At one time in the recent past, IRA accounts were made up of only stocks and bonds. The former was often suggested for people who were younger willing to take on more risk, while the latter was often suggested for people who were older and willing to take on less risks. There are more investment options today, including gold and silver IRA accounts; learn more about the advantages of these accounts below.
What are Gold and Silver IRA Accounts?
Gold and silver IRA accounts are retirement accounts that you open with a company that works with trusted and supported custodians; this is what allows you to add gold and silver to your IRA. You choose the custodian you want to work with and that is recommended by the company, then open the account. You then fund the account with a current IRA account, a retirement account such as a 401(k) or 403(b), a check, a wire transfer, or an electronic transfer. You then choose the approved listings the company you are working with provides to add gold and silver to your account.
Advantages of Such Accounts
There are several advantages to having gold and silver in your IRA account. One advantage is that any contributions you make to these accounts are tax-deductible. If you have a Roth IRA account, any qualified withdrawals from these accounts are free. The fact that precious metals like gold and silver do not fluctuates in value as much as bonds, stocks, currency, and cryptocurrency make it a great option to hedge against volatility and protect your IRA’s value.
Orion Metal Exchange has much experience with gold and silver IRA accounts. Learn more about what we can do for you at orionmetalexchange.com.
