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Self Directed IRA for Gold

by IRA Rollover in Gold IRA, Gold IRA rollover, Self Directed IRA with Comments Off on Self Directed IRA for Gold

Any financial advisor will tell you that you should diversify your investments and one of the best ways to do that is with a self directed IRA. One of the main advantage to a self directed IRA is that you choose how your assets are invested and make your own decisions on those investments.  This is why these accounts are becoming very popular.  Investors can diversify their assets, control the way they grow, and don’t have to be subjected to the ups and downs of the stock market.

In fact, there are over $100 billion invested in self directed IRAs and the number of accounts being opened is on the rise.  After the last big market upset in 2008 when so many lost so much of their retirement savings, the idea of being in control gained popularity.  A self directed IRA is not managed by a custodian familiar with the market that will give you advice or make decisions about your investments.  You’re the one responsible for that and frankly, it can be a lot of work.  You are required to have a custodian that is connected with a trust bank but all they do is make sure you have the proper paperwork and give you a valuation of your account each year.  How your investments grow—or shrink—is entirely up to you!

Of course, you can hire someone to help you if you know you can’t make the decisions to your advantage.  Most people choose a self directed IRA because they want control over their own wealth but many take the advice of experts until they feel that they have enough experience to go it alone.

Self directed IRA for gold

One of the advantages of a self directed IRA is that you have more options about the types of assets you can acquire and invest in.  You might choose stocks, real estate, bonds, or precious metals like gold or silver.  All your assets must to adhere to certain federal rules so you can’t invest in collectibles like art or personal property or life insurance.

A traditional 401K or IRA is also limited in the type of investments that can be made.  With one of those accounts you can choose to be aggressive or opt for more conservative investments for long term steady growth.  The problem is that you usually don’t have that many choices and if you pick the wrong advisor it could be poorly managed.  When you have self directed IRA you’re in control and can choose where the money is invested.

One of the options people are excited about is a self directed IRA for gold.  Gold approved for use in an IRA comes in various weights so that it’s affordable for people of all means.

Are There Restrictions?

There are not as many restrictions with a self directed IRA as there are with traditional IRAs.  One of the great advantages of this type of account is the liquidity.  In a traditional IRA the custodian can take up to 30 days to release any money you ask for so in an emergency you may be in real trouble.  With a self directed IRA you have access to the money you need in a couple of days because you are in charge of it.

Invest in what you believe in

You can invest in real estate that can benefit others while it brings you profits.  You can invest in new technology that can better society, or do something you love and invest in horses or other livestock.  You can invest in a cause you believe in.  The only drawback is that you can make bad investments but if you make the right decisions you can get some very good returns.

Self Directed IRA – Fees

Self directed IRAs have higher fees than traditional IRAs.  You might pay to open the account, an annual fee of several hundred dollars, holding fees for each asset and transaction fees for investments in real estate.

Be Careful How Much You Invest

It’s important to keep some money in your self directed IRA for the purpose of maintaining your investments.  For instance, if you have invested in real estate such as a property that needs a new plumbing system, the money for that must be paid from the IRA account.  If you’ve spent all your money buying the property you won’t have any to do repairs because you are not allowed use your personal funds to maintain an asset in your IRA.  All the profits from that property must go into the IRA account, not into your pocket or any other account.

Best Self Directed IRA for Precious Metals

With an IRA that uses precious metals you won’t have any costs other than storage.  Your gold and other precious metals are stored in federally approved vaults that are insured and secure.  You don’t have to maintain the metal, repair it, feed it, or worry about it.  A self directed IRA for gold is something you should consider, especially if you want to be safe from the fickle behavior of paper currency.

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