An IRA, or Individual Retirement Account, is a great way to prepare for your retirement and to invest for the future, and you can use gold to maximize the potential of these accounts. So, if you want to know how to put gold into an IRA, then read on.
What is a Gold IRA?
An Individual Retirement Account is an account that holds money or commodities — in this case gold — for the financial benefit of the account owner. These accounts can also be used to hold other precious metals, but due to its value, its reputation and its history, gold is by far the most popular.
Typically, IRAs hold paper money, on which interest is paid over time, allowing the beneficiary to reap the rewards when they retire and when they can no longer rely on their working income. With a Gold IRA, many of the same rules apply, but the difference is that gold, and not paper money, is held in this account. More often than not, a Gold IRA is a self-directed IRA, and one that is used to store a wealth of investments, and not just gold.
Are Gold IRAs Worth it?
Every time there is a hike in the price of gold, investors begin wondering if they should be adding it to their IRA. Of course, just because gold has increased in the past month or year, doesn’t mean that it will continue to do so and that, over time, your investment will be worth more than you paid. However, more often than not, this is the case, and few owners of Gold IRAs live to regret it.
Gold is a great hedge against inflation and deflation, and providing you don’t invest at the very height of the market, then you should be able to see a profit over time. However, this is not something to be taken lightly, and what works for one person, may not work for another. Before you sink your fortune into a Gold IRA, it is recommended that you speak to a financial advisor, or that you at least take some time to consider this option.
If you have already spoken to that advisor, you have already done your research and you are ready to invest, then read on to learn how you can add gold to an IRA.
How to Add Gold to an IRA
The easiest way to add this precious metal (and any other) to an IRA, is to go directly through a bullion dealer or a respected provider. JM Bullion is one of the best for this, and they have one of the most popular IRA programs in the industry.
With JM Bullion you can set yourself up for an IRA in a few simple steps:
- Open an Account: Click onto the “IRA Program” on JM Bullion. Here you will find information on opening an account with their IRA Custodian, “New Direction IRA”. This can be found on the bottom of the page, and this should be your first step.
- Fund Your Account: Once the account is open, you can begin funding it. You just need to wire some money across, paying either directly into the account, or handing the money to your custodian.
- Buy Gold: This is what it all leads up to, as this is the point where you can add gold to your account from JM Bullion’s stock. Just browse the site as you usually would, but instead of adding your items to your shopping cart and making a purchase, you just need to click “Add to IRA”. Providing that you have the funds available, then you shouldn’t have an issue.
When it comes to precious metals IRA, JM Bullion lead the way, and if you want to go down that road, then they are the ones you should focus your time and your funds on. However, this is not something to be taken lightly. You’re saving for your future, and if you get it wrong, you might not have a future. So, always research and always make sure that it’s the right move for you.