custodian to purchase the investments from the dealer. 

5. Track the performance of your account

Once you have purchased the required assets, you can now track the performance of your investments. You should consider rebalancing your portfolio periodically, to ensure that you are not exposing yourself to inflationary forces and other negative forces. 

More Interesting Reads

**Gold IRA Information | The Basics and Tips For Beginners

**Retirement Planning (Gold IRA) | What You Need To Know!

**Gold IRA Storage Fees | Comparison & Info on Top Companies

**Is it Wise to Invest in Gold by Doing a Gold IRA Rollover?

Frequently asked questions on “What is a Self-Directed IRA account” faq

1. How much money can I put in my self-directed IRA?

The contribution limits may vary year over year, depending on the type of self-directed IRA you currently own. The IRS releases the annual contribution rules for all retirement plans in this category, including Traditional, Roth, SEP, SIMPLE, and ESA plans. 

2. Which type of fees should I expect to pay as an SDIRA owner? 

For starters, you should choose a self-directed IRA custodian company that has a simple and transparent fee schedule. This will enable you to plan ahead so that you make the payments when or before they are due. Generally, however, you should expect to pay the following fees:

  • Account set-up
  • Annual recordkeeping
  • Purchase and sale of asset fees
  • Transaction fees

3. I thought only assets such as stocks and funds were allowed for use in retirement investment plans? How come I have not heard of such an IRA? 

Most investors are usually shocked to discover that they have the option to invest in alternative assets through a self-directed IRA. Interestingly, this option has been around since 1975, and those who have known about it have been taking advantage of it. Most brokerage firms only offer investment options such as stocks and funds, and may as such not be inclined to promote alternative investments.

4.  Are there any disadvantages associated with using a self-directed IRA? 

All investments come with risks, and self-directed IRAs are no exceptions. The investments held in self-directed IRAs present a greater income generation opportunity, but they may also be riskier. You, therefore, have to weigh the pros and cons, and also define clearly why you are interested in opening the SDIRA. For a precious metal investor, for instance, the reason may be to diversify their portfolio to protect their wealth or to hedge their portfolio against inflation. 

Also Read:

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions

Thank you for making it to the end of this article on what a self-directed IRA account is. I hope that you have learned something new from it and that you will also share it with someone whom you know would be interested in learning about this unique retirement plan. If you have questions or opinions that you would love to share, do not hesitate to drop them in the comments section – I will respond to them ASAP!

I wish you well, 

Eric, Investor and Team Member at Gold Retired!

What is Rocket Dollar? | Reviews & Complaints to be Found?

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Today we will look at the Rocket Dollar reviews from consumer protection agencies. What is Rocket Dollar? They are an IRA custodian company that specializes mainly in investment opportunities for individual retirement accounts. Let´s look into this new company in the industry!

Company: Rocket Dollarwhat is rocket dollar

Website: www.rocketdollar.com

Founder: Henry Yoshida

Price: $360 Setup fee +$15 per month

Who is it for?: Self-directed investors, retirees

Overall rating: 3.8 out of 5 stars (3.8 / 5)

Warning!

There are many scammers who will trick you into giving them your hard-earned cash. 

They employ high-pressure sales techniques like calling you every day. 

To avoid this, please do your own research before you decide what firm to invest with. 

You can do this by checking the reviews and ratings independent 3rd party consumer protection agencies give them.

To discover which IRA investment firm consumers rate the highest… who won’t bother you with pushy sales calls… and who you can trust to protect and grow your wealth… then take a look at the top-5 lists of our Self-Directed IRA Dealers.

With that being said, let´s continue with the review on Rocket Dollar!

What is Rocket Dollar?

The company started in 2018 as a fairly new investment platform that positions itself as a low-cost platform for self-directed investors. They are there to ensure that their clients get all the help they need whenever they want to set up a Self-directed IRA or Solo 401k investment plan. The IRA or individual retirement account exists under a trust that holds investment assets acquired with an individual’s earned income for their eventual benefit in old age. The taxpayer is allowed by an IRA account to save their retirement benefits on a tax-deferred basis. 

rocketdollar reviews

Address of the company: 2028 East Ben White Boulevard Suite 240-4010 Austin, TX 78741

How Does Rocket Dollar Work?

Opening an account through Rocket Dollar is pretty simple. A client signs up online, after which he/she signs the required documents, then funds their investments. Once a client funds an investment plan, they can start buying any legal investment. It may seem simplistic, but a deeper review of the factors involved assists the understanding of the complexity of the work put into Rocket Dollar as well as how easy it is to go wrong.

By opening an account through Rocket Dollar, an individual also opens a limited liability company. This company is opened under the ownership of the client’s account. The funds used in investments and the returns go through the LLC’s checkbook since one cannot combine personal funds and investment funds.

The LLC’s control of an individual’s investments account is meant to assist in staying compliant with set laws concerning self-directed investments. However, the account holder should note that they still have to apply caution when buying and selling assets. Rocket Dollar emphasizes that it is illegal to “self-deal” or buy or sell assets you or your business own. Due to this reason, Rocket Dollar offers to help fill the form 5500 for a client whenever it’s required as part of the client’s customer service.

What products do they offer?

Self-directed retirement accounts

is rocket dollar a scam

Rocket Dollar facilitates the operation of self-managed retirement accounts by handling back-office documentation and connecting its users with prospecting investment partners. The platform offers self-directed IRAs and solo 401(k) accounts. Like retirement accounts, a Rocket Dollar user’s investment can save a huge amount of money in tax savings with high-yielding investments. 

The self-directed retirement account offers investors a broad universe of IRS-approved investments.

The investments opportunities available to Rocket Dollar clients include:

With Rocket Dollars, a client can invest in options that are not on the platform through the “Bring Your Deal (BYOD)” provision, which turns an unlisted option into an investable opportunity. 

As a client, one gains a wide selection of investment options to choose from whenever one needs to invest. With your hard-earned dollars positioned correctly, you will be at peace, knowing you will not lose it all in a moment. Even with the current economic and political scenario’s complexity of existing risks, you will still reap the benefits of your investment in your assets many years later. 

**Also read:

Gold in war (hedge against inflation)

How to protect your 401(k) from a market crash

How to get started?

The company’s excellent customer service makes starting an investment plan with them fairly simple. However, it is advisable for you to start by accessing their website and reviewing the different products they offer. On the website, you will also get a free guide that can provide you with more information concerning IRA plan investment and factors to keep in mind when investing. The guide is considerably helpful to investors looking to open a self-directed IRA account for their retirement. 

This will also provide some background into the company their history. Staying informed will assist you as a client in assessing the viability as well as the security of the intended investment. Should you prefer their services, the next step should be to contact the company through one of the various options given on their website.

A customer support specialist will get in touch with you and provide you with the guidance that you need to open a self-directed IRA or a Solo 401k account. They will also assist you through the investment process.

Whom Are Rocket Dollar’s Partners?

With Rocket Dollar, you can invest in almost anything with the self-directed IRA. The company has several online investment partners that assist when investing in the various options listed above. However, you should not take my word for this; it’s advisable to do your research on these companies.

The point to note is that, even if the partners are not impressive to you, with a self-directed IRA, you have the option to invest and set up accounts in the name of your IRA or Solo 401k, even when they don’t partner with Rocket Dollar.

What Are Rocket Dollar’s Fees?Gold Retired

Each account requires a $360 setup fee and an additional $15/month maintenance fee in Rocket Dollars’ silver option. Considering your account balance, this can be a preferable deal. Any additional fees incurred are included alongside these fees charged by Rocket Dollar.

Rocket Dollar has a Rocket Dollar Gold option for an expedited funding option. This option requires a $600 fee and a $30/monthly maintenance fee for people in need of support closing a deal quickly.

Comparing these fees with the free solo 401k plans by the major brokerage firms, they come out as expensive. However, this option allows you to control and invest in a greater variety of options.

How Do They Compare?

Rocket Dollar isn’t the only company in this trade. When looking for a Solo 401k or a Self-Directed IRA, the options are not limited to just a few companies, there are plenty of alternatives out there.

**On this page you can see our top-6 list of Self-Directed IRA Custodians.

However, here’s how Rocket Dollar compares to a couple of them (see more from link above):

                                 RocketDollar      ALTO           My Solo 401k Financial

Setup Fee:           $360                           $49                  $425

Annual Fee:          $180                           Up to $499    $125

Plan Types:           IRA & 401k               IRA                   IRA & 401k

What can we make out of these results?

This shows the slightly higher overall fees for Rocket Dollar; however, the effect it has on the company’s success, we are yet to see; as the company is fairly young, there haven’t been a lot of customer responses and reactions to derive from. 

How good is their support?

The Rocket Dollar platform is a self-directed IRA and solo 401k provider. It bases its operation on keeping its plan easy to set up and manage. This ensures clients can focus on other demands. They have excellent customer service, which makes their support great.

Is Rocket Dollar a Scam?Gold Retired

So, is Rocket Dollar a scam? No. The company is not a scam but a legitimate IRA investment company. They have real owners documented on their website as well as a real physical address. However, the company is still fairly young, so we are yet to know how well it develops.

Though it is a young company, it has the advantage of numerous alternative investment opportunities, so if you are experienced as a trader, the company will provide the universe of options you need as long as the high fees don’t scare you.

Rocket Dollar Reviews & complaints

One of the best way to research a company is, without a doubt, to look at reviews of the particular company, in this case, Rocket Dollar. However, we do not like to just look at “any” review but we focus mainly on the most well-knwon and trusted independent third-party consumer protection agencies. The reason why we look at those places and put the most weight on that is because only real customers of a product or service can leave their testimonials there.

Below are the reviews on Rocket Dollar:

BBB (Better Business Bureau)Gold Retired

Rating: N/A

Trustpilot

Rating: N/A

BCA

Rating: N/A

Trustlink

Rating: N/A

Yelp

Rating: N/A

As you clearly can see above we didn´t find anything on the most well-known and trusted consumer watchdogs… Again, Rocket Dollar is a very young company so that might be the reason for it.

Rocket Dollars PROS
  • Self-directed IRA or Solo 401k easy setup
  • Alternatives investment options in an IRA
  • An expedited setup option great for those with urgency
CONS
  • Slightly higher than average annual fees

Do you own or represent this company? 

Are you the owner or a representative of Rocket Dollar? Would you be interested in clarifying any of the details we have provided above or adding some details concerning the review? Any information will be added to ensure IRA prospecting investors get the best image of your platform. 

The quickest and easiest method to get in touch with us is to post a note in the comments section below or to send us an email at the following address: contact@goldretired.com.

Final words & Verdict

Verdict: Legit

Overall rating: 3.8 out of 5 stars (3.8 / 5)

Rocket Dollar makes it cheap and easy to invest retirement funds in alternatives. For an experienced person, this is a compelling opportunity. I would be reluctant to invest my retirement dollars in alternative investing. The company is still too young to predict its future capabilities.

For now, I would think it wise to wait until that platform has established a track record of successful investing outcomes. An alternative investment is a risky trade that depends on the prowess of the individuals involved. This is not a trait one can judge on impulse; it requires actual scenarios of triumph over the challenges in the business world to make what I would call “an informed decision.”

As of now, I give the platform a rating of 3.8 out of 5 stars. However, this may change to a higher or a lower index in due time as we update our reviews on this site as soon as new trends come up on the platform.

Recommendation + resourcesGold Retired

Please make sure to due your due diligence and ALWAYS compare different alternatives before you make any decisions to move forward with your investment. You are a smart person, I know that because you clearly understand the consept of doing your own research, you wouldn´t have read this far otherwise, right? So I am absolutely sure that you will find the company that suits your particular needs the best, and that you feel comfortable doing business with!

I hope you found this short review to be helpful and that you now got a better idea on what Rocket Dollar is and if it is something for you or not. We didn´t find any reviews from the consumer watchdog sites, so if you have experience yourself with this company then please share it in the comment section below as it can help others!

I wish you success!

Glanz, investor and team member at Gold Retired

Best Investments For Retirees | Top Six Options To Consider!

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Best Investments For Retirees

In today’s post, we shall take a look at the best investments for retirees. There comes a time when those in their golden years or heading to their golden years have to think about sustainable investments that will fund their lifestyles. In a world where many options are available, it is advisable to exercise caution, since not every investment is viable or good for everyone. Herein, we shall take a look at the viable options that are generally suitable for most retirees across the board. 

P.S.Gold Retired

See our Top-5 List of  Gold & Silver IRA solutions

Real Estate Investment Trusts ( REITs)

REITs invest in mortgages as well as direct equity positions in a variety of properties. The good thing about these investments is that they are required to set aside about 90% of their taxable income as dividends to be shared out amongst investors, which makes their dividends higher than what one can expect from stock dividends. REITs are also suitable retirement options owing to the fact that properties can be developed and sold and the money redeployed into other properties that have higher expected returns. They can, as such, be a great addition to retirees ’portfolios. Some of the most outstanding REITs in the USA include: 

  • American Tower Corp – yields about 2%
  • Crown Castle International -yields about 3% 

Precious Metals Gold Retired

Retirees can also benefit from having precious metals in their portfolios. Precious metals, moreso those invested through a self-directed IRA, act as an anchor during seasons of economic turmoil. Assets such as gold, silver, platinum, and palladium ( their IRA-approved versions), have historically been used to counter inflationary forces.

Investors who are aware of this have about 5% to 15% of their retirement investment funds held in precious metals, to counter any losses that may arise from the decline in value of their paper assets ( e.g. stocks, EMFs, mutual funds, etc).

Not forgetting that precious metals are perceived as valuable assets to hold during times of geopolitical instability, such as when there is political tension, or there is war, simply because they act as a store of value. 

If you are interested in finding out about what it takes to own some gold or silver as part of your retirement investment portfolio, you can read about it here. 

More interesting reads for you:

==>What Are the Main Benefits of Investing in Gold? (Must Read)

==>Investing in Gold for Beginners | Basics & Valuable Tips

==>What Are The Benefits of Investing in Gold and Silver 2022?

Dividend-paying stocks Stock Market News Articles

Stocks that pay dividends have shown great promise as far as offering stability in the often-tumultuous world of equities is concerned. The dividends from such stocks are often higher than those obtained from safer investments such as treasury notes, and certificates of deposit, more so now that interest rates are historically low. 

Whereas owning the stocks means that the investors will be exposed to certain risks, dividend payers also get the chance to earn some money regardless of whether their stock prices rise. The combination of their price growth potential as well as stocks enables the stocks to steer clear of inflation. 

Companies that have a long track record of making dividend payouts even during the worst financial years (e.g. during stock market crashes), offer great peace of mind to retirees. Firms such as Procter & Gamble have made dividend payouts consistently for over 60 years. 

N.B. It is advisable for an investor not to put over 3% of their money in an individual stock. 

***How do I Invest in Gold Stocks? Value Stocks To Consider!

Annuities annuity vs IRA

Annuities exist as investment contracts between an individual and an insurance company. They exist in different forms and present the promise of a guaranteed return at a stipulated rate. Common types of annuities that investors turn to in the market include: 

  • Fixed annuities
  • Fixed indexed annuities 
  • Variable annuities 
  • Immediate annuities
  • Deferred annuities 

Annuities have a higher income generating potential than investment vehicles such as bank certificates of deposit. With fixed annuities, you are guaranteed a payout of the principal invested, along with a minimum interest rate, as well as regular payouts made within a defined time horizon. You should, however, pay attention to the fees and commissions the annuity charges, since they can be too high. Most annuities also have complicated features, which call for you to fully understand the product before whipping out your checkbook or making your first payment. 

Also read ==>Is an IRA an Annuity? What Does Each Have To Offer To You?

Cryptocurrencies Bitcoin

While it is a good idea for retirees to mainly have their investment portfolios filled with low-risk assets, it is still a good idea to get some exposure to digital assets such as cryptos. It is clear that the world is digitizing many aspects of life at a very fast rate, which makes it necessary for every retiree to think about digital assets that will run the future.

A significant number of financial gurus, including renowned investor Mark Cuban, recommend having about 1% to 10% of one’s portfolio exposed to cryptos. Whereas these coins may be too risky for retirees, picking the right combination of digital assets may present you with an opportunity to also reap big in the future.

As a retiree, you can actually use a tax-advantaged individual retirement account referred to as a cryptocurrency IRA, also known as a Bitcoin IRA, to buy some digital assets. 

Top-recommended cryptocurrency IRAs worth checking out. 

Real Estate

You can also invest in real estate to ensure that you have a steady cash flow from your property. There are many approaches to earning an income in this industry, including purchasing a piece of land and holding on to it until its value increases significantly so that you can sell it for a profit.

You can also purchase a house, remodel it, and sell it off for a higher value. If you have managed your finances wisely and you have a substantial amount of savings, you can also purchase many units, rent them out, and then enjoy a monthly income. 

Interesting Read: Gold vs. Real Estate | Let´s Compare Them to Decide a Winner

Your business Gold Retired

As a retiree, you probably have a wealth of experience in a particular field. If you still have some love and passion for your profession, then you can identify a niche that you can exploit, and earn some money.

Since you are in your golden years, you might want to keep off from the strenuous work, and you can possibly just spare a few hours daily to follow up on the progress of such a business. However you structure your business is up to you, but you should be sure to enjoy your golden years. 

Frequently asked questions on “investments for retirees”faq

1. Can retirees invest?

Yes. As a retiree, you are likely to start receiving income from previously funded retirement plans. Instead of spending all the money to fund your lifestyle, you can channel it into other investments that are more stable and reliable, so that you can get better returns, and probably more of them, depending on how you strategize your investments. 

2. Where should I invest my money after retirement?

There is no rule stipulating where you should channel your retirement funds, but it is always a good idea to consider creating a diversified portfolio of assets. The type of assets you invest in will be determined by several factors, including your overall financial goals and objectives. Avoid putting all your money into a single asset.

How to Preserve my Wealth Through Diversification | 3 Tips

3. What is the best investment for me when I retire?

The No. 1 investment for retirees changes from time to time. It also differs from retiree to retiree. The asset that is best for you may not be best for another retiree, so you need to match the investment with your needs. You can also consider what the investment has to offer within the context of the economy. Precious metals may, for instance, help you to counter inflationary forces, and cryptocurrencies may bring with them a greater potential for higher returns. 

4. How much money should I invest as a retiree? 

The investment needs of every retiree are different. You may need to take to a financial advisor to guide you on how you should go about investing as a retiree, to ensure that you do not expose yourself to unnecessary risk. Hiring a financial manager may come at a fee, but it will be worth every penny if it offers you the clarity you need to create a well-balanced portfolio. 

Also Read:

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions

That will be all for this post on the best investments for retirees. I hope it was helpful and informative, and that it will enable you to get started with planning on how you will distribute and invest your retirement funds. Let me know if you have any questions pertaining to what I have discussed herein. 

I wish you well, 

Eric, Investor and Team Member at Gold Retired!

Retirement Planning (Gold IRA) | What You Need To Know!

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Retirement Planning Gold IRA

In today’s post, we shall take a look at retirement planning for a gold IRA. If you are hoping to be comfortable and have no financial worries during your retirement years, then this kind of planning is something that you should highly consider. This post will highlight some of the main things you need to do when planning for a gold IRA. Let’s get right into it.

P.S. Gold Retired

See our top-5 list of Gold & Silver IRA solutions

What you should consider before opening your gold IRAGold Retired

Before opening a gold IRA account it is necessary for you to understand the basics of how these accounts work, and what they entail. Below are some of the basics:

1. Type of account

To get started, you need to know the type of account you will open. Self-directed IRAs exist as either traditional IRAs or Roth IRAs. The difference between these two categories is in the way your money is taxed. 

With Roth IRAs, you are required to pay taxes before starting to make contributions to your account. With a traditional IRA, on the other hand, you only get to pay taxes when the time comes to withdraw the money. 

2. The annual contribution limits

There is a limit to the amount of money you can invest in a gold IRA, which varies by age. If you are under 50, the IRS allows you to contribute $6000 per year to your self-directed IRA. Upon hitting 50 years, this limit jumps to $7000. The extra $1000 contribution is known as a catch-up contribution.

3. How the precious metal assets will be stored

Precious metal assets invested through a precious metal IRA must be stored in an IRS-approved depository. You may, however, come across some companies promoting “self-storage IRAs, whose legality is questionable. If you go ahead and store the precious metal assets in a safe at your home, you could end up facing IRS penalties and fines, since doing so is perceived as taking a withdrawal.

After hitting 59 ½ years, the age at which you are allowed to begin taking withdrawals, you can have the gold assets sent to your preferred address, for you to store them as you please. You can also withdraw your gold earlier, but you must be ready to pay the 10% penalty. 

4. Investment feesFee

Gold IRAs, like other types of IRAs, come with fees. The common fees you should expect include:

  • Set up fees 
  • Management fees 
  • Storage fees 

The total amount you end up paying may vary depending on the companies you choose to work with, hence the need to do some research and compare different service providers in this industry before settling on any company.

***How do Gold IRAs Work? Do They Have Any Tangible Benefits?

***Is Investing in Gold a Good Idea Right Now? & Top Gold IRAs

How to start investing in a gold IRAGold Retired

To get started with a gold IRA investment for retirement, you need to follow the steps below:

1. Choose the right gold IRA company to work with 

Picking a gold IRA company is the very first step in the gold IRA opening process. These companies help you start the gold IRA, transfer the funds without getting overtaxed or penalized, buy your precious metal assets, as well as ensure that the assets are shipped to an IRA-approved depository for safe storage. 

In some cases, the gold IRA companies act as the account’s custodians, which simply means that they take care of the paperwork and ensure IRS compliance for your account. 

Gold has become a popular investment in the recent past,  and there are many gold IRA companies worth choosing from. Each company is, however, unique in the sense that it has different fees, services, as well as customer care quality. When opening your gold IRA, you will want to be very careful when analyzing gold IRA companies, to ensure that you get the best services for the fees charged. 

Upon choosing your company, you will proceed to fill out your paperwork to open the IRA, so that you can fund the account. During this process, you will be required to have personal details that are necessary for the account opening, so it is important to have all the documents that contain your PID with you. 

 2. Fund your newly-opened account Gold Retired

There are 3 top options when it comes to funding your gold IRA, including:

  • Cash contributions

You can transfer the funds to your account through cash, wire, or check transfer. 

  • Rollover 

You can use the rollover option if you already have an existing retirement plan. Not all retirement plans qualify for a gold IRA rollover, thus you should consult with your gold IRA company to establish whether it is possible for you to transfer the funds in your existing plan into your gold IRA. Note that you are required to deposit the funds from your existing retirement plan into your gold IRA within  60 days, or you could end up getting hit with a 10% early withdrawal penalty (unless you are over 59 ½ years).

401k to Gold Rollover Guide | Basic Rules You Should Know

  • Transfer 

You also have the option to do a direct IRA to IRA transfer. All you need to do is contact your existing retirement plan administrator or custodian, and have them contact your gold IRA company to begin the direct transfer. With this approach, you do not have to worry about meeting the 60-day rollover deadline, because direct transfers take about 5 days, and are tax and penalty-free. 

3. Select your preferred precious metals Gold Retired

Upon funding your gold IRA, you can proceed to purchase the assets you will hold in your account.

N.B: You can use a gold IRA to hold any of the IRS-approved precious metals, which include: gold, silver, platinum, and palladium. 

Also note that the IRS permits a specific type and purity of assets to be held within the self-directed IRAs, so you will need to be careful about what you select. 

The process of purchasing the precious metals is dependent on the company you open your account with. In some cases, the gold IRA company you open your account with will sell you pre-approved precious metals, hence doing away with the hassle of having to shop around for the metals yourself. 

With other companies, you will be required to select the precious metals you prefer to have in your account, and then direct your custodian to purchase them on your behalf using the funds you deposited.

Best Gold Coin Dealers | Top-3 Options To Buy Or Sell To

4. Monitor the performance of your precious metals Gold Retired

Your ability to effectively monitor the performance of your gold IRA is dependent on the tools and features provided by your gold IRA company. While some companies make it possible for you to monitor the performance of your investments, others do not. 

If you need regular updates on the performance of your assets, then you may need to speak to the customer reps in the gold IRA company you intend to work with, to establish whether they offer the means for you to do this.

More interesting reads for you:

What Are The Benefits of Retirement Planning? | Must Read!

What is an IRA? How Can You Use It To Invest for Retirement?

Simple Portfolios For Retirement | Ideas To Get You Started

How Does Inflation Affect Retirement Savings? | & What To Do

Frequently asked questions on “gold IRA planning”FAQ

How long will it take for me to open a gold IRA? 

The gold IRA opening process is in most cases quite easy if you work with a reliable company. With some companies, you can complete the application process in about 10 to 15 minutes, and wait for about 24 hours for the account to be opened. From there, the rest of the process will depend on how fast you fund the account. 

When will I withdraw the funds in my gold IRA? 

As per the rules set by the IRS, you can begin taking penalty-free distributions from your gold IRA upon hitting 59 ½ years. Any withdrawals made before this time will attract a 10% penalty. 

When should I begin taking my required minimum distributions? 

If you have a traditional gold IRA, then you are required by the IRS to start taking required minimum distributions each year, upon reaching 72 years, if you had not already begun making withdrawals. The exact amount you withdraw is dependent on your current age, the nature of your account, etc. You can choose to receive the RMDs in the form of cash, or through the metals you purchased. The failure to take the RMDs results in tax penalties amounting to 50% of the RMD amount. 

What types of coins can I include in my gold IRA? 

The IRS has its specifications for the type of coins that you can add to your gold IRA. They must meet the minimum fineness requirements, for them to qualify for use for the purpose of investment. Read the articles below for more information on the gold and silver coins that are allowed for use in a gold IRA. 

Also Read:

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions

That will be all for today’s post on gold IRA retirement planning. I hope that you enjoyed reading the content presented herein and that you now know what to do as you get started with your gold investment journey for your retirement years. If you need more tips and insights on how to get started, let me know by dropping your question in the comments section, and I will get back to you asap. 

I wish you well, 

Eric, Investor and Team Member at Gold Retired!

What is The Best Silver Coin? | Based on Distinct Features?

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What is the best silver coin?

What is the best silver coin? What are its properties? Should I purchase it only or should I also consider other types of silver coins? Join me in yet another interesting post in which we shall discuss a topic that is central and key to getting started with investing in silver. Let’s dive into it right away. 

P.S. Gold Retired

See our Top-5 List of Silver & Gold IRA solutions

Introduction

Purchasing silver coins can be an awesome approach to investing in precious metals, owing to their intrinsic value as well as their suitability as an alternative to the more expensive precious metals such as gold. The problem is that there are many types of silver and investors are often faced with the question of the most suitable coin for their portfolio. 

That can, however, be a hard question to address since this entirely depends on the type of investment one is looking for. We know that silver coins can be traced back to ancient times when civilized communities such as the Greeks used silver coins and their unique types of silver ingots for trade.

In today’s market, you will also find coins known as bullion coins, in addition to the ancient forms of silver. Each of these types has its unique value in the market and attracts different types of buyers and sellers. This means that most silver coins may differ in value. 

Top Silver Coins worth purchasing

Best Coin To Purchase in the US – The Silver Eagle

This silver coin is the only silver bullion coin whose weight, content, and purity are guaranteed by the US government. It is produced by the United States mint. Investors who are looking for valuable coins in the US that will not be problematic in the future when the purity is considered usually turn to the Silver Eagle. This coin is actually one of the most iconic assets in the precious metal investment industry, and it regularly sells in tens of millions to American investors and other international consumers. 

**Gold and Silver Investment Strategies | Top Choices For 2022

Best Coin To Purchase in/from Austria – The 1 oz. Silver Austrian Philharmonic Coin

The Austrian Mint commenced the production of Austrian Philharmonics in 2008, after gaining the rights to use Thomas Pesendorfer’s Philharmonic design. It is a classic option for those who are trying to get started with investing in silver all over the world. The design of the Silver Philharmonic features the great organ found in the Musikverein, as well as an assortment of orchestral instruments.

The face value of this coin is 1.50 Euro. The Austrian Mint produced a record 18 million+  silver Philharmonic coins back in 2011 and sold them to customers all over the world. When purchasing this coin, you should consider bulk purchases, since they bring the overall price per coin down significantly. 

Best coin to purchase from/in Canada  – The 1 oz. Silver Canadian Maple Leaf Coin

The coin is manufactured by the Royal Canadian Mint and happens to be Canada’s most popular export when it comes to silver coin assets. It has a unique and appealing aesthetic that makes not only the Canadians but also the international investors who own it, very proud to possess it. Another reason why this coin is loved is the fact that it is 99.99% fine, while most other silver coins are 99.9% fine. If you are intending to purchase Silver Maple Leaf Coins, then it would be a good idea to consider making a bulk purchase to bring down the premium per oz. 

Best Coin to purchase in or from Australia – The 1 oz. Silver Kangaroo

This silver coin was designed by Horst Harne in  1993 and has been one of the Royal Australian Mint’s best-sellers since then. This coin is globally recognized and is a popular asset amongst investors in the commonwealth nations. On the obverse of this coin is an engraved image of Queen Elizabeth II, and on the reverse is a Kangaroo ( the national symbol of Australia).  The 1 oz. Silver Kangaroo has a face value of 1 Australian dollar, making it quite affordable for entry-level investors in the precious metal industry.

***Gold Vs. Silver Investment | What makes the most sense to you?

Best Coin to Purchase in or From the United Kingdom: The 1 oz. Silver Britannia

For about 20 years, the Royal Mint has been manufacturing the 1 oz. Silver Britannia Coin. A commendable thing about the production process of this coin is that it has factored in the evolution of the design of this silver coin. Recently, the design of the silver Britannia has incorporated design and security authentication features, which in one way or another contributed to the addition of value for this coin.

The original design of this coin was created by Philip Nathan in 1987, but it has since then evolved significantly as described above. This silver coin is, as such, a great option for bullion coin stackers. 

Best Coin to purchase in/ from Mexico  – The 1 oz. Silver Libertad

The Mexica Mint is also popular in the precious metal industry for its manufacture of high premium and beautiful silver coins. As one of the largest silver producers in the entire world, the Mexican government is quite invested in the production of this silver coin and ensures that every piece meets the 0.999 fineness requirement. It is due to this reason that the 1 oz. silver Libertad is a valuable and welcome asset in all corners of the world. The  1 oz. silver Libertad design features:

As you can see from the list above, there are several options for silver investors to consider if they are thinking about adding some silver to their portfolio. If you are new to investing in silver and you have no idea about what it entails, then I would recommend that you get started by reading the articles below:

Silver IRA | Basics You Should Know Before You Get Started

How to Invest in a Silver IRA | Good Idea for You?

What Does IRA-Approved Silver Mean? | Easy Beginner’s Guide

Frequently Asked Questions on “The best silver coin?” faq

1. Where can I purchase silver coins?

There are many precious metal dealers from whom you can purchase your preferred silver coins. Most of the dealers have their brick-and-mortar stores as well as e-commerce platforms through which you can place your orders. You can get started by searching for silver coin dealers in your locality, but you should follow that up by doing some background research about the dealers on consumer trust sites, just to ensure that they are selling genuine products and at the best prices.

You can alternatively get started by reading about Gold and silver IRA investment solutions below to see if you will find a company that you like so that you can receive the guidance you need to maneuver this industry. 

2. Are silver coins expensive?

Silver coins are generally quite affordable and are perceived as a suitable alternative to gold. Entry-level investors who cannot raise the amount of money needed to invest in gold, platinum, or palladium often turn to silver owing to its affordability. This is not to mean that silver is not valuable. Some financial analysts actually believe that silver is generally underrated and that its price could rise sharply as more people look for a safe haven to protect their wealth from inflation. 

3. Can I store my silver coins at home? 

Depends. If you are purchasing your coins through a silver IRA, then you cannot store them at home. You are required to hold them in a secure IRS-approved depository that offers insured storage. If you are not purchasing the silver through a silver IRA, then you can hold them in any storage facility that you find convenient, including a safe at your home. 

What is Depository Storage? | All You Need To Know About It!

4. Is silver a good investment? 

The answer to this question depends on what your investment goals are. In my opinion, however, for those who are looking for ways to diversify their investment portfolios with an asset whose price movements do not correlate to those of paper assets, then silver may be worth looking into. 

Also Read: 

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions

That will be all for this post on what the best silver coin to invest in is. I hope that you enjoyed the post and that you now know which silver coin may be suitable for your investment needs, based on its properties, and your country of origin. If you have more questions about silver coin investments, do not hesitate to ask me by dropping them in the comments section so that I can respond to you ASAP! You can also share this post with your colleagues since sharing is caring. 

I wish you well, 

Eric, Investor and Team Member at Gold Retired!