SECURING YOUR FUTURE WITH A GOLD IRA

The Individual Retirement Account is a retirement savings scheme that allows individuals to put away a part of their annual income to secure a comfortable retired life. These schemes also allow for tax benefits on such savings with the earnings on select plans being tax-free. There are, however, different types of IRAs – traditional, Roth, SIMPLE (Simplified Incentive Match Plans for Employees) and SEP (Simplified Employee Pension), where each one is associated with specific age and contribution limits, as well as tax liabilities.

Individuals can make use of one or more IRAs to save for their retirement. But as of 2011, prevalent rules capped the total annual IRA contributions at $5,000 for those below 50 years of age, and at $6,000 for those aged 50 and above.

Individual Retirement Accounts allow a great deal of flexibility, depending on the investment options supported by the custodian or trustee who handles the investments on behalf of the individual. Self-directed IRAs allow individuals to choose their own investment avenues. They may choose to invest their funds in stock markets, mutual funds, convertible debentures, bonds or even precious metals.

The Tax Payer Relief Act of the 1990’s has made Gold IRA investing possible for individuals, and include gold or other precious metals in their existing retirement plans if supported by the custodian.