As you plan for your retirement, you are encouraged to explore all of your options. You can take the traditional route and fund it yourself, or you can have your employer help you fund it through a 401(k). There are additional options like a self-directed IRA.
Here are three reasons to consider picking a precious metals self-directed IRA.
What is a self-directed IRA?
All retirement accounts afford you the same tax-advantages. The difference among them is how they are funded. As already mentioned, you can self-fund and fund through your employer. Traditionally, those options are funded with currency, typically the US dollar. When you take the self-directed route, you are going to fund the account with precious metals. This option is considered an alternative investment because you can use gold, silver and platinum as well as palladium. If you want to find out if other metals qualify, you are encouraged to speak with a professional in the financial planning sector who specializes in finance and banking.
Pursue What You Know Best
The advantage of a self-directed IRA is that it affords you freedom. With this account, you can fund it with financial instruments that you know well. If your retirement account is tied to the stock market, but you are not very familiar with the stock market, you may not make very effective decisions. If you already understand precious metal, this is a solid option.
Follow the Process
There are seven steps involved in opening this account. A professional who is knowledgeable in this area will lead you, so you have to pick the self-directed representative you want to work with first. Everything else is straightforward including managing the assets thereafter.
To request more information about precious metals self-directed IRA, visit the website.