With the instability of the market, devaluation of the currency, and threats of terrorism, it is scary to put all your savings in one asset. The most common investment there is are in the form of stocks and bonds. And that’s where existing retirement plans like the 401(k) are often invested in. However, these investments cannot guarantee you’d still have your money by the time you retire because of various factors.
If you are a serious investor looking for ways to protect and grow your retirement fund, think out of the box and explore Precious Metal IRAs. The elite and business tycoons are the ones who often invest in this kind of IRA since they know how valuable and rewarding such an investment is.
Gold IRAs are the most popular Precious Metals IRA. It has a much higher value and has stood the test of time with a whopping 700% growth over the last 15 years. You can seldom experience that earning with a traditional form of savings and investments. It is why more Americans are encouraged to diversify their assets to protect their investments. This time, let’s take a closer look at Silver IRAs. Silver IRAs offer somewhat the same stability and security provided by a Gold IRA. But unlike Gold, a Silver IRA can let you enjoy more earnings but fewer disadvantages. Also, the government has little said when it comes to its performance and value. Silver’s value can still go up despite a badly performing economy and so on. Furthermore, you can use all Silver IRA coins except the ones made before 1965.
The rules that apply to a Silver IRA is similar to traditional ones, along with some additional guidelines that are exclusively applicable only to silver. Silver IRAs can let individuals add other Precious Metals IRAs, which is not possible with other IRAs that only allow paper assets like stocks, bonds, and mutual funds. To qualify for an IRA, silver must be as fine as .999 or have a 99.9% purity. Also, you can only use silver bullion and not all qualifies. Moreover, only a custodian can handle your silver. And when eligible, you can make the most of the rollovers from other retirement portfolios. Keep in mind that the IRS keeps a close eye on your Silver IRA investment and has set an annual limit on your contributions.
To set-up a Silver IRA, you must fill-up some required paperwork first. You also have the option of starting a new one or rollover. Such an investment likewise requires the services of a custodian so look for a reliable one you can work with and entrust your fortune with.
Like with any other Precious Metals IRA, the process is pretty much the same. You need to open a self-directed IRA account, a fund that account, and then buy your chosen precious metal. Of course, that will be silver.
You can now enjoy investing in something with a higher return at a much lower risk. If you have any questions regarding any Precious Metal IRA like a Silver IRA, contact a financial advisor to help you out.
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