We can all agree that investing in gold comes with numerous benefits. Still, it is vital to understand everything you can get after using retirement funds to purchase physical gold on a self-directed individual retirement account. 

Of course, you should remember that a regular IRA does not allow investing in gold, but you can choose other options. It means you can invest in a gold IRA, which is a perfect way to diversify your portfolio and protect other investments. You can find a wide array of the best gold IRA companies to help determine the course of action. 

Remember that a gold individual retirement account is self-directed, meaning you can take advantage of precious metals. However, it comes with more significant fees than Roth or traditional IRA, where you can take advantage of mutual funds, bonds, and stocks. Finally, a gold IRA is a perfect solution to protect your investments against inflation. 

You should know that gold value per ounce has changed significantly over the last thirty years. It went from two hundred dollars in ninety-nine to two thousand dollars in 2020. It goes up and down in opposition to economies and potential turmoil.

Besides, a self-directed IRA is an aspect of an IRA or individual retirement account that will allow you to invest in precious metals, including palladium, platinum, silver, and gold, instead of other, more prominent, and usual assets. 

In the ’97, Congress allowed precious metals in an IRA, while the US mint started producing silver and gold bullion that became highly popular among citizens.

Gold IRA

Individual retirement accounts appeal to investors who want to diversify portfolios for retirement purposes. Since the value moves in the opposite direction of regular options dependable on paper assets, you can take advantage as the insurance against inflation and turmoil. 

Creating a balance in your portfolio will reduce risks, especially since retirement investing is a long-term option. That is why you should implement intelligent choices regarding different options, which is vital to remember. You should click here to learn everything about precious metals as investments. 

The process requires finding a custodian or trustee, which will feature an approved depository by the IRS. Since the Great Recession happened in 2008, people started using options that allowed them to keep money and ensure overall stability. That is why the market features record gold sales, especially for retirement purposes. 

Of course, we should mention the impact of the world and economic news because the Federal Reserve’s stimulus programs affected the chances of geopolitical risk. 

Rules You Should Follow

You can choose either Roth or a traditional option. It does not matter which version you get because you can invest only in physical commodities, meaning bullion and coins. 

The first thing you should consider is whether you wish to get a physical investment in a portfolio instead of precious metal companies’ mutual funds, stocks, or exchange-traded funds, which will allow you to invest without changing the type of retirement account. 

However, if you choose to get a physical metal, you should follow relevant rules for holding it. For instance, it should be refined and meet IRS standards, while you must choose the trustee, meaning you cannot hold it safely in your home. 

The precious metals must be in an IRS-approved depository, meaning you should research before making up your mind. Stashing bullion in the closet, safety deposit boxes and safes is not possible. Instead, you should follow IRS rules, while understanding the regular taxes, disbursements, and contributions. 

Find Custodian or Broker

Suppose you wish to purchase precious metals. You should first open a self-directed individual retirement account, meaning you can manage it directly and take advantage of a wide array of financial products. 

However, for precious metals, you should find a broker to purchase the amount you want and a custodian who can create the account. The company will hold any weight you decide to get, which is vital to understand. 

In most cases, custodians are trust companies, banks, credit unions, savings and loan associations, brokerage firms, and other agencies or companies who have approval from state or federal agencies to offer custody services to financial advisors and individual investors. 

Check out this guide: https://www.wikihow.com/Invest-in-Gold to understand each step along the way. 

They will not choose dealers for you, meaning you should find the best person for the job. Still, the expert will share the list of best options, meaning you can avoid losing time vetting each one.

Buying precious metals can undoubtedly be a lucrative endeavor if approached from the right angle, but it can also be difficult, especially if you’re conducting your affairs online. It’s always important to proceed with caution when making any financial transaction on the Internet. Still, it’s especially so, given the value of the items under discussion.

Thankfully, a solution has presented itself – Gold Safe Exchange. As the name suggests, this is a fast, efficient, and, most importantly, simple way to trade precious metals right from your web browser. Now, you are no longer limited by factors like geography or expertise when it comes to buying gold. People from all backgrounds can take advantage of it, going a long way towards diversifying their wealth.

All told, using a service like Gold Safe Exchange brings a wide range of benefits, all at the same time.

Fend Off Inflation

If you’ve been paying attention to the news recently, you’re undoubtedly aware that there has been a lot of talk about the harmful impact of inflation on the economy. Increasing prices in sectors like energy, labor, and housing are driving up inflation at a rate that, for many, is exceeding what they’re earning on many forms of investment. This is not an issue that is unique to the United States; for the record – it’s happening all over the world.

When inflation rises, it devalues our currency. When it rises too fast, it can play havoc with the markets. Physical precious metals like gold are very resistant to quick changes in the market by their very nature. The same is not true of the value of a paper currency like the dollar, which can fluctuate wildly even over the span of a day.

The value of the dollar is also heavily dependent on a lot of outside factors, with the activities of the Federal Reserve being one of them. If the Federal Reserve decides to raise or lower interest rates as they often do, it will immediately impact the value of our currency in the United States. The same is true of actions pertaining to Central Banks and even the global economy.

However, the value of a precious metal like gold is far less likely to have these types of swings because it is less dependent on these external elements. In fact, banks generally prefer holding gold because it’s far easier and more stable in the long run.

Gold Safe Exchange Couldn’t Be More Straightforward

Another one of the major benefits that come with using Gold Safe Exchange comes by way of just how easy it is to use. For many, getting started with gold and other precious metals can be a time-consuming, confusing, and ultimately frustrating experience. Thankfully, that is no longer the case, as Gold Safe Exchange makes things effortless from start to finish.

Finally, everyone has the opportunity to diversify their wealth, protecting that which they worked so hard to earn. They don’t have to worry about global economic instability and don’t even have to partner with a financial advisor if they don’t want to. Everything can be accomplished quickly and easily, putting you in control of your financial future the way it should be.

If you’d like to find out more about Gold Safe Exchange and its benefits, or if you’d just like to get started with gold and other precious metals right away, please don’t hesitate to visit Gold Safe Exchange today.

Short-term disability insurance is designed to help bridge the gap in your finances if you can’t work for a short period. It provides benefits when a person is unable to work, says Wellman Shew. 

Before buying, ask yourself these 5 questions to make sure you’re making the right decision.

What is Short-term Disability Insurance? Wellman Shew Explains.

Short-term disability insurance provides an income if you’re unable to work for a short time due to injury or illness. It provides coverage for six to 12 months, after which your long-term disability coverage kicks in if you still can’t work.

Wellman Shew says it’s different from long-term disability insurance, which replaces a portion of your income if you become disabled and can’t work for a year or more. You can get short-term disability insurance through your employer as a voluntary benefit or purchase it as supplemental coverage.

Short-term disability insurance is also different from health insurance, which pays for medical bills related to an illness or injury.

Why Is Short-term Disability Insurance Important?

If you’re injured or fall ill, short-term disability insurance offers financial security by paying part of your lost income. It gives you time to recover and return to work.

It can also help cover the cost if you have a disability-related expense. And the policy can help ease the financial burden if you can’t work for a short time due to injury, illness, or a family member’s medical needs. Wellman Shew adds that if you don’t have savings or can’t cover the costs, you could face financial difficulty and stress.

Who Is Eligible for Short-term Disability?

Short-term disability insurance provides a benefit if you become unable to work for a short period due to injury or illness. The length of time you can receive short-term disability benefits varies and is based on the type of policy you have and the reason for your disability.

The insurance plan typically provides coverage for six to 12 months and then transitions to long-term disability coverage. In some cases, short-term disability benefits may be available even if you’re not disabled.

Short-term disability policies may require you to be absent from work due to an injury or illness that is verified by a doctor. Policies vary, so check with your employer to understand the specific requirements for your coverage.

How to Choose the Right Short-term Disability Plan? 

Wellman Shew says you need to read the fine print to understand the details of the plan if your employer provides short-term disability coverage. You can also purchase the policy on your own if your employer doesn’t offer short-term disability coverage.

When choosing a short-term disability policy, consider the following:

• Does the policy require a waiting period?
• How long is the waiting period?
• What is the benefit amount?
• How is the benefit amount calculated?
• Is there a maximum benefit amount?
• Does the policy cover ongoing medical expenses?
• Is there a coverage amount per month?
• Is there a maximum coverage amount per month?
• What is the insurance company’s rating?
• Are there any discounts or other benefits associated with the policy?

Short-term disability insurance can help ease your financial burden of a disability by replacing some of your income while you recover. To decide if the coverage is right for you, consider your current financial situation and plan for unexpected events.

Wellman Shew holds a business administration degree and has been in the insurance industry since 1982. As the founder and owner of Shew & Company Inc. since 2005, he is a specialist in employee benefits, Section 125 plans, health savings accounts, long-term care, 401k plans, life insurance, and disability insurance. Wellman Shew is currently the agency manager of employee benefits brokerage at his company. 

Barry Bulakites is recognized for developing highly profitable growth strategies and helping business owners to integrate multiple sales channels into their current operations. As President and Chief Executive Officer at Table Bay Financial Network, Inc, Barry Bulakites realizes there are many ways to expand a business. For CPAs, the best choices include entering new territories to hopefully land a new customer base or offering your current clientele a more comprehensive set of services.

Mr. Bulakites strongly believes the addition of financial planning services is not only a good fit for the knowledge base and expertise of CPAs but is also a good lateral service that operates in a similar market and deals with a similar customer base. Consider these three benefits that CPAs can gain when they add financial planning services to their existing business model. We offer a full range of bookkeeping and tax services charlotte nc designed to help you establish, achieve, and maintain financial success.

Increase Customer Base = Increased Profit

Accountants may wonder if adding financial planning services or wealth management consulting to their current business model will bring financial success and business longevity. Barry Bulakites believes if you develop a solid plan and have the expertise and clientele, then there is no reason why you shouldn’t expect increased profits. Also, customers are very apt to refer their financial advisor to friends and family when they see their own wealth increase.

According to The American Institute of Certified Public Accountants (AICPA), there is an ‘increased demand and projected growth of personal financial planning services in areas such as estate, retirement, risk management, and investments.” CPAs are already trusted by their clients for financial decisions, so Mr. Bulakites feels that this type of financial services offering is a natural fit for accountants.

Financial Services is a Value-added Service

Value-added service is one that generates additional revenue for stakeholders by offering increased benefits to clients. The CPA becomes more valuable to the client when they also act as trusted financial advisors. The other value is the closer client-CPA bond that is intrinsically formed.

Barry Bulakites believes a CPA can leverage those existing relationships because, as the person’s accountant, you have already obtained good experience with these clients, and you actually know what they really need and what they really want. Your current working relationship with existing clients is of tremendous value when you decide to add financial planning services to your business plan.

CPAs Can Also Leverage Their Tax Knowledge

Barry Bulakites believes that taxes are a critical component of wealth management and financial planning. After all, the final return on any investments will be affected by your tax bracket and how well you use the tax laws to your advantage. And, as our client’s wealth grows, you can remind them that they become more exposed to being audited.

Acting as both accountant and financial planner, Barry Bulakites believes you are in a better position to soothe nervous clients about what is happening, show any historical data about why it is happening, then advise clients on what they should do to reduce any chances of penalties or fines – if it were to happen.

Consider expanding your CPA business to include financial planning services and offer your clients a one-stop solution to wealth management.