Precious Metals IRA: Starting a Silver IRA
A silver IRA is a type of precious metals IRA that allows you to invest in silver, such as silver coins or silver bars. Regular IRAs focus on stocks and other paper assets, so investing in a silver IRA can diversify your portfolio quite a bit. If you are looking to secure your retirement, diversify, and all-around protect your savings, a precious metals IRA is a great way to do it. Keep reading to learn more about starting a silver IRA, the benefits, and how they differ from a gold IRA.
What is a Silver IRA?
According to Zacks, most people are familiar with traditional IRAs that you open at a brokerage firm, like Fidelity or Schwab, because that’s what most people have. When you invest in these types of accounts, your money is buying stocks, bonds, and mutual funds, which the industry calls paper assets.
A less familiar option is to open a self-directed IRA. These accounts have the same tax advantages and the same guidelines as any other type of IRA but with one material difference: you manage the investments. This means you’re not restricted to the menu of investments that the broker offers; you can choose exactly what goes into your account. The options are extremely broad and include hard assets that you can see or touch, like cash-flow real estate, businesses, gold, silver, platinum, and palladium. A silver IRA is simply an IRA that has some type of silver investment held in the account.
Benefits of a Silver IRA
Starting a silver IRA and adding it to your portfolio of investments can give you many benefits along the way. The benefits of a silver IRA include:
- All the Benefits of a Traditional IRA. Also according to Zack’s, A self-directed IRA can be a traditional or a Roth IRA. With a traditional IRA, the account is funded with pretax dollars. You only pay income taxes when you take money out of the account at retirement. A Roth is funded with post-tax dollars, so there’s no immediate tax saving, but you can take out your money tax-free at retirement. For both types of IRAs, the investments grow tax-free while in the account. Even if you sell the silver, you are not taxed as long as you keep the gain in the silver IRA.
- Hedge Against Inflation. As you are well aware, inflation has been rising. The prices of everything have gone up significantly without wage increases to match. This means the value of the US dollar is weakening, and all the money in your savings is becoming less and less valuable. The good news is that the value of silver rises when inflation goes up, which will help protect your savings account during times of inflation.
- Diversify Your Portfolio. Ever heard of the saying, “don’t put all your eggs in one basket”? This is important to understand when it comes to investing. You never know what may happen to one certain sector or industry, so it is essential to make sure you are producing income from several streams to protect yourself. Is all your money in real estate? If so, what will you do if the bubble bursts? If you have invested in silver, you will have some protection.
Silver IRA vs Gold IRA
Precious metals IRA accounts allow you to invest in many different types of precious metals, silver being one of them, and gold is another option. What is the difference, and does it matter which one you choose?
Choosing to invest in a gold IRA or a silver IRA can raise a lot of questions. Depending on your financial goals, retirement goals, budget, age, and much more, there could be many reasons you would choose one over the other or have both. Depending on when you decide to buy, one might be more valuable than the other. One may have a better outlook than the other, or they both could be doing equally well. Luckily, the experts at Priority Gold are available to help walk you through the entire process and help you choose which investment strategy is right for you.
Starting a Silver IRA with Priority Gold
When it comes to starting a silver IRA, gold IRA, or any precious metals IRA, you want to have a smooth, fast, easy experience with experts you can trust. If you are ready to invest in silver or gold to protect your savings and secure your future, we can help. We offer a very simple four-step process to starting your precious metals IRA and get you on the right track to protecting your future.
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 customer service standards, including honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com