This question has come up quite a bit lately, what is the check book IRA? We all know saving for retirement these days has its pitfalls. The stakes have never been higher for millions of Americans who are approaching retirement, and who have conservatively invested and saved their whole life. Opportunities in the markets aren’t as obvious as they once were, and investors know another catastrophic economic event could wipe them out for good. What was not foreseen twenty five years ago is today`s weak leadership that has allowed the wolves to run Wall Street, trillion dollar deficits adding trillions to our national debt with negative returns, a currency that is no longer respected and is losing it status as the global reserve currency, a rogue media greased by special interest groups, a dishonest global trading platform that is rife with fraud and corruption and the list goes on.
So with all this, how does one navigate these treacherous times and safely keep their retirement wealth intact? That’s a great question with an old answer, gold and silver bullion of course. Since 2008 investors have been quietly accumulating gold and silver bullion at record levels. Smart investors know that diversification is a basic investing principle, and a traditionally well balanced portfolio must include hard assets. Not only is it possible to take delivery of the metal itself, you can now hold precious metals in an IRA. It is even possible to have an IRA where you have physical control over the metals held in the IRA.
The precious metals IRA, LLC or more commonly known as the checkbook IRA, is a product that allows you to act as the custodian of the funds placed into the IRA. What people don’t understand is that it is a fairly comprehensive program that requires compliance and business savvy. To begin with you must form a company and register it as a Limited Liability Corporation, (LLC). You will need an attorney to sign off on your new corporation stating you are not and will not engage in prohibitive transactions and activities. All fees associated with the checkbook IRA must be paid from within the IRA. IRS law states you can place only American Eagles into the program, (any American Gold Eagle, American Silver Eagle, and American Platinum Eagle) The cost to set up and maintain the checkbook IRA is somewhat minimal for what you get in return. The real expenses are more related to the LLC itself like filing fees, attorney fees, insurance premiums for the assets you are storing etc. Other than that setup is relatively simple and cost friendly.
Our advisers tell us if you participate in this program you may be watched more closely by the IRS and potentially audited, in short you may be drawing attention to yourself. Unfortunately there has been a broad problem with the misuse of funds by the investor after the funds are received into their account, which has promoted more oversight by the governing bodies. If you can handle the business and compliance side of the checkbook IRA/Precious Metals IRA, LLC you get the best situation possible, physical possession and control over the assets held in your IRA. Please call us at 888-928-3390 to discuss the precious metals IRA or visit us on the web www.privatebullion.com.
President & CEO
Midwest Bullion Exchange, Inc.
Disclaimer: Midwest Bullion Exchange, Inc. is a precious metals broker/dealer and is not a licensed investment adviser. Although we strongly advocate programs that allow you to hold precious metals in your retirement, we cannot predict the future performance of precious metals or programs that allow precious metals. Furthermore, we recommend that you consult with a professional tax adviser when making decisions that carry tax liabilities. Midwest Bullion Exchange, Inc. reserves the right to decline services to individuals after it has been determined the products and services offered by Midwest Bullion Exchange, Inc. are not suitable for the individual. The author has made every effort to ensure accuracy of information provided; however, neither Midwest Bullion Exchange, Inc., nor the author can guarantee complete accuracy. This article is for informational purposes only. Midwest Bullion Exchange, Inc. and the author of this article do not accept any fault for losses and/or damages arising from the use of this publication.