Oh, those gold IRAs. You’ve likely heard this term being tossed around as a hot potato during a family barbecue. There are many opinions, but let’s dig deeper into the meaning of adding some sparkle to retirement savings.
Consider adding gold to your retirement investment portfolio. Enter the gold IRA. It’s about more than just owning gold-colored paper or shaking hands a miner. It’s the real deal, not paper gold or shaking hands with a miner. Read more now on gold IRA
Why would anyone go through all the trouble? It’s true that gold is regarded as being as reliable and trustworthy as the advice of your grandfather. When inflation or the economy start to do somersaults, gold is there. You can think of gold as a financial Batman who will protect you when the going gets tough.
It gets tricky here. The IRS does not allow you to buy a little bling for your IRA. They have strict rules on what type of precious metals are acceptable and how they should be stored. (Hint: not your sock draw). You’ll also need to pay fees to a custodian for handling the paperwork as well as a place where you can store your treasures.
If you ever decide that cash is more important than shine, what will you do? The process of selling physical gold is not as easy as pressing “sell” within your stock application. Haggling is required to ensure you are not being shorted and fees continue to nibble away at your hard-earned money.
Even with these speed bumps there is something irresistible about owning a tangible object that has maintained its value over centuries. Wars, recessions, whatever. Even if you don’t do anything else, investing in precious metals could provide peace of mind or even help protect your purchasing power.
Do not convert your entire nest egg to pirate treasure. Many wise investors recommend keeping precious-metals as a small portion of your investment pie. Enough to get their stabilizing effect, but not enough that you are vulnerable to the quirks.
If you’re thinking about gold investing, it’s not about winning the jackpot. Instead, think of it as choosing whole wheat bread over white–a decision for stability and less flash. Prices will go up and down, but there are no interest or dividend payments.
Here we are, a whirlwind journey through the gold IRAs’ glittering streets without jargon to make our brains hurt.
Balance is important in all aspects of life, including investing.
No matter if you choose to spice up your retirement plan or not,
Keep your eyes on that sweet spot where growth meets security.
Variety is the spice in life, and who says you can’t have a little fun along the way.
Talk to people who have experience with Gold IRAs and aren’t just trying to sell theirs to you. Then decide if adding a bit of sparkle to retirement is something that will help you achieve your goals, or if the idea should be buried.