Is a Gold IRA the Right Store of Value For Me?

If you’re looking for a store of value for your retirement account, a gold IRA may be a great option. These IRAs allow you to invest in precious metals, such as gold, silver, platinum, and palladium. Typically, a reputable company will only offer you assets that meet certain purity standards.

Investing in precious metals

If you’re thinking about investing in gold or silver, you have several options. You can buy the metal itself or invest in precious metals through exchange-traded funds (ETFs). This type of investment provides exposure to the metal without having to store it yourself. The operators of the ETFs bear the costs associated with holding the physical supply of the metal. This means that you won’t be able to physically touch the metal itself, but you will have access to the ETF’s price, which is tied to the price of the precious metal. Investing in precious metals via ETFs also reduces the volatility of the market. ETFs may not be right for all investors, however.

There are several ways to invest in precious metals, including buying shares of gold and silver mining companies or gold and silver royalty companies. The shares of these companies should increase in value as the price of the metal increases. For example, investing in shares of gold and silver mining companies such as First Majestic Silver will allow you to invest directly in the company and reap the dividends when the price rises.

IRA fees

If you’ve been considering a gold IRA, you’ve probably noticed that these accounts come with a lot of fees. These fees are sometimes called “spread fees” or “seller fees” and are generally charged on top of the purchase price of gold or silver. They can range from a flat rate to as much as 33% of the purchase price. Fortunately, there are ways to minimize these costs.

There are many companies that allow you to invest in gold through an IRA. Some companies also offer additional services like managing your investments and preparing tax reports for you. You should make sure that the custodian you choose can also handle storage and paperwork pertaining to your gold bullion. Unless you’re an experienced investor, it’s not recommended to store your own gold bullion in an IRA, as the IRS considers this an unauthorized withdrawal. If your gold IRA account is not properly maintained, the IRS can shut down your entire account.

IRA rollover

An IRA rollover in gold is a smart way to diversify your retirement savings while protecting them from inflation. The use of gold and other precious metals as a store of value goes back thousands of years. Many cultures place a high value on gold coins. However, the Great Depression led to the end of the Gold Standard, which is no longer a viable option.

Fortunately, a gold IRA rollover is simple. All you need to do is provide your old retirement fund company with your account number and they’ll begin the transfer. The process may take a few days to a couple of weeks. Keep in mind that there may be tax implications to consider as shown here.

Qualifications

When you want to invest in gold, you should know that there are many different ways to go about it. For example, you can use a traditional IRA, Roth IRA, or SEP IRA. There are also other retirement accounts, such as 401k, 403b, and 457b. These types of accounts are tax-deferred and allow you to defer taxes.

There are specific criteria for qualifying precious metals for IRAs. The first is purity. In order to qualify for a gold IRA, you must invest in bullion that meets IRS standards. For example, coins that are more than 99 percent pure are IRA-eligible. Furthermore, the coins must have been produced by a government mint or an accredited refiner. There are some exceptions to these rules, such as Gold American Eagle Bullion Coins.

Risks

When considering a gold IRA, you should be aware of the risks. Gold is a volatile commodity, and during long-term bull markets, it can drop by up to 28 percent each quarter. As a result, you may need to hold onto your gold investment for a long time before prices recover.

The risk of illegal withdrawals is another potential danger of a gold IRA. The precious metal cannot be transferred into an IRA unless the owner has the right to do so. In most cases, a custodian must handle the transaction. Despite the risks associated with gold, it can be a safe, diversifying asset. Many financial experts recommend keeping at least five percent of your portfolio in gold.

A gold IRA is a great way to diversify your retirement portfolio while protecting yourself against inflation and stock market volatility. It can also offer attractive tax benefits. As with any investment, however, make sure to do your research before opening an account.

4 Tips on Prepping For Economic Collapse

Economic collapse can be defined as a period whereby a country, a region or a territory experiences economic disintegration characterized by recession due to loss of business thus resulting in financial crisis. Economic activities are low and social order is disrupted during this period. Some of the major causes of this phenomenon include:

1. Hyperinflation: This happens when a government prints money in excess thus leading to a rise in the prices of goods and services.
2. Stagflation: This happens when a country that is experiencing a high rate of inflation has its economy growing at a slow rate.
3. Stock market crash: When investors lose their confidence in a stock market, a decline in stock prices occurs across the board thus leading to a stock market crash.

4 Tips on Prepping For Economic Collapse:
For any type of an anticipated crisis, prepping is crucial for survival. Prepping for an economic collapse helps you to lower the impact that the collapse may have on you and your loved ones. Below are tips on how you can prep yourself:

1. Financial preparation:
In the eventuality that you lose your job during an economic collapse, it may be hard for you to get another one as fast. Starting an emergency fund would when you have the job would cushion you during such a period. Ensure that you have enough money to cover your expenses for at least an year in case of an emergency.
Ensure that you have easily accessible cash for example in a home safe just in case accessing your emergency funds takes longer than anticipated.

 

2. Have multiple sources of income:
Losing your job or closing your business due to lack of clients as a result of an economic collapse can be draining. If you have a skill that you can monetize, start a business that will give you an alternative income source. Doing a business that provides services and basic needs like food for people during such a crisis would be ideal.

3. Stay debt free:
If you are repaying a loan, plan to be done with it as fast as possible. This will protect your property from being reprocessed in a case whereby you are unable to repay your debt due to job loss. Track your income and expenses to be aware of your financial health. This will help you to budget accordingly.

4. Have emergency stock:
This includes food and other consumables. Ensure that you have non-perishable food and clean drinking water that can last you for weeks in case of an economic collapse.

Finally, it is also important to ensure that you have an emergency kit that contains essential household items ready. This includes, blankets, torches, disinfectants, first aid and medical supplies, copies of important documents, emergency contacts etc. Remember to live within your means today in order to prep accordingly in case of an economic collapse.

What Beach in Miami, Florida is Right for You?

Miami remains one of the most popular tourist destinations in the U.S. This is a city that seems to have it all. There is incredible food, districts such as Little Havana that offer a great multicultural experience, incredible entertainment destinations are perfect for a family day out, almost endless sunshine, pulsating nightlife allows you to simply let your hair down and natural attractions abound. But if there is one drawcard that keeps people coming back to Miami again and again it is the incredible beaches.

Given the number of beaches, there is certain to be at least one that will deliver the experience you want. Here are only a few of Miami’s famous stretches of sand that are perfect for enjoying salt and sea.

South Beach is known for the fabulous art deco architecture that provides the eye candy – and the bronzed beach bodies that take their seats at some fabulous cocktail bars. You can avoid the throngs of tourists by following the locals to the more sedate section south of Fifth Street.

For those who really want to escape the crowds, the boardwalk of Mid-Beach is perfect. It runs the length of the sand – and caters to both locals and those who are staying at one of the incredible hotels that serve as its backdrop. The hotel cocktail bars are the locales for those who want to see and be seen. For a great accommodation choice, try out the Miami Beach Edition, a reinvention of the 1955 Seville Hotel. It delivers on that Havana vibe that is so much a part of the Miami experience.

To really relax spend some time at the Bill Baggs Cape Florida State Park. It’s within easy reach of downtown Miami and is great for families or those who simply want to commune with Mother Nature. It offers incredible views of that famous Miami skyline (sunset really delivers) and great trails for those who want an active beach experience.

For those who want to mix with the upper crust of Miami, Bal Harbour Beach is the destination of choice. This beach is great for those who want to view designer beachwear or enjoy a spa day at the famous St. Regis Bal Harbour Resort. If you want to fit in with the crowd engage in some retail therapy at the Bal Harbour Shops where you can pick up that perfect Chanel or Alexander McQueen creation.

Miami beaches offer incredible choice. However, some things are standard. Great sands, azure waters, and sunshine. Head to Miami and get wet in the salt – you’ll be glad you did.