As you look for ways to diversify your investments and hedge against inflation and economic uncertainty, there are several lesser-known (or at least lesser-utilized) strategies that are certainly worth your consideration. One of them is something called a gold IRA.
Editor’s Note: The original version (by James Kalis) of this edited ([ ]) and abridged (…) article was first posted on USfinancePost.com under the title Gold IRA: Top 5 Gold IRA Companies in 2022
What Is A Gold IRA?
In the simplest terms, a gold IRA is a special type of self-directed individual retirement account (IRA) that allows you to own gold bullion and still receive the preferential tax treatment you’re looking for. You can also use it to invest in other assets that offer exposure to precious metals without actually owning the physical asset, including stocks in gold mining companies and gold ETFs.
How Does One Open A Gold IRA Account?
Setting up a gold IRA is very easy and, while your gold IRA company can walk you through the exact steps, it typically looks something like this:
- Open a self-directed IRA with a gold IRA company (or use an existing IRA and roll it over to the gold IRA company).
- Select a precious metals dealer to make gold purchases for your IRA.
- Fund your account with contributions (up to the limit) and make regular purchases.
Which Companies Offer the Best Gold IRAs?
..Part of selecting a good gold IRA company is choosing a company that will hold your hands and walk you through each individual step in the process. Here are the five best for 2022. (The list is exclusive to USfinancePost and therefore can not be provided in this post. Please visit the original article for those specifics.)
Do You Have a Gold IRA?
A gold IRA can be used as your primary IRA, or you can simply open one as a way of diversifying your retirement savings (putting some of your investments in a standard IRA each year and some in your gold IRA). Either way, it’s a great option for taking a more balanced approach to wealth building.
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