The precious metals experts at Goldco are here to help you learn more about how a precious metals IRA can help you safeguard your hard-earned savings.
(PRUnderground) February 5th, 2024
Many Americans are getting nervous about their financial health. If high inflation weren’t bad enough already, the thread of recession seems to be growing every day. And those of us who remember the 2008 financial crisis can’t help but get nervous about the possibility of seeing major losses as a result of such a recession.
That’s one reason so many people today are looking at alternative ways to protect themselves and their assets against the threat of recession. One way they’re doing that is by moving their assets into a precious metals IRA.
Goldco is here to help you understand a little more about precious metals IRAs and how they can help you safeguard your hard-earned savings. The feeling of uncertainty leading up to a recession can be unnerving. But the feeling of loss during a recession can be even worse. For many Americans, the path to financial security lies within precious metals. Keep reading to learn what thousands of people like you already know — how a precious metal IRA gave them control over their financial feature.
If you’re not already familiar with a precious metals IRA, it’s really nothing more than an individual retirement account (IRA) that owns and holds physical precious metals rather than more common financial assets like stocks, bonds, and fund shares that you might expect to see in most conventional IRAs. Aside from that, a precious metals IRA is subject to the same rules and regulations as any other IRA account.
By law, there are only four types of precious metals you can hold in a precious metals IRA: gold, silver, platinum, and palladium.
- Gold is perhaps the best known and most famous of the precious metals, and the one that gets the most press. Its ability to act as a store of wealth and inflation hedge are part of the reason it remains so popular. But it isn’t the only option when it comes to a precious metals IRA.
- Silver often plays second fiddle to gold, but it can outperform gold at times. In the aftermath of the 2008 financial crisis, for instance, gold nearly tripled in price but silver more than quintupled in price. Silver too, like gold, is trusted by many investors as a safe haven asset when economic uncertainty grows.
- Platinum is perhaps best known today for its use in automotive catalytic converters. But it is also a precious metal eligible to be held in a precious metals IRA. Mints around the world have produced investment-grade platinum coins and bars for decades.
- Palladium, like platinum, is best known for its use in catalytic converters. But due to its significant price growth in recent years, it has become a new investment option for precious metals investors. While there are fewer coin and bar options available in palladium, the US Mint and some other mints produce palladium coins that are precious metals IRA-eligible.
Like other IRA accounts, precious metals IRAs come in two types, Traditional and Roth. A Traditional precious metals IRA is just like any other Traditional IRA in that it invests in precious metals with pre-tax dollars, gains are made tax-free, and taxes are paid at distribution. A Roth precious metals IRA invests in precious metals with post-tax dollars, gains are made tax-free, and no taxes are paid at distribution.
A precious metals IRA is subject to all the same rules and regulations as any other IRA account. Required minimum distributions (RMDs) must be taken at age 73 from a Traditional precious metals IRA account. Distributions before age 59 1/2 also may be subject to a 10% penalty.
If you’re wondering if you should set up a precious metals IRA account, or are unsure about how to invest in your financial future, our precious metals experts at Goldco can help answer any questions and help you learn exactly how a precious metals IRA can help you prepare for retirement.
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Original Press Release.
