How to Multiply Your Retirement Savings
Imagine retiring and finding out you don’t have enough saved in your IRA to live out the rest of your years comfortably. It’d be a nightmare! If you’ve spent a lifetime working hard, chances are you’ll want to reward yourself once you retire by traveling or buying a home. But how do you go about maximizing your retirement savings?
Here are three great methods of multiplying your retirement savings.
1. Buy Gold and Silver Coins Online
One of the best ways to maximize your retirement savings is by investing in precious metals like gold and silver. Silver is worth just $22.37 per ounce and hashad a net-positive return of 10.56% over the last three years. On the other hand, gold is far more expensive but has a 20-year average return of more than 505%. In other words, if you bought $5,000 worth of gold 20 years ago, you’d have over $25,000 today!
If you’re eager to enjoy the benefits of investing in precious metals, we recommend purchasing gold and silver coins from reputable precious metal storage companies. The best silver and gold investment companies are endorsed by business analysis companies like Consumer Affairs. It’s also worth checking if the gold and silver investment company you’re considering has been reviewed positively on websites like TrustPilot.
2. Create a Roth IRA
Have you ever heard of a Roth IRA? It’s an individual retirement account where you’re only required to pay taxes on deposits. This makes them superior to traditional IRAs that charge taxes on withdrawals as well.
Roth IRAs invest your money into various financial instruments like stocks, bonds, mutual funds, ETFs, and cryptocurrency. In other words, they consist of a diversified investment portfolio to reduce risk.
However, the likelihood of multiplying your retirement savings in the long run through a Roth IRA depends on the health of the country’s economy. If we enter an economic bust, your Roth IRA returns will fall significantly.
In comparison, gold and silver investment companies aren’t affected by nation-specific economic shocks—which means it’ll be easier to secure your retirement with gold and silver.
3. Purchase Investment Properties
If you’re putting money away into a savings account for your retirement, why not redirect some of it toward buying investment properties? Investment properties will multiply your savings by earning you an ROI in the form of rental payments. Your savings will also grow if the property appreciates over time.
Unfortunately, purchasing investment properties will expose you to risks associated with the US property market. Experts believe that another housing bubble is growing nationwide like the one that sparked the global financial crisis in 2007. If there’s a bubble and it pops, house prices will plummet and any money from your retirement savings locked into housing will be lost instantly!
Thinking to buy gold and silver coins online to multiply your retirement savings? It’s time to reach out to Orion Metal Exchange! We offer some of the best gold coins for investment and help clients set up gold and silver IRA accounts. We also publish regular articles on an array of topics like secure gold and silver storage.
If you’re ready to enlist a top silver IRA company to help you build your retirement savings, contact us today.