Disclosure: Please note that some links on this website are affiliate links. We may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners. This is not a financial advice article. Refer to a professional on whether you should get a Gold IRA, or not.
The world is a crazy place right now.
That likely isn’t changing anytime soon.
Where we invest our money gets more important each day as we near or are living in retirement.
Many of us have our retirement money invested in the stock market.
However, the stock market is what I call the Yo-Yo Plan for investing.
The market goes up. The market goes down. Just like a Yo-Yo.
Sometimes the market crashes, just like when a Yo-Yo string breaks and it comes crashing down to the ground.
The older I get, the less I like uncertainty with my money.
The old Yo-Yo Plan doesn’t quite feel as good as it once did.
So, maybe it’s time to find a new plan for investing your retirement money.
A new plan…one that will help protect your retirement savings, yet still have room for growth.
I call this new plan the Retirement Peace of Mind Plan.
A plan that has you consider investing part of your IRA, 401k, TSP, 403b into precious metals like gold and silver.
A plan that helps you rest easier and sleep better at night knowing your money is protected by an asset that has stood the test of time. Gold.
So, if you are looking for a way to diversify your investment portfolio, please keep reading, because a gold IRA might be a viable option for you.
Should you get a Gold IRA?
Let’s dig deeper…
The cost of sticking with the Yo-Yo Plan
So, what is the cost of sticking with your current investment plan vs diversifying with precious metals?
It could be a lot!
Consider what happened most recently with the Covid-19 outbreak and lockdown, or the 2008 crisis?
The markets crashed.
Those of us that had money in the stock market lost a lot of money.
Money we were counting on for our retirement years.
Those losses hurt.
Losing that money means many of us have to work harder and longer.
I don’t know about you, but the energy needed to work in your sixties, seventies and longer just doesn’t come as easy as it use to.
Some of us will NEVER be able to retire because of those losses.
However, there is light at the end of the tunnel and it includes a new plan for diversifying your retirement money, so the stock market crashes don’t affect you the way they use to.
What is a gold IRA?
A gold IRA is a self-directed individual retirement account that invests in gold bullion or other precious metals, like silver, palladium and platinum.
Unlike traditional IRA’s, a gold IRA offers the benefit of investing in tangible assets that can provide a hedge against inflation and market volatility.
Gold IRA Advantages
However, before you decide to invest in a precious metals IRA, it’s important to consider the advantages and disadvantages.
Advantages of a Gold IRA
- Hedge against Inflation: Gold has been considered a safe haven investment for centuries because of its ability to retain value. During times of economic uncertainty or inflation, gold tends to hold its value or even appreciate. This makes it a good hedge against inflation.
- Diversification: Gold is a non-correlated asset, meaning it has little to no correlation with traditional investments like stocks and bonds. By investing in gold, you can diversify your portfolio and reduce overall risk.
- Tax Benefits: With this type of investment, you can enjoy the same tax benefits as with a traditional IRA. You can defer taxes on your contributions until you withdraw them during retirement. However, it’s important to note that you will be taxed at your ordinary income tax rate when you make withdrawals.
- Tangible Asset: Unlike stocks and bonds, gold is a tangible asset that you can hold in your hand. This can provide a sense of security and peace of mind for investors.
Disadvantages of a Gold Individual Retirement Account
- High Fees: Gold IRAs can come with high fees, including custodial fees, storage fees, and transaction fees. These fees can eat into your profits and reduce the overall return on your investment. However, we have found Goldco has low Gold IRA fees. You can visit their website by clicking here.
- Storage: If you choose to invest in physical gold, you will need to store it somewhere. This can be a challenge if you don’t have a secure location, such as a safe deposit box. However, a custodian can store your gold, for minimal storage fees.
Should You Get a Gold IRA?
The decision to invest in a gold IRA ultimately depends on your investment goals, risk tolerance, and financial situation.
If you are looking for a way to diversify your portfolio and protect against inflation, a gold IRA may be a good option.
However, if you are looking for a low-cost investment or prefer to invest in traditional assets like stocks and bonds, a gold IRA may not be the best choice.
Before investing in a gold IRA, it’s important to do your research and understand the risks and benefits.
Consider getting a free gold IRA Guide that will educate you further on whether a gold IRA is right for you, or not.
If you decide to invest in a gold IRA, you will need to choose a custodian to hold your gold. Make sure to choose a reputable custodian who is insured and has a good track record. You will also need to decide if you want to invest in physical gold or a gold ETF.
So, should you get a Gold IRA?
100% up to you.
However, a gold IRA can be a valuable addition to your investment portfolio if you are looking for a way to diversify and protect against inflation and help protect your nest egg.
Make sure to do your research, educate yourself and ONLY work with a reputable gold IRA company like Goldco.