There are not many fail-safe options left for managing your retirement fund but a gold backed 401k is one of them. Gold is sometimes referred to as the crisis commodity because of its solid stand in the face of economic, social and political failings. The value of gold is typically spurred higher by the failure of other investment options such as stocks and bonds. Investing in a gold backed 401k may not earn you the drastic overnight returns that are occasionally possible with stock markets, but it will offer you stable growth.
Gold IRA Custodians
For the best investment returns, it is important that you choose the right gold IRA custodians. There are several approaches to do this. If you already have an IRA, then your first step should be to find out if your current custodian supports the addition of gold. This is a simpler approach to transitioning to a gold 401k plan since you can easily covert your funds into precious metal. However, if your custodian does not offer this option, your next step will be to find a company that does.
Search for Gold IRA Custodians
You can search for gold IRA custodians by approaching mutual funds, banks or any financial establishment that handles IRAs. When searching for gold IRA custodians, your emphasis should be on key features such as the accreditation and experience of the custodian. Look for gold IRA custodians with a track record that you can study. It helps to work with custodians who have handled accounts during periods of economic depressions without any drastic losses.
Depending on the gold IRA custodians that you meet, you may be requested to pay different service fees. Most companies also have policies on details such as the minimum amount allowed for investments and clauses affecting early withdrawals. Be sure to review these carefully before you make a decision.
Gold IRA custodians will help you decide on if a traditional, SEP, Roth or SIMPLE account is the right fit for you. Depending on your decision, an approved depository will be chosen—in line with the federal guidelines—for where your gold will be deposited. The gold IRA custodians that you choose will be assigned the task of managing your account and will assist you whenever you may want to purchase or sell or liquidate your funds at any point. You can discuss the details of your rollover with your custodian or seek the advice of an accountant.