Top 5 Gold IRA Companies For Seniors To Invest Their Retirement Savings
Investing in precious metals is one of the safest, most secure types of investment on the market. Precious metals such as gold, platinum, and silver cannot be mass produced and therefore always hold intrinsic value. Furthermore, they are always in high demand in several industries around the globe, including automobiles, electronics, and jewelry,
How can a senior looking to expand their retirement savings take advantage of the precious metal market? By investing their savings in a gold IRA company. In the guide below, we’ll show you the best gold IRA companies as well as teach you why investing in gold is a smart move in the 2021 economy.
Why Is Saving For Retirement Important?
Many people who are struggling to make ends meet or enjoy living life to the fullest, may question why they even need retirement savings. They may think they will simply be able to work for the rest of their lives, or that social security will provide for their future as retired seniors.
Below are 3 reasons why Americans should view saving for retirement as one of the most important decisions of their lives.
1. Social Security May Not Be Around Forever (And It Doesn’t Pay Much Either)
Social security is not the lifeboat you think it is. In fact, it’s barely a lifesaver. The benefits of social security that are paid out to retired U.S. citizens average out to around $1500 per month in 2021. If you still have a mortgage or car payments, or are suffering from any expensive health issues that your insurance won’t cover, $1500 won’t stretch very far.
Consider, also, the sobering fact that social security will likely not be around forever. In fact, according to the Social Security Administration (SSA), the money reserves are expected to become used up by 2037.
2. You May Have An Accident Or A Debilitating Health Issue
No one likes to think about their health deteriorating. But heart attacks, diabetes, even accidents such as a broken foot or hip, may knock you out of the workforce permanently. If you don’t have retirement savings and are forced to rely on social security as your sole source of income, you’ll find yourself in a financial muddle.
3. You May Get Tired Of Working
When we’re young and fit, we don’t consider how many decades from now we’re going to be tired. Tired of getting up early every day, tired of grinding away all morning and afternoon (and maybe even at night). If you’ve saved for retirement, however, you can stop working in your 60s and enjoy a well deserved life of leisure.
What Is An IRA (Individual Retirement Account)?
An IRA, or Individual Retirement Account, is one of the most popular methods used by Americans to save money for their golden years. It’s well liked because of how easy it is to invest in, and how many tax benefits it offers.
IRAs are set up by federally approved financial institutions such as banks, credit unions, investment companies, and brokers. These institutions will invest the money you put into your IRA in stocks, bonds, and other financial entities. In some cases, you have the freedom to choose what your money is invested in.
The tax benefit is perhaps the greatest advantage of investing in an IRA. Any money that you invest in your IRA is considered tax deductible, meaning you won’t have to pay taxes on it until you withdraw it again.
There are a couple of limitations to how you are allowed to use your IRA, but these limitations are only meant to help you save. For example, you can’t take any money out of your IRA until you’re 59 ½ years old, or you will have to pay an early withdrawal fine.
Another limitation is when you reach age 70, you are required to withdraw required minimum distributions, or RMDs. In other words, you can’t leave all your money in the IRA forever. You must begin using at least some of it starting at age 70.
Overall, IRAs are considered a safe, beneficial form of saving for retirement. And the best part is it’s not tied to your employer like a 401(k). It is entirely your own, and you can take it with you wherever you move in the country.
What Is Precious Metal Investing?
Precious metal investing is where you invest your money into buying up precious metals that are commodities on the global market. These include gold, silver, and platinum. As we mentioned at the beginning of the article, these materials are still extremely popular and used across several different thriving industries around the globe.
How Do You Invest In Precious Metals Inside Of An IRA?
To invest in precious metals inside of an IRA, you need to open a self-directed IRA and select a custodian to keep the metals safe. A self-directed IRA means you choose what you invest in - i.e. buying gold. A custodian is a financial institution, such as a bank, that watches over and handles withdrawals from your precious metals.
These decisions, such as choosing a self-directed IRA and a custodian, are important, and you’ll need expert guidance from precious metals investment experts. Fortunately, there are several wonderful, professional companies currently operating in the U.S. that will help you rollover your retirement savings safely and securely into precious metals - specifically gold.
What Are The Top 5 Companies To Help Seniors Invest Gold In Their IRA?
Below is a list of the top 5 companies to help seniors invest gold in their IRA.
1. The Best - Augusta Precious Metals
Augusta Precious Metals is #1 on your list because Augusta gives you a whole team of precious metal professionals. They help you understand the art of diversifying and protecting your savings. They have a Harvard trained professional who brings his perspective and helps train the team at Augusta. He is an author and is the director of education for Augusta. This is a company that cares how you invest, they include a lifetime customer support with your account.
Augusta truly cares about the law, including rules and regulations. They maintain a large compliance department which includes the use of a neutral third-party administrator. They provide consumers with all the good reasons to buy gold and even include the bad reasons to buy gold. This makes them our #1 Gold company. They are one of the most reputable companies with a A+ BBB rating and Joe Montana is not just a spokesperson, he is a customer.
Augusta Precious Metals offers a level of service you will not find in the industry. You can set up and account quickly and they make it as easy as 1-2-3! Create an Account, Fund the Account and Buy. Simple!
Goldco makes #2 on our list because it is truly one of the best of the precious metal investment firms. They are the most trusted company of their kind in the U.S. for a reason. They make starting an IRA, rolling over an existing IRA, and choosing a custodian to hold the gold you buy as easy and simple as possible.
One of the reasons Goldco is highly trusted and recommended by IRA investors is they abide by the official regulations for IRAs set up by the Internal Revenue Service (IRS). They ensure that their clients’ money is invested in IRS-approved gold coins so that they are not cheated out of their contributions. And while they do not act as custodians of your gold, they will help you find a reputable one and work with them to monitor your investments.
Goldco works hard to ensure that you get the most out of your investment. When it comes time for you to begin making withdrawals out of your IRA, Goldco will buy back the gold or sell it so you don’t have to do it yourself.
Goldco’s outstanding customer service and trustworthy investment practices have earned our our top 5 list.
3. Birch Gold Group
Birch Gold Group is another excellent precious metals investment firm. It’s rated highly by consumers, and even has such high profile backers as political commentator Ben Shapiro and the editor in chief of Forbes, Steve Forbes. And for good reason. This company is professional, honest, and up front with what they’re able to do for you and how to help you open your own gold IRA.
One of the most attractive benefits of using Birch Gold Group is how determined they are to educate you on your investments. They want to make sure you know what you’re doing. They will teach you about the potential risks, the potential rewards, and what steps you need to make smart gold investments.
Like Goldco, Birch Gold Group will not act as the custodian of your gold. They will, however, help you find a safe one.
Birch will work hard to steer you in the right direction with your gold investments, and to ensure that your investments remain secure throughout the life of your IRA. For these reasons, this company sits at #2 on our list.
4. Regal Assets
If you’re the type of investor who wants to be able to make quick decisions and transactions on the go, Regal Assets is the gold investment company for you. They’re so fast and efficient that in many cases, they can open a gold IRA account for you within 48 hours.
Not only can you open an account in a single day, you can also make investment decisions and transactions in the same amount of time. Regal Assets coordinates between you, the custodian of your gold, and the storage facility where your gold is being held. Rather than you having to contact each of these individual entities on your own to make a purchase or a withdrawal, Regal handles all this busywork for you.
There are no limitations to which custodian you can choose for your gold when you partner with Regal Assets. They will work with any IRS-approved custodian firm, and will even help you pick the one that aligns with your investment preferences.
Quick, easy, convenient, safe - these are the qualities that puts Regal Assets at #4 on our list.
5. Noble Gold
Noble Gold is all about helping the customer. They make setting up a gold IRA account easy by speeding up the process so that it typically only takes a day or two to begin investing. It doesn’t matter whether you are a beginner or a pro at investing in gold; Noble will help you open a new account or rollover an existing IRA with no taxes or penalties attached.
Noble Gold instills confidence in their clients by offering them lots of educational resources, so they know exactly what they’re getting into with buying and Noble Gold to handle their gold IRA accounts because of the company’s amazing programs.
Noble is aptly named. Their noble dedication to the customer earns them the #5 spot on our list.
At the end of the day, Augusta is the “gold standard” of precious metal investment companies. Their attention to detail, trustworthiness, high quality customer service, and secure handling of their clients’ investments makes them worthy of being among the top trusted U.S. gold investment companies. They’re certainly at the top of our recommendations for seniors who want to maximize their retirement savings.
Be sure to speak with a licensed financial advisor before you make any important transaction decisions with your IRA investments.