3 Tips To Survive The Rate Hike: Retirement Planning
The days of low interest rates are over, at least for a while, and it can be jarring for many. It’s a difficult time to make purchases you need, such as a car or home, or putting a large purchase on a credit card. Spending all this extra cash on increasing interest rates without a raise in your income can make things feel tight. Luckily, there are things you can do now to survive the rate hike and stay on track for retirement. Keep reading to learn more about what to do to protect yourself from rising interest rates and how investing in gold plays a part.
Tip 1: Dive into Your Finances
First and foremost, you need to get your head out of the sand and take a good look at your finances. Getting a clear picture of where your money is going is extremely important right now. Set aside an afternoon to make a checklist and answer some of the following bullet points:
- Pull up your bank statements and organize your transactions. See which bills are the largest, which old gym memberships or app subscriptions you can get rid of, and which stores you spend the most money at.
- From there, work on ways to save, such as negotiating down your larger bills, canceling those old memberships and subscriptions, and finding ways to save at your favorite stores (or finding more cost-effective alternatives).
- Make a list of your debt from largest to smallest and what the APR is. See whether your debt has a fixed or variable rate and how much interest you pay per month, and take it from there to either consolidate or pay off the smaller debt.
Tip 2: Save, Save, Save
Saving might seem like the last thing on your mind during a time of interest rate hikes when you’re spending more money than usual, but it is actually the most important thing you can be doing. Think of it this way: If something major happens and you need to put it on a credit card or take out a loan, you will be spending more money down the road. By saving, you are giving yourself that cushion to allow for things to pop up and not have to spend more money later.
This brings up the opportunity to think about your income and career opportunities. If your current position isn’t providing the income you’re looking for, are there other ways you can move around? Can you start a side business, make investments for passive income, or sell some old items around the house to build up your savings?
Tip 3: Protect Your Savings with Gold
One of the best things you can do for your savings account, especially for retirement, is to invest in gold. According to Investopedia, gold is respected around the world for its value and rich history, which has been recognized by cultures for thousands of years. Coins containing gold appeared around 650 B.C., and the first pure gold coins were struck during the reign of King Croesus of Lydia about 100 years later.
Throughout the centuries, people have continued to hold gold for various reasons. Societies, and now economies, have placed value on gold, thus perpetuating its worth. It is the metal we fall back on when other forms of currency don’t work, which means it always has some value as insurance against tough times.
Throughout history, gold has been seen as a special and valuable commodity.
Today, owning gold can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier.
As a global store of value, gold can also provide financial cover during geopolitical and macroeconomic uncertainty.
Also, 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.
We have a proven four-step process that makes it easy to open a precious metals IRA, and we guarantee you the highest caliber customer service. Our IRA specialists will answer all of your questions, work with your current custodians to ensure a seamless transition, provide you a free metal evaluation, and continually help you to review your portfolio.
Protecting Your Retirement with 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 customer service standards, which come with honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com