The gold IRA is gaining in popularity not only in the United States, but around the world. The UK’s Royal Mint is taking notice — gold bars are now going to be eligible for retirement accounts in UK.
One reason for the change is the number of UK residents purchasing gold for retirement purposes is up a whopping 22 percent over just the past three months. If you don’t already have a gold IRA as part of your retirement strategy, it’s time to take a look at this increasingly popular investment vehicle.
Gold SIPPs in the UK
Gold isn’t a new investment in the UK. Residents have been able to purchase bullion from the Royal Mint for quite some time. However, they were not able to purchase it as part of their retirement savings.
Now, physical gold is eligible to be included in SIPPs, or Self-Invested Personal Pensions. You can think of the SIPP as a British version of the gold IRA, also self-directed. This is an advantage for investors who want maximum control over their retirement investments.
The UK is definitely “late to the party,” as the United States began allowing funding of IRAs with gold in 1997. The general consensus of financial experts is better late than never, which is why Brits are flocking to the gold SIPP to protect against inflation and hedge against the possible collapse of stocks and paper currency.
Gold IRAs in the U.S.
One of the most popular investment vehicles in the United States is the IRA, or individual retirement account. One reason so many retirement savers choose an IRA is because of its tax-deferred benefits. As previously mentioned, the gold IRA became available in 1997 — the same year the platinum American Eagle bullion coin was released. Since then, savvy investors have flocked to the gold IRA as their retirement investment strategy of choice.
Why Choose a Gold IRA?
There are numerous reasons why investors should consider the gold IRA for their retirement, or at least as part of a well-rounded investment portfolio. Gold is a hedge against the volatility of the stock market, as well as against potential currency collapse. Unlike fiat currencies, which is currently every world currency, gold is a physical asset with long-term growth sustainability.
What If I Already Have an IRA?
If you want to invest in a gold IRA but already have an IRA, don’t worry. Ideal types of IRAs that can be converted to a gold IRA include the Simple IRA, Traditional IRA, Gold Roth IRA, and SEP. In addition, other retirement accounts can be converted as well. They include the 401(k), 403(b), Pension Plan, Thrift Savings Plan, and a variety of others.
Contact one of our helpful experts today to learn more about starting a gold IRA. Also, download our free Gold IRA guide, a resource geared toward beginners who want to learn more about starting a gold IRA or converting their current paper based retirement accounts into physical gold and silver IRA.