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Benefits of Converting a Standard IRA into Gold IRA

Unleash the Power of Gold: Secure Your Financial Future Today

According to a recent report, an average American has saved up approximately $141,542 for retirement. That number may look like a substantial amount to many people. However, there’s no guarantee that external factors, financial crises, and natural calamities will not devalue the dollar and negatively impact this significant saving.

For this reason, and many more, Americans have recently started to show interest in opening a gold IRA. Much like a traditional IRA in its nature, a gold IRA allows individuals to store gold, silver, and other precious metals in their IRA account.

To learn about the benefits of converting a traditional IRA into a gold IRA, take a look at this blog.

What is a Gold IRA?

A gold IRA or a precious metal IRA is an Individual Retirement Account (IRA) that allows you to buy and store precious metals instead of cash, bonds, or stocks. Unlike a traditional IRA that’s vulnerable to inflation and external factors, a gold IRA lets you avail the benefits of investing in precious metals.

However, there are some guidelines regarding the standard of precious metals and custodians who can manage the account on an investor’s behalf.

Can You Convert A Traditional IRA Into Gold IRA?

Previously, many people avoided converting traditional IRAs into gold IRAs due to the complexity of the process. Now with the services of gold IRA companies, it’s easier than ever to convert a traditional Roth IRA into a gold one. There’s a simple set of guidelines for anyone looking to do so.

Happy, young investors looking at the laptop

Benefits of Gold IRA

Here are the benefits of turning a traditional IRA into a gold IRA. Take a look before you set up a gold IRA.

Tax Benefits

The tax benefits that one can avail from a traditional IRA can also be availed through a gold IRA. If you buy gold bullion bars to contribute to a gold IRA, it’s tax deductible. Likewise, qualified withdrawals from gold IRA like traditional IRA are tax-free too.

Greater Control

Gold IRAs are self-directed, and you have the liberty to choose the dealer as well as the precious metal storage company. This allows you to enjoy greater control of your assets.

Hedge Against Inflation

Gold IRA offers protection against inflation and currency devaluation. This is because precious metals have an opposing trend to other commodities, fiat currencies, and stocks.

Long-Term Investment

Gold IRAs are ideal for people looking for long-term investment as gold and precious metals tend to offer higher returns over longer periods.

Diversified Portfolio

You can turn your retirement nest into gold and diversify the portfolio with a gold IRA. This allows you to mitigate investment risks.

Stable and Lesser Risk

Stocks of a company may go to zero, but gold can never go down to a zero value. This makes gold IRA more stable and less risky.

Ideal for Beginners

Gold IRAs are ideal for small-scale investors and beginners. You can buy a small quantity of gold to start building your portfolio.

Setup Gold IRA with Confidence!

If you’re keen to open a gold IRA, then connect with us at Orion Metal Exchange. We’re a precious metals investment dealer  and gold and silver ira company. We are an authorized precious metal IRA custodian serving our clients for 50 years.

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