If you are interested in saving for retirement that is a good thing! Many Americans are nearing their retirement age and putting more concern into this special time of the life when the job has come to an end and life is all about living easy. Retiring at the suggested retirement age of 59 ½ is what most people want to be able to do, but to do this means that you’ll need to make many smart financial decisions right now and along the way.
A Smart Retirement Decision
Opening an IRA is one of the very best retirement decisions that you can make. The Individual Retirement Account, as it is called, allows a person or a couple to save money that can be withdrawn from the account upon reaching retirement age. It can also be withdrawn before retirement age if you are willing to accept the 10% penalty that comes along with it at tax time. The rules for contributing to the IRA update every year, therefore learning the yearly contribution amounts for the current time is a responsibility that you will have. As of 2013 an individual can contribute $5,500 ($11,000 for a married couple filing jointly) per year. The amount increases to $6,500 per year if the IRA has been opened at the age of 50 or older.
A Better IRA Choice
There are a lot of precious metal ira to choose from. The best one is the gold IRA. The gold ira enables you to invest in gold and other precious metals. These metals have been popular for as long as anyone can remember, and there is no chance that this is going to stop any time soon. This means that your investment in gold could be very worthy and produce so much money in the end. This is all money that you can use to live a comfortable retirement with.
The IRA gold is an awesome tools for your retirement savings because it offers no penalties, and no taxes until the money is withdrawn from the account after reaching the retirement age. There are several other retirement accounts, though this is the only that will offer you such an advantage. This is only one of the many benefits that is associated with the IRA.
It Is Your Choice
Some people open only an IRA account while others choose to have a 401(K) plan in addition to the IRA. The 401(k) enables you to benefit with employer matched contributions that can greatly fluctuate the amount of money that you have available for retirement. The IRA also has an advantage in that it can be obtained through a bank or financial institution or a mutual funds or a stocks and bonds company. You can also invest in the IRA gold and increase the value of your retirement account greatly.