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A self-directed IRA is an Individual Retirement Account (IRA), which allows alternative investments for retirement savings plans such as physical gold or other IRS approved precious metals (such as silver, platinum, and palladium) that are held in custody, by an IRS approved custodian, for the benefit of the self-directed IRA account owner. A self-directed IRA functions in the same manner as a regular IRA, however instead of holding paper assets, you can invest in and hold physical bullion coins or bars in your IRA account.
Since gold is the most common precious metal invested into an IRA, the term “gold IRA” is used the most often in the industry to refer to a retirement account containing any some combination of precious metals. Other terms also used referring to a precious metal IRA include, “precious metals IRA,” “silver IRA,” “platinum IRA,” or “palladium IRA.”
You may have little or no say about your investments when you choose a conventional IRA or 401(k) with a bank or brokerage firm that specializes in bank deposits, stocks, mutual funds, annuities, and other approved assets. But when you open a self-directed IRA with Reliant Assets, you are empowered to make your own investment decisions and choose for yourself which IRA eligible precious metal coins, bullion, and bars to invest in.
The accounts listed below (subject to terms and conditions) can be converted into a gold IRA:
– Traditional IRA
– Roth IRA
– SEP IRA
– Simple IRA
– TSP (Thrift Savings Plan)*
– 457 (B)*
– Pension plan*
– Tax-sheltered annuity
*To qualify, must be from a former employer or for an individual older than 59 ½.
You can hold approved Gold, Silver, Palladium, and Platinum in your IRA Account. Call us for a full list of IRS approved Gold, Silver, Palladium, and Platinum.
Now that you have decided to open a Gold IRA, where are your IRA precious metals stored? While invested inside of your self-directed Gold IRA, the physical metals must be stored with an IRS approved third-party depository. For our client’s precious metal storage needs we work with Brink’s Global Services USA, Inc.(Los Angeles or Salt Lake City) and Delaware Depository (Wilmington, DE).
Should you decide to take a distribution from your Gold IRA, you have the option to receive your precious metals, as opposed to liquidating the coins or bars for cash. For example, if you have invested gold American Eagles inside of your Gold IRA you can request to receive gold American Eagles as your distribution. That would be considered an in-kind distribution and the IRS tax rules will apply as if you had taken cash as the distribution.
It is important to consider that every investment has risks, but typically gold is viewed as a long-term investment. Market and economic conditions should be taken into consideration as current conditions can influence the length of time gold should be kept.
Retain more of your retirement savings by investing smartly.
- Hire a professional. After doing some extensive research into the different advisors available in your area, schedule time to meet with them for a consultation. This gives you the opportunity to get a feel for the voice on the phone by meeting the financial professional in person. Ask as many questions as time permits so you gain peace of mind knowing that you’ve made the right choice to hire the individual to help you manage your retirement savings. Asking a lawyer for legal advice pertaining to your fund may also be advantageous. You’ll know what you are allowed to do with your money and how to make it work best for you.
- Diversify your portfolio. You know the saying, “Don’t put all of your eggs in one basket?” It’s wise not to put all of your retirement savings into one thing. That’s why a financial advisor is essential. They help give you ideas as to how to invest your money and diversify your portfolio. Doing so ensures that you’ll have money coming in with all the different investments that you’ve made.
- Don’t bank all your successes on the stock market. If you take hits financially before you retire and need to sell off your stocks, you could be left shorthanded when it comes to retirement. Again, this is where diversifying your portfolio comes in. Having some stock options is valuable. Investing everything you’ve got into the stock market, however, can be volatile.
- Invest in precious metals. Reliant Assets provides you with the option to invest your finances in gold, silver, and other precious metals. We even offer home delivery services so you don’t need to come to us to retrieve your coins or bullion. Our tax free, penalty free IRA transfer is something that many retirees see value in. We don’t require you to pay startup fees and we insure shipping to ensure that your gold and silver arrive to you without any issue.
You’re never too young to plan for your financial future!
The moment you start working, you’ll be faced with financial decisions concerning the pay that you’ve earned. As a person nearing retirement age, you see the importance of thinking ahead financially. You know how important a 401K plan and a diverse portfolio is. That’s why you’re glad that you learned at a young age to invest in your future. It’s what gives you a sense of security as you prepare to retire from your job.
The ideal age to start saving for retirement is whatever age you qualified for IRA contributions. You could have been in your late teens or early twenties. You may not have started planning for your financial future until your thirties. Whenever you decided to get serious about saving, you started to look into options that helped grow your nest egg.
If you invested $3,000 a year for ten years in a tax-deferred retirement account at the age of 25 and never invested another penny into your retirement fund, you’d have a $30,000 investment that amassed to $338,000 by the time you retired. That is, of course, if the annual return rate was 7%. This is assuming that you were in your mid-twenties when you made the investment.
If saving for retirement isn’t a possibility until you were in your late 30s, you could have still invested the same amount of money ($3,000) but done it for 30 years opposed to 10 years and had $90,000 of your own earnings to invest by the time you reached your 60s. At 7% annual return, you’ll have $303,000 which is a great deal of money by any estimation.
- Take advantage of your employer’s 401K program from as early on as you can. The closer you are to retirement age, the more likely it is that you’ve already taken this step. Being able to realistically plan for your needs and come up with a savings plan that works for you at a young age is ideal. If you didn’t have a chance to put money up in your 20s and 30s, make sure to max out 401K accounts when you’re able to start contributing to them. Any money that you put away is better than no savings at all.
- Open your own IRA or Roth IRA account. Make regular deposits into it. That way, there is no question that you’ll have a good amount of money saved once you’ve reached retirement age. Most financial institutions offer a retirement savings account. Find one that meets your needs and schedule a time to meet with a personal banker who can answer any questions you might have.
- Work with a financial advisor who can help you make the most of the money that you’ve saved. A money master will help you grow your savings into life-changing Do your homework and research the different advisors in your area that are top-notch. Choose one to meet with and interview them by asking a series of questions pertaining to their skills and knowledge base. That way, you know you’ve made the right decision.
- Consider the value of gold, silver, and other precious metals. Request a free Gold & Silver Retirement Kit from us. That way, you’re able to see how valuable precious metals are. You can also keep track of the current market value of gold and silver by visiting our website often and paying close attention to the ticker of prices at the top of our page.
- Learn to live on less so that you’re able to invest as much as you possibly can. Making changes in the way you live today helps you better plan for the future. Do your part to cut back on unnecessary expenses so you’re able to sock away more money into your retirement funds and precious metal investments.
- Invest. Safe investments sustained over many years are almost certain to offer you a healthy profit. Despite the temporary ups and downs of company stocks, commodities, real estate prices, etc. most of these assets do trend consistently upward on a long enough time scale. Of course, in order to optimize your results, it is important to diversify your investment portfolio with a healthy mix of stocks, bonds, personal assets, precious metals, etc.
- Grow Your Income. Investing in yourself and in your career is another no-brainer when it comes to growing your wealth. Depending on your goals and talents, a few good examples of this include: working hard, pursuing new professional opportunities, attempting to earn money with your hobbies, or attaining higher levels of training/education.
- Spend Wisely. One of the most destructive financial myths out there: spending wisely equals giving up everything you enjoy. This couldn’t be farther from the truth. By simply avoiding overpriced items, avoiding interest whenever possible, and shopping sales when they arise, you can free up income for investments and/or personal enjoyment!
- Save. Living paycheck to paycheck isn’t only frustrating: it’s expensive. When you don’t have savings ready, you end up paying more for virtually everything, either through interest or through the high cost of low price/low-quality purchases. This is why it’s important to cultivate an emergency fund in order to ensure that life’s unexpected bumps in the road don’t cause you grave financial harm.
1. America is getting older. One of the biggest reasons why the social security program is running into trouble is because America’s population is getting older. Because the baby boomers were the largest generation in American history, the age balance in the US is now skewing upward, which means tens of millions of people will be claiming social security at the same time, all while the workforce is actually shrinking. Not a good combination!
2. Trusting Washington D.C one hundred percent is never a good strategy. Politicians are notoriously untrustworthy, and social security ultimately depends on the decisions made by senators and congressmen in the capital. Even if you’ve worked hard and paid into the social security system your whole life, there’s no guarantee Washington will respect that.
3. Social security is just a baseline anyway. The average social security paycheck is roughly thirteen hundred dollars a month. Sure, this can be helpful, and it’s a nice safety net, but enjoying the retirement you deserve will probably take more than that.
4. You want to leave a strong financial legacy. For most people, just scraping by in their retirement years isn’t enough. If you are hoping to help the grandkids through college, or take the family on vacations, or leave a meaningful inheritance for the ones you love, you are going to need to build your own source of wealth.
- Saving. Having savings on hand can help get you through life’s most challenging moments with greater ease. Taking time off work because you are sick, moving to a new city, or sending the kids to a private school are all good examples of this. Even though these things could all be accomplished with credit cards and personal loans, for example, your life will be a lot easier without taking on extra debt and stress. So putting money away for a rainy day is a must.
- Investing. In addition to saving cash, it’s also a good idea to invest cash in ways that will grow your wealth over time. The word investment might make you think about the stock market. (And stocks and bonds aren’t by any means a bad idea as long as you do your homework.) But an investment can be anything that grows in value: purchasing a home, pursuing an advanced education, and buying precious metals are all ways to invest.
- Reducing expenses. Many wealthy people are surprisingly frugal, and this isn´t a coincidence. Finding better deals, avoiding impulse purchases, and even negotiating prices on larger expenses can add up big time. And that money, invested and grown over a lifetime, can make a real difference in your bank account.
- Taking Care of Yourself. Eating right, exercising, getting enough sleep, and staying up to date on your doctor’s appointments will save you thousands in medical expenses down the road, while also allowing you to live a happier and more productive life along the way. No wonder there is a strong statistical correlation between health and wealth!
- What Type of Retirement do you Envision? Different people choose to enjoy retirement differently. Some have always dreamed of traveling the world and enjoying lavish vacations on a regular basis. Others will be totally content simply kicking back in their hometown with friends and relatives. Some may even seek part time work and/or volunteer options in order to stay busy and feel productive. Knowing what type of retirement you want will help you plan more effectively.
- What Types of Insurance Will You Need? Though the ideal time to purchase a life insurance policy is in early adulthood, many people don’t get around to this until later in life. Purchasing a policy will help your family care for themselves and cover your final expenses, which is something to consider. Long-term care insurance is another possibility: in the event that you require a caretaker at some point along the road, this will also ease the burden on your family.
- What Expenses And Needs Will You Have? Many costs associated with work will decline once you retire: you will no longer need to maintain a professional wardrobe, finance your daily commute, or eat out due to being busy. However, it is important to think about what you will be spending money on.
- Where will You Live? Some people enjoy retirement from the family home; others chose to move to an area with a better climate, or with lower costs of living, or closer to their kids, etc. The costs of moving (and the cost of living in your new location) should be taken into account.
- What Assets and Income Sources Are You Counting On? Social security may be able to help to some extent, but you will probably want/need more. (And counting on the government to continue financing social security is a gamble in its own right.) This is why building a savings account and a diversified portfolio is a necessity. visit Reliant Assets online today! to learn more.
• At home. This option offers instant access to your gold and complete privacy of ownership. The downside is that home break ins occur more frequently than bank and depository break ins. If you feel confident in your ability to keep your gold hidden, value having instant access to your gold, or are worried about government confiscation of your valuables, then this may be the best option for you.
• At the bank. Banks offer safe storage — but it’s important to consider that they don’t usually insure the contents of safety deposit boxes. Moreover, items stored at banks are susceptible to government seizures and bank holidays.
• In a private depository. A private depository offers safer, climate-controlled storage and insurance policies. The downside, however, is that you do not have instant access to your gold in the case of an emergency — and you will be paying a storage fee to boot.
1. You have paid off all your high interest debt. Net worth is calculated by subtracting the sum of all your assets against the sum of all your debts and liabilities. When you consider it this way, it becomes clear why paying off high interest debt should always be step one. Making payments on a loan with 8% annual interest does just as much for your net worth as earning an 8% return on an investment would.
2. You have a real net income. Having a high income means little if it is quickly eaten away by financial obligations. It is important to ensure that the money you are investing is not needed for other purposes.
3. You have established a solid emergency fund in cash. The unexpected happens — and when it does, you need liquid savings to deal with emergencies as quickly and effectively as possible. This is why putting away a decent amount of cash is a must, and should be done before investing in non-liquid assets.
4. You have set concrete goals for your finances and for your life, and discussed them with your family. Knowing your goals will help guide your investments: some people may wish to take a more aggressive approach to investment, for example, even if this means a bit more risk — while others are perfectly content to take a more stable and conservative path to building wealth.
- Start Saving Now. The longer your interest has to accumulate, the harder your money will be working for you. Here’s a good example. An 18 year old who put 2000 dollars into an IRA would have 50,000 adjusted for inflation by the time she reached retirement. But 2,000 put away at age 35 would become just 20,000!
- Anticipate Your Retirement Needs. Take a little time to daydream! What kind of retirement do you see yourself enjoying? Some people may be content settling down in a small town on a small budget, whereas others may wish to travel around the world and live large. Having a rough idea of how you plan to live will help you set goals. Other factors, such as the desire to help your children or grandchildren financially, could also play a role in a your decision.
- Contribute To Your Employer’s Plan. Take advantage of the lower taxes, company dollar-to-dollar matching policies, and convenience that employee retirement plans offer. Take time to learn about and consider any pension plans that your employer offers, as well.
- Study the Basics of Investing. A bit of homework can pay off big time by helping you make smarter and more informed decisions about how to manage your money.
- Don’t Touch Your Savings! Last but not least, it’s important to remember that taking money out of your retirement savings can be harmful in a number of ways: not only will it decrease the amount of money that builds up in your account over the years, it will also likely entail hefty fees.
- Diversify! The more diverse your savings are, the likelier they will be to stay strong throughout the inevitable fluctuations of the economy.
- Shoe Leather Costs. Inflation causes people to waste time, energy, and resources in a wide range of ways. For example, a weaker dollar means that people must go to the bank more often to replenish their funds. (This is why the costs associated with inflation are called “shoe leather costs.” The term refers to the increased wear and tear incurred by your personal belongings such as your shoes.) Other examples of shoe leather costs include the energy needed to frequently change prices and the interest incurred by paying with a credit card when no cash is on hand.
- Distortion of Relative Prices. Inflation can cause the prices of items to change so quickly that not everyone can keep up with the real value of everything on the market. This causes both individuals and stores to make illogical decisions at times, drastically overpaying or selling themselves short.
- Distortion of Tax Brackets. Inflation tends to move far quicker than governments can (or even want to) respond. This means that lower income people can be quickly pushed up into higher level tax brackets that were intended for wealthier segments of society.
- Impossibility of Contracts. Inflation makes long-term planning and economic contracts irrational if not impossible. Imagine loaning someone enough money to buy a house, only to discover that, in the moment of repayment, the sum of money that they returned you is only enough to buy a nice meal!
- Inflation and Your Savings. Now imagine putting away enough money to buy a house — only to discover that, at the time of your retirement, that money is only enough to buy a nice meal! That is the threat that inflation poses, and even if the falling dollar is not that drastic, it can still cut into your savings. That is why savings must be diversified. If you are interested in protecting your hard-earned savings, then we encourage you to visit Reliant Assets online today!
As anyone who has studied history can tell you, gold has played an important role in helping people protect their wealth for millennia. The United States of America has a special relationship with gold, and many economists and financial experts even credit gold with promoting the tremendous economic growth that the republic experienced throughout the 20th century. This is because, for a long time, the dollar was actually directly related to gold.
Back when America used what was known as the “gold standard,” any citizen could, in theory, bring their dollar to a national bank and trade their dollars for their equivalent worth in gold. This helped make the dollar exceptionally stable for quite some time, allowing businesses and individuals to plan ahead with confidence that their wealth would remain untouched by the potential ravages of inflation.
Over the course of the 20th century, however, politicians gradually chipped away at the gold standard in order to allow themselves the freedom to print more money — and in 1971, Richard Nixon scored the final blow, eliminating the gold standard entirely. As you can probably guess, the value of the dollar has slowly and steadily lessened since that happened. Today, the dollar’s buying power is a mere 16% of what it was worth back in 1971.
Meanwhile, gold closed out the 1970 financial year at the price of $38.90 per ounce. As of April, 2017, gold is worth roughly $1,200 per ounce. This represents an increase of more than three thousand percent!
Today’s world is full of uncertainty — and the unbacked dollar is unlikely to go up in value. Investing in gold is one of the most surefire, tried-and-true methods of protecting your hard-earned savings against inflation, poor stock market performance, economic instability, and other economic dangers. To learn more about how you can invest in gold, visit Reliant Assets online today!
- Build a Liquid Emergency Fund. Saving in any currency is obviously not a solid long-term wealth-building plan. However, having a reasonable amount of savings in cash is important because it allows you to respond quickly and efficiently to emergency situations without needing to sell assets quickly (at a low price) or take out loans (at a damaging interest rate.)
- Diversify Your Investments. So if saving in currency isn’t the answer, then what is? Wealth is best stored in a diversified investment portfolio, which allows you to grow your funds at a rate that outpaces inflation. A good portfolio should include stock in many companies from varying industries, as well as mutual funds and other highly stable assets such as gold, silver, and precious metals.
- Live Within Your Means. It’s a lesson that you’ve always tried to impart to your kids — and it’s one that you should follow, as well. Spending less than you earn may seem restrictive at times, but over the long haul it will give you a great deal of financial freedom.
- Cultivate a Long-Term Mindset. Panicking over short-term setbacks is one of the best ways to wreck havoc on your portfolio. (Not to mention your blood pressure!) Here’s a good example of why this is: in November of 2007, the Dow Jones was at a record 16,242. By March of 2009, that number had plummeted down close to 8,000. Those who panicked and sold off their stocks oftentimes lost as much as half of their wealth! Today, as of April 2017, the Dow Jones is above 20,000, rewarding those who had the patience and foresight to hang on to their stocks.
Looking to protect yourself against the volatility of the markets? Investing in gold is a fantastic way to do just that.
One way to capitalize on your savings is to invest in gold and silver coins. It’s something that many future-focused people do to grow their nest eggs. Reliant Assets offers precious metal buying services for its customers. We’re different than our competitors because we schedule home delivery of the coins opposed to having our investors pick them up.
Gold and silver often appreciate over time. As the demand for precious metals increases, its value also increases. The profits that you receive from the sale of gold and silver coins are very appealing. You won’t worry about making bad investment decisions or dealing with investors who don’t have your best interests in mind.
The benefits of investing in precious metals include diversifying your investment portfolio, the continued demand for gold and silver, the privacy that you don’t get through other types of investments, liquidity, and even knowing that gold continues to outperform the DOW for over a decade. Safety, security, and protection against dollar deflation are all reasons to invest in precious metals. They provide you with the protection you need as you grow older and your earned income decreases.