Gold IRAs are a great investment. Sounds a little fancy, doesn’t? As if a retired pirate was considering this as their retirement plan. We’ll look at the implications of this for those who aren’t pirates.

First, it’s not the same as choosing which socks to wear. It’s time to search for an IRS approved guardian. You want someone who can handle your treasure chest and won’t let it disappear. This is vital because anyone with a small safe cannot handle this task. A professional is needed.

Let’s move on to the gold itself. If you’re wondering what kind of gold is allowed in your IRA account, don’t think about the foil-wrapped chocolate coins (although they are tasty). Purity is a strict requirement for the IRS. Only gold bullion or bars that are 99.5% pure can be used. There’s no fools gold. Read more now on gold IRA

Choosing to store some of the hard-earned cash you’ve earned in a Gold IRA requires more thought than deciding on a whim to add pineapple to your pizza. The decision to invest in a Gold IRA requires you to use your financial telescope, and take into consideration things like storage fees or whether Uncle Sam may want a portion of the gold pie come tax season. The adventure is enhanced, and you are forced to think twice when deciding whether or not to abandon traditional investments.

Why do you want to go with gold? Since it has been around, people have turned towards it during economic crises to keep their wealth safe. Gold, unlike bonds or stocks that can swing like a pendulum faster than one can say “market collapse”, tends to remain steady even when the rest of the world is in turmoil.

But don’t get too starry-eyed yet. Investing your IRA money in gold may not be all rainbows. Gold prices fluctuate more than the uncle I have at my wedding. They go up one minute, and then drop another. In addition, you should consider the costs of keeping gold secure, as this can reduce your profit like termites on a wooden foot.

Many people still find it comforting to know that they have pieces of eight, or their modern day equivalents, tucked away in their retirement years. This is better than just numbers displayed on a screen. It’s more real than just watching someone else navigate.

This is a great way to get a taste of the world’s Gold IRAs. It’s important to consider your options carefully when planning for retirement. Perhaps you can consult a navigator along the way.

Who knows. Poseidon might help your retirement dreams sail smoothly with a little savvy planning.