How do you envision your retirement?
I see myself relaxing on a hammock sipping on Pina Coladas at a beautiful beach.
Maybe you see yourself playing golf with friends or going on a cruise to an exotic place.
Wherever you see yourself during the golden years, it is essential to invest in an IRA or 401k to set yourself up financially for the future.
With an economic meltdown that has affected the world due to Covid 19, the process of saving cash rather than watching it blow away may seem challenging.
The current financial state is not good, and economies all over the world are drowning in trillions of dollar’s worth of debt. Adding to the issue is the fact that seniors are not as financially prepared compared to their parents which will make their golden years less golden.
The average savings from Baby Boomers is $120,000. Do the math and divide that by 10 and ask yourself this question. Is $12,000 a year going to help you live a comfortable life when you are retired. Of course, $12,000 will not be much by time Millennial’s reach their golden years. To divide $120,000 for anything more than a 10-year retirement would be tragic if you do not have much invested in your social security or pension.
This can be avoided if you know where to put your money. If you plan ahead by investing in IRAs, you will accrue interest and be able to afford the necessities to indulge in life’s little luxuries.
3 Great Platforms for Investing in a Gold IRA
1. American Bullion– Based in Los Angeles, CA, this company specializes in IRA-grade coins and bars and also has a variety of collectible and rare coins. American Bullion is one of the most well-known companies in the precious metals field as it guides investors through the process of converting existing retirement products such as IRA’s and 401k’s into gold. American Bullion is also good for creating new retirement accounts for people looking to start saving for their golden years and want to invest in physical gold and silver.
2. Gold Broker has offices based in New York, London, Malta, and Hong Kong. GoldBroker arose because of investors’ demand for an offshore gold storage company which could allow you to actually hold your gold in your own name with no custodian or intermediary in between you and your precious metals. Gold Broker issues gold and silver storage certificates so you will not become a victim of any potential counterparties and their associated insolvency risk.
3. Goldco– Goldco Precious Metals, commonly referred to as Goldco, is a precious metals company based in Woodland Hills, California and was founded in 2006 to provide self-directed precious metal IRAs funded by gold, silver, platinum, palladium, or a combination of these metals instead of traditional investments in stocks or bonds. While Goldco is the precious metals broker, they collaborate with IRA custodian companies and customers to create new accounts and provide rollover services for those wishing to transfer IRAs from other companies or financial institutions into self-directed precious metal IRAs.
Benefits of Buying Gold Coins
Investing in a Precious Metals IRA can be an attractive option to consumers who feel that there is too much instability investing in stocks and bonds. Below is a list of the benefits of buying gold.
- The price of gold increases every time there is an event that causes the value of paper investments, such as stocks and bonds, to decline
- Gold is a barricade against inflation.
- Capital gains tax will only need to be paid after you sell.
- Nobody has to know you have it – and it’s probably best to keep it secret
- You can use gold and silver to buy and sell in a financial emergency.
Disadvantages to Investing In Gold
While the benefits outweigh the negatives when it comes to investing in gold, this would not be a transparent review without including the negatives. A list of some of the disadvantages for investing in gold is listed below.
- Gold can be susceptible to theft if you are not careful
- If you keep the gold in your physical possession, you will not receive dividends or interest.
- It may take years for gold to go up in value.
There is a potential to be financially secured for years ahead by planning and taking action to build a foundation for retirement. Studies by the Employee Benefits Research Insitute informs how %20 of Americans are not confident that their plan for retirement will get them comfortably through their golden years.
Educating yourself on the subject will give you the knowledge about the basics of an Individual Retirement Account or 401k and aid you in reaping the rewards that come from the work you have done in the past.