If you’re getting close to retirement age, it’s important to start putting aside money. Many people assume that they will be able to work part-time or pick up another job in retirement to make ends meet, but these sources of income are likely to only go so far. It’s also essential to invest in a diverse portfolio of assets that will help you protect your savings against inflationary pressures or a potential downturn in traditional stocks and bonds markets. One of the best ways to diversify your retirement portfolio is through precious metals. Freedom Gold USA is a reputable company in Richmond that provides gold and silver IRA investments for individuals looking to diversify their portfolio.
Before you start saving for retirement, it’s a good idea to do some number-crunching and find out how much money you will need to support your lifestyle. Using a retirement calculator can give you an idea of how much you’ll need to save by calculating your expected expenses and how long you expect to live. It’s also helpful to consider other sources of income during retirement, including Social Security, pensions, and annuities.
Once you’ve figured out how much you need to save, you can then set a savings plan that will help you reach your target goal. A good rule of thumb is to save around 75%-85% of your current spending.
In addition to saving money, you should also think about paying off any outstanding debts you have before retirement. Not only will this reduce your interest expenses, but it may also prevent you from having to deplete your retirement savings or tap into your other sources of income.
Finally, it’s a good idea to invest in a Self-Directed Individual Retirement Account (SDIRA) to gain more control over your retirement savings and investment options. An SDIRA offers the same contribution limits as a traditional IRA, but allows you to invest in alternative assets like real estate and precious metals. This type of account requires a custodian to hold your precious metals and must be stored in an IRS-approved depository.
When investing in a precious metals IRA, it’s important to choose a reputable dealer and a trusted IRA custodian in Richmond that will help you navigate the rules and regulations associated with this type of account. Additionally, it’s vital to understand how to properly store your precious metals and maintain accurate records. A reputable custodian will provide you with a secure storage facility, keep all receipts and documentation, and perform annual valuations of your metals. These steps will ensure that you are protected from any losses or theft while preserving the value of your metals. A knowledgeable IRA custodian will also be able to assist you with choosing the right precious metals for your retirement portfolio. They can also explain any other tax rules and requirements that you should be aware of when investing in a precious metals IRA. If you are considering a precious metals IRA, contact Accurate Precious Metals for more information on the hassle-free process of rolling over your 401(k) or starting an IRA with us today!