In the world of gambling, taking a risk with your money is almost considered a customary tradition no matter what age you are. However, there comes a time when the playing field changes a bit. When people enter the age of retirement, suddenly, things involving risk and adrenaline tend to get replaced with comfort and safety. The same thing is true for people creating individual retirement arrangements (IRA). To ensure a secure life in such a teeter-tottering economy, people must be on constant lookout for the best ways to invest their money.
Investing in gold and silver coins and bars is one of the smartest ways people contribute to their individual retirement arrangements (IRA). Investing in precious metals is considered a “safety asset” because it relies on the success of its own market rather than the success of corresponding institutions. In other words, purchasing a precious metals IRA deletes the need for a middleman resulting in more benefits on your (the buyer’s) behalf.
To start a precious metals IRA, specific items are approved. For a gold backed IRA, gold coins and bars containing unadulterated 24 karat gold are items of approval. NYMEX- or COMEX-approved refiner hallmarks must be evident on gold bars ranging from 1 to 400 ounces. Unless the gold is a 22 karat American Eagle Gold coin, all gold coins must be 24 karat to satisfy the IRA requirements.
A fineness number of 0.999 or higher is needed for items seeking approval in a silver IRA. Silver bars weighing in at 100 and 1000 ounces along with Mexican Silver Libertad bullion coins, Canadian Silver Maple Leaf coins, or US Silver Eagle coins are also accepted objects. Some companies suggest that investing in silver bullion bars over coins other than the Silver Eagle have more solidity in the precious metals market. For people not interested in gold or silver IRAs, platinum and palladium IRAs are also available. Items accepted in these two markets must contain a fineness of 0.9995 or higher to qualify. 1 ounce coins or 1 to 100 ounce bars with a NYMEX or COMEX seals are also approved as platinum or palladium IRA assets.
Rolling over from a Roth IRA or a traditional IRA, an individual needs to be separated from their place of employment. Once separation occurs, the individual can roll over their 401(k) plan assets to function under a precious metals account. Rolling over to a physical gold-backed IRA is more problematic if a person does not plan on leaving their place of employment. However, many companies offer free analyses to assist in the smooth transition from one IRA plan to another.
If you are exhausted from risky, unstable investments in a wavering economy and desire a change in your IRA plan, it is not too late. Investing in a stable gold, silver, platinum or palladium IRA can be a beneficial alternative to your money and your style of living. Contact Scottsdale Bullion and Coin, a trusted precious metals IRA company, to see how we can help you on your road to success.