3 Things To Know About Opening A Precious Metals IRA
Is your current investment portfolio enough to deal with the impending financial crisis? Some financial experts have predicted that the next crisis will be much bigger than the one in 2008.
According to a 2019 survey by the National Association for Business Economics, 72% of economists have predicted that a recession would occur in the US by the end of 2021.
We believe it’s safe to say that their prediction has come true much sooner due to the pandemic, and things look pretty bleak in the coming year as well.
Therefore, it may be time to diversify your portfolio and secure your retirement with a precious metals IRA account. Here’s what you need to know.
Only Asset Class That Performs Well In Economic Turmoil
If you still have doubts about opening a precious metals IRA, you should know that this is the one asset class that will never fail you.
It’s known to perform well in times of economic instability. Buy gold bullions online today because they thrive in times of crisis.
During the financial crisis of 2008, gold outperformed stocks by a ratio of 40:1. Even back in 1987, on Black Friday, gold thrived against stocks with a ratio of 45:1.
Tax Benefits
A self-directed IRA, specifically a Gold IRA, allows you to keep physical gold in a retirement account. Like other IRAs, taxes are deferred until you take distributions within traditional gold IRA.
Contributions are made on a pre-taxed basis. This allows tax-deferred or tax-free growth.
Some self-directed IRAs also allow assets to be passed on to your designated beneficiary with few or no tax implications.
Additionally, you might be able to take a tax credit for making eligible contributions to your precious metals IRA known as the Retirement Savings Contributions Credit or Saver’s Credit that can amount to up to 50% of your contributions.
No Direct Access Ensuring Safety
Remember is that any pre-owned precious metals can’t be added to a self-directed precious metals IRA.
Additionally, you can’t physically possess the metals while they’re being held in your IRA—instead, they’re held in an IRS-approved depository that you can choose and visit.
If you want to learn more about self-directed precious metals IRA accounts, direct all your queries to us. Contact today to open your precious metals IRA account.
