Did you know that financial experts are predicting another, even more serious global financial meltdown in the near future? That’s right. As all of the economic stimulus programs begin to expire, starting in just 18 months, financial experts predict that the markets will take another huge hit, which has the potential to wipe out any ground that you have managed to make up in your retirement savings account since the last recession back almost 10 years ago.
However, experts aren’t recommending that everyone begin pulling their money out of the markets to protect it. Not only will this cause the economic instability to occur sooner and not protect you against loss, it will also cost you plenty in fees and penalties if you are successful in finding a way to get your money out of your retirement account, which can be a very difficult prospect in and of itself. What they are recommending, though, is that you take steps to protect yourself from potential losses. And the best way to do that is to begin converting your existing retirement investment strategy into one that invests in gold.
How do you do that?
You contact a reputable institution that offers gold IRAs and start the process of opening your new account. A gold IRA is much like your current IRA and is an IRS approved retirement savings account. This is a significant distinction because it means that you can roll your existing IRA or 401k balance into a new gold IRA without having to worry about paying the stiff fees and penalties that you would expect if you were to just pull your money out of your account and put it into a savings account.
The main difference between a gold IRA and a traditional or Roth IRA or even your company sponsored 401k lies in the selection of investments that you have access to. In a traditional retirement account, you are able to select from a range of paper backed securities to invest in, which, in a good economic climate is perfectly fine. However, when things go south and stocks begin to lose value, so does your retirement savings account. With a gold IRA, you have the ability to invest in gold as well as other securities. This is an important distinction because gold doesn’t behave in the same way as other investments during economic hardships. Rather than decreasing in value when markets tank, gold and other precious metals actually increase. This means that when the stocks and other paper securities in your investment portfolio take a nosedive, the gold in your gold IRA will increase in value, compensating for the devaluation, protecting your account balance. This is a unique characteristic of gold IRAs that make them very attractive for those looking for a better way to save for their retirement.
There has never been a better time than right now to turn your IRA gold. Take the time to locate a reputable gold IRA provider today and begin the process of securing your financial future.
Owning a gold IRA is like having an insurance policy for your retirement savings. Contact Goldco Precious Metals today to learn how you can turn your IRA gold.