3 Tips for Preparing for Retirement
Sadly, your retirement funds do not show up out of just anywhere—they take a lot of planning, time, and commitment to be there for you at the end of the road. According to the US Department of Labor, Only half of Americans have calculated how much they need to save for retirement. In addition, in 2020, more than a quarter of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not participate, and the average American spends roughly 20 years in retirement. Luckily, there are a few easy steps you can take to prepare for retirement. Keep reading for our top 3 retirement tips, including how to start a precious metal IRA.
Consider Your Needs
When it comes to retirement planning, this is the most fun part. Sit down, even with your spouse, and come up with some goals to work toward. Answer some of the following questions:
- What kind of lifestyle do we want in retirement?
- Will we downsize, such as selling the larger family home and living in a condo or retirement community?
- Do we have any current health issues to account for?
- Are there health issues that run in the family that we need to anticipate?
- Do we want to work small side jobs while in retirement?
- How often will we want to travel while in retirement?
Remember that each of these things requires saving more money, so it is important to be realistic about your goals considering your current budget. If you are able to achieve it with your current budget, you can achieve it in retirement. If not, you may want to consider working for longer or working a side job while in retirement.
Start Saving, No Matter How Small!
Also according to the US Department of Labor, if you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month. The sooner you start saving, the more time your money has to grow. Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it’s never too early or too late to start saving.
Also, keep in mind that retirement is expensive. Experts estimate that you will need 70 to 90 percent of your preretirement income to maintain your standard of living when you stop working. Take charge of your financial future. The key to a secure retirement is to plan ahead.
If you withdraw your retirement savings now, you’ll lose principal and interest, and you may lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer’s plan.
Start a Precious Metal IRA
The US Department of Labor also suggests putting money into an IRA. You can put up to $6,000 a year into an Individual Retirement Account (IRA); you can contribute even more if you are 50 or older. You can also start with much less. IRAs also provide tax advantages. When you open an IRA, you have two options – a traditional IRA or a Roth IRA. The tax treatment of your contributions and withdrawals will depend on which option you select. Also, the after-tax value of your withdrawal will depend on inflation and the type of IRA you choose. IRAs can provide an easy way to save. You can set it up so that an amount is automatically deducted from your checking or savings account and deposited in the IRA.
By rolling over your IRA, 401(k), 403, TSP, or 457 Plan into our Precious Metal IRA Account, you can achieve the same profits that you would gain by purchasing gold or silver directly while also enjoying the benefits that your retirement account provides. Self-directed precious metals IRAs allow you to invest in gold and silver so you can better diversify your investment portfolio, which can be crucial protection during turbulent financial markets.
Gold and silver are two of the world’s most desired commodities and are the only assets that are universally accepted standards of payment. Gold and silver also allow their owners to acquire currency anywhere in the world, making these metals versatile regardless of location.
Get Started with Retirement Savings with a Precious Metal IRA from Priority Gold
If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with a BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com