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Should you get an IRA account or a gold IRA account?

Over the past few years, people have been struggling to recoup the losses the realized during one of the worst economic periods in United States history. The global recession wiped out the retirement accounts of millions of Americas, leaving many to wonder how they were going to pay for their retirement and if they would be able to retire at all. For those who still have time to plan for retirement, there are choices such as protecting their wealth with a gold IRA. Gold IRAs allow you to purchase investments, gold, that won’t decrease in value if the stock market crashes again, allowing you the ability to recession-proof your retirement account. And, just like other investments, gold has the ability to increase in value over time, allowing you to grow your retirement income while hedging against losses. Here’s how it works.

About Gold IRA Accounts

Most traditional IRAs and 401(k)s don’t allow the accountholders to purchase gold directly. But, that’s ok. You can simply roll your existing retirement account into a gold IRA without any money out of pocket. Because this is a rollover to another retirement account, you won’t face early withdrawal penalties or IRS penalties for moving your money.

Gold IRAs are not a new phenomenon in the fact that they have been around since 1997. However it’s only been recently that they have become popular. This is mostly due to the financial collapse of 2008 and the large number of Americans who were left with empty retirement accounts and no time to re-accumulate the money they need to retire. A Gold IRA is different from a traditional IRA in that the account allows you to purchase gold with your money. In some precious metal IRAs, you can also purchase other precious metals such as silver, platinum and even palladium. However, not all gold IRAs will offer this kind of flexibility.

Turning an existing 401k into gold allows those who still have time to save for their retirement a way to protect their money from future stock market crashes and other financial crises.

Benefits of Gold IRAs

The reassurance that you have a modicum of protection in your retirement account is the main benefit of having a gold IRA. However there are other benefits. Buying gold the traditional way requires you to pay sales tax. However, by turning your 401k to gold, you can not only avid paying sales tax, you can use pre-tax dollars to make the purchase, giving you the ability to buy more gold for less.

Not sure whether or not Goldco Precious Metals is the right company for your gold IRA needs, please visit https://goldcopreciousmetals.com/gold-ira and browse through their library of information regarding the benefits of owning gold and setting up a gold ira. You won’t find a more committed partner for your retirement savings needs.