Whether you have heard about the benefits of owning a gold 401k or not, now is the time to become better informed about your retirement savings options. Why? The reason that now is such an important time when it comes to your retirement strategy is that we are nearing the end of the lifespan of several key stimulus programs that have been in place since the recession of 2007/2008. Many financial experts agree that as the deadline for expiration looms ever closer, there is less and less evidence that any of them will be renewed. This is because there is existing evidence that, no matter how slight the recovery may be, the economy is in fact recovering.
With that being said, these stimulus programs have been a huge boon for millions of families across the nation will suddenly and irreparably come to an end, and with them threaten to take the economy with them. Financial experts have been bracing for a second economic recession to occur for several years now based on the expiration of these programs and fear that many people aren’t taking this threat as seriously as they should be.
However, there is a way to better prepare yourself for the impending financial downturn. And the process couldn’t be more simple. You open a gold IRA. A gold IRA is a tax advantaged retirement savings account, just like the retirement accounts that you are currently utilizing, that allows you to save and grow your money for your retirement. The only difference lies in the products that are offered for you to invest in. For most retirement accounts, the investment portfolio is comprised of various paper backed securities such as stocks, bonds and more. In a gold IRA, the investment vehicles consist of precious metals such as gold, silver, platinum and palladium. So, how does this ever so slight difference make a difference in your retirement strategy? The answer again, is very simple. Investing in precious metals offers you a hedge against loss when financial markets tank.
Many golden bars near each other. 3d.
Precious metals like gold and silver have always been used in various financial systems across the globe. As a matter of fact, before paper money even existed, precious metals were used as money and have always held value. When financial markets are up, the value of precious metals remains somewhat stagnant as other investments like stocks increase in value. However, the true value of precious metals doesn’t become readily apparent until the financial markets take a downward turn. When financial markets begin a downward trend, paper backed investments like stocks and mutual funds begin to devalue as well. However, this is because investors begin selling them off in favor of a more stable investment: precious metals. As more investors begin to buy these metals, they become scarcer in the marketplace, pushing values higher and higher. This means that for anyone who is holding precious metals as an investments, the value of their retirement accounts remain intact rather than devaluing like those that are solely invested in paper backed securities.
If you are ready to take the steps necessary to protect your retirement savings from devaluation, it’s time to contact Goldco Precious Metals. They are the leading gold IRA experts in the industry.
Goldco Precious Metals can help you turn your existing 401k into a gold 401k in just three easy steps. Call or click today to get started.