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7 Proven Benefits of Investing in Gold and Silver For Retirement
Precious metals have been craved by human civilizations for thousands of years. Gold, silver, and other precious metals offer long-term wealth because they are always in demand. This is why they make for such an exciting investment opportunity. A physical gold IRA could potentially have more retirement value than even a pension account.
If you're thinking about a gold IRA rollover, a silver IRA rollover, or including precious metals with your current retirement savings, then here are some of the benefits that come from investing in gold, silver, platinum, palladium, and other precious metals.
#1. You are able to protect the purchasing power of your money.
Inflation is always around. Our economies do their best to control inflation, but it is ever-rising. The value of money today is not the same as it was 10 years ago. The purchasing power of money has always been that way.
Andrew Carnegie once sold his steel company to JP Morgan for $480 million. This was in 1901. Using a standard inflation calculator, that would put his net worth at the height of his wealth above $350 billion. According to Forbes, Bill Gates is the wealthiest person in the world right now. He has a net worth of $75 billion.
What does this mean? Even though Andrew Carnegie only held $480 million, because of inflation, he was actually wealthier than the top 5 wealthiest people in the world right now combined.
That's why you need the help of top rated gold IRA companies to help protect the purchasing power of your money right now. Although there is always some level of risk when you turn cash into a commodity, your Individual Retirement Account will be able to maintain its value as inflation grows. What you save today can have the spending value tomorrow.
#2. You are able to protect yourself against a currency devaluation.
There's another worry you must manage when it comes to the money you save for your retirement: currency devaluation. Many currencies are traded on an open market, which is why their values change daily. Devaluation occurs when a country removes the trading aspect of the currency exchange to create a fixed exchange rate.
If this happens in your country, then your currency becomes less valuable on the open market. It will still have the same spending power domestically, but internationally it could have very little worth at all. With a 401K to gold IRA rollover and other precious metals investments, you can protect yourself against this type of action.
Why does gold, silver, or other precious metals stop currency devaluation from affecting you? Because you've turned your currency into a commodity that can be traded. That commodity has more value than the currency, which protects your wealth. You can then convert a sale into your local currency for additional spending power.
#3. You create a safe haven.
There are plenty of precious metals IRA reviews that you can find online. This makes it difficult to determine which company is the best gold IRA company. The fact is that to have this type of retirement investment opportunity, you're actually becoming your own safe haven. You make the decisions to purchase the gold, silver, or other precious metals that you want.
The fact is that you need to have a diversified portfolio to make sure that you are shielded from an ever-changing marketplace. Multiple investments in multiple industries are necessary. Gold, silver, and other precious metals are not correlated to stocks, bonds, mutual funds, real estate purchases, and other eligible investments from your Individual Retirement Account.
The best gold IRA company will show you this and what your options happen to be. This way you get to make informed decisions about when to buy, when to hold, and when to sell.
#4. You have multiple investment options available to you.
Many people think of a gold or silver transaction as the exchange of currency for a tangible precious metal. Thanks to the intrinsic qualities of precious metals, there are actually several different ways that you can add these precious metals to your retirement account. In the United States, you have these options available to you at the time of this writing [these requirements are subject to change based on laws that are passed].
#5. You can start a brand new IRA if you wish.
Did you know that you can have as many IRAs as you want? The only limit you have is the total amount you're allowed to invest into these accounts in any given tax year. This means you don't even need to perform a rollover if you do not wish. You can simply start a new precious metals IRA if you want to leave your current investments alone.
For some, this is the best way to own a physical gold IRA. To determine where to get started, gold IRA reviews are a great place to review your options so you can find the most advantageous solution.
#6. There is usually less risk when investing into gold or silver.
Gold, silver, and other precious metals are generally considered to be a “conservative” addition to an IRA. The values grow on a rather steady basis, allowing you to slowly, but surely add to your wealth. Unlike stocks or bonds that have high levels of volatility, the value chart for precious metals is generally headed in an upward direction.
This doesn't mean that you are guaranteed to avoid losses. When you look at the history of gold, there are yearly peaks and 5 year peaks where an investor could have made a purchase and struggled to maintain the value of it. This is especially true for gold investors who made purchases from 1978-1982. The price of gold didn't reach a similar value until 2006. That's a long time to wait... but gold investments and other precious metals aren't intended for day trading.
Gold is something that you hold onto for a long time. You might not sell your gold items until you're ready to receive disbursements from your Individual Retirement Account. This is why there is generally less risk involved.
Will gold match its record highs from 2011? Anything is possible. If you want a relatively stable investment, however, precious metals must be part of the process.
#7. You can place as much or as little in your IRA as you want.
If you're thinking about a gold IRA rollover, a silver IRA rollover, or you just want to make sure you include precious metals into your retirement savings, then another benefit is that you can place as much or as little of your preferred items in your IRA.
The top gold IRA companies typically recommend limiting your precious metals investments to 10% of your portfolio, but you get to be in control. You make the decisions. This is your cash. That means this is your gold, silver, or other precious metals.
If you think there will be another economic downturn like the world experienced in 2007-2009, then a larger investment into gold, silver, and other precious metals could provide you with outstanding values. If you think that there will be a downturn in gold demand or your preferred precious metals, then you can sell your items to reduce your portfolio percentages.
Some companies that work with precious metals IRAs may have buying and selling minimums. Make sure you understand these minimums before opening up a new IRA or having a gold IRA rollover done so you can always have complete control over your savings.
The precious metals IRA reviews are a good starting point to investigate the benefits of investing into gold, silver, platinum, and palladium right now. By having a self-directed IRA, you can choose the asset class for your savings. This allows you to add IRA-approved precious metals to your retirement accounts quickly whenever you feel the time is right.
Do you have any questions about these benefits? Are you thinking about starting a gold IRA today? Then let us show you the top-rated gold IRA companies today so you can take charge of your retirement today. It could be the best decision you make this year.
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