If you want gold or some other precious metal to be the basis of your retirement income, you will need to learn about and set up a Gold IRA Account. This is the only type of IRA that the IRS allows to use precious metals as the main investment medium for the retirement account.
You can't simply store gold or other precious metals at home or in a safe deposit box at some local bank. You must find an IRS approved custodian that is in the business of keeping precious metals and gold investments. It is required that all of your precious metals be stored at a depository run by a third party
Some custodians for this type of Gold IRA Account will allow both precious metals and coins as well as stocks. This is one of the better types of accounts because it allows for much better diversification within the account.
One of the biggest limitations to this kind of account is related to selling the gold or other precious metals. When they are sold the income will be fully taxable, unless they are transferred to another IRA account and reinvested. This is the reason that you must think of them only as a long term investment, not to be touched until retirement.
The best advantage to using a Gold IRA Account is that gold, historically, has kept pace with or outperformed inflation over any given time period. If you worry about your retirement income being eaten by severe inflation, unless you do something to prevent it, the the Gold IRA Account is one of the most sensible ways to go.
As with any kind of IRA there are some limitations on the kind of gold that you can place inside a Gold IRA Account. For example you can't put coins or collectible metals in by IRS restriction. Bars, bullion and minted coins can be put in and the range that is allowed is quite considerable.
As with any kind of retirement vehicle, the sooner you find a custodian and get your Gold IRA Account set up, the greater the retirement monies will be over the time that you have to invest in it.