It might be 2017, but precious metals like gold and silver are still very viable investment options for a great number of American retirement accounts. Throughout the rocky history of the US economy, gold has been held up as ‘standard’, and there’s good reason for that. First, let’s breakdown what a gold-backed IRA is.
A self-directed IRA can be invested in an almost innumerable amount of assets, and one of them is gold. The types of precious metals that can be held in an IRA are determined by the government, and they are gold, silver, platinum, and palladium, and only certain government-approved forms of those precious metals.
One of the biggest benefits of having a gold-backed IRA, or a gold IRA rollover, is that you’re the one that’s in control of your retirement account, you’re the investor, and the benefactor, so you’re the one looking out for your own needs. Gold is also the only investment that is proven to be immune to the economic ups and downs, as it hedges against the US dollar, protecting your retirement funds from loss.
The main reason that gold-backed IRAs aren’t known on a larger scale, is that it takes a certain type of person to hold a self-directed IRA, meaning that you have to be a big self motivator. Since you’re the one that’s directing your IRA, you’re wholly in charge of what you’re investing in, and how high you set your goals for your nest egg.