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How to buy gold with a 401(k) – a Comprehensive Guide

May 20, 2023 by admin Leave a Comment

In today’s volatile economic climate, investing in gold has become a popular option for individuals looking to safeguard their retirement savings. While there are many ways to invest in gold, one of the most attractive options is through a 401(k) plan. In this blog post, we’ll walk you through the process of How to buy gold with a 401(k). Whether you’re a seasoned investor or just getting started, this guide will provide you with the information you need to make an informed decision about adding gold to your retirement portfolio.


P.S.

See our Top-5 Gold & Silver IRA Solution on this page


Understand your 401(k) Plan

Before you start investing in gold, it’s important to understand the rules and regulations of your 401(k) plan. In contrast, most plans allow alternative investments, but not all plans offer the option to invest in gold. You’ll need to review your plan documents or talk to your plan administrator to determine if gold is an eligible investment option. When you fully understand your plan, you can proceed to the next step, reviewing your 401(k) plan. When you’re ready to invest in gold, you must review your 401(k) plan. Your plan will outline the rules and regulations for investing in gold and any limits or restrictions that may apply. It’s also important to understand how much of your 401(k) funds can be allocated toward gold investments.

Research Types of Gold InvestmentsHow to buy gold with a 401(k)

Once you have a better understanding of your 401(k) plan, it’s time to research the different types of gold investments available. Here are some of the most common types of gold investments:

  • Gold ETFs

A gold ETF (exchange-traded fund) is a type of investment fund that holds its portfolio of assets in gold bullion. It seeks to track the performance of gold by investing in gold derivatives and physical gold. As a result, ETFs provide investors with the opportunity to invest in gold without having to worry about storage or security costs of their own. Gold ETFs trade like stocks and can be added to your 401(k) portfolio via a broker or financial advisor.

  • Gold Mutual Funds

Gold mutual funds invest in the shares of companies involved in the gold mining and refining industry. They offer an alternative to investing in physical gold. These funds aim to provide returns by investing in gold and related assets, such as silver, platinum, and mining shares. Gold mutual funds have a good long-term growth rate, but they involve greater risk since they depend on the stock market’s performance.

  • Gold Bullion

Gold bullion is the physical gold investors can own as bars or coins. This is a more traditional method of investing in gold. Investors who invest in gold bullion have full ownership of their investment but need to consider the risks of storing and securing their gold. One way of investing in physical gold is by buying Gold Eagles- minted by the US government- and including them in your 401(k) plan.

  • Gold mining stocks

Another way to invest in gold is by purchasing gold mining stocks. Gold mining companies are involved in exploring and extracting gold from the earth. Multiple factors, such as global demand for gold, mine safety, and production costs, can influence the value of a company’s stock. Doing thorough research before investing in gold mining stocks is important, as they carry more significant risks than ETFs or physical gold.

  • Gold futures

Gold futures are speculative investments that allow investors to buy or sell gold at a specific price at a future date. This kind of investment is done via brokerage firms, and there is a high level of risk involved as the value of gold can fluctuate rapidly. This investment is ideal for experienced investors who know the risks involved and understand the gold market well. It is important to remember that each type of investment has its own advantages and risks, so it’s important to do your due diligence before committing any money. It’s always a good practice to consult with a financial advisor or tax professional who can help you make an informed decision.

Choose A Custodian

If your 401(k) plan allows for investing in gold, you’ll need to choose a custodian to hold your gold investments. Custodians are responsible for storing your gold and administering transactions on your behalf. Some of the most popular custodians for gold investments include Equity Institutional, GoldStar Trust Company, and New Direction IRA.

You can also check with your plan administrator to see if they have any preferred custodians. While choosing a custodian may seem daunting, the process is relatively straightforward. You must compare prices, services, and customer reviews to find a custodian that meets your needs.

Make Your Investment

Once you’ve chosen your custodian and the type of gold to invest in, it’s time to invest. You’ll need to work with your custodian to establish a gold account, transfer funds from your 401(k) into the account, and then purchase gold. The process can take a few weeks and involve various fees and paperwork, so read the fine print and work closely with your custodian to ensure a smooth transaction. Some custodians offer online gold investments, so you may want to research those options as well.

Evaluate and monitor your investment.

As with any investment, evaluating and monitoring your gold investment over time is important. Keep an eye on market fluctuations and changes in the value of gold, and adjust your investment strategy as necessary. If you need help with how to evaluate your investment or whether gold is the right choice for you, consider working with a financial advisor or investment professional who specializes in gold investments. The most important thing is to take some time to understand the risks and rewards of investing in gold before you make any decisions.

Potential risks and challenges

While gold can be a great addition to your retirement portfolio, some potential risks and challenges are associated with investing in gold. Gold is subject to market volatility, so it’s important to maintain diversification in your portfolio and manage risk accordingly. Additionally, the cost of buying and storing gold can be high, and taxes on profits from gold investments may be more complicated than other investments. Finally, it’s important to be aware of fraud and other risks associated with gold investing, so ensure you are working with a reputable custodian before making any gold investments. 

Best Practices for Investing in Gold with Your 401(k)

  • Know Your Options

Investing in gold with your 401(k) is more accessible than you think. First, determine which type of gold investment best suits your needs. You can invest in physical gold, such as coins or bullion, through a Gold IRA or gold ETF. ETFs are exchange-traded funds, and they typically have lower fees and do not require storage. However, physical gold may offer security, and you can store it in a safe deposit box or a secure facility.

  • Consider Storage and Fees

When you invest in physical gold, you need to consider storage fees. Your fees can significantly impact your returns, so research reputable storage companies and ensure their costs are competitive. Furthermore, gold ETFs and Gold IRAs come with their fees. Review these fees and compare them to the other options available.

  • Understand Your Taxes

Like any other investment, gold comes with tax implications. When investing in gold, ensure you have a strategy for managing your taxes. If you withdraw funds from your 401(k) early, you will face penalties and additional taxes. However, you can begin taking distributions from your account when you reach retirement age. These distributions will be taxed as income. If you invest in a Gold IRA, you will be subject to the same tax rules as an individual retirement account (IRA).

  • Be aware of Risks and Opportunities.

One of the most significant benefits of investing in gold is its ability to hedge against inflation and currency crises. However, gold is also susceptible to market fluctuations. Like with any other investment, there are risks associated with investing in gold. Therefore, keeping an eye on market trends and monitoring your investment’s performance to ensure it aligns with your retirement goals is essential.

  • Seek Professional Advice

Investing in gold may be a good decision for some investors, but it’s only for some. It’s important to consult with a professional financial advisor to determine if investing in gold is right for your retirement portfolio and, if so, which type of gold investment is best for you. A financial advisor can also help you create a comprehensive investment strategy and provide guidance throughout the volatile markets.

Conclusion:

Investing in gold with your 401(k) can be a smart way to diversify your retirement portfolio and protect your savings from market volatility. However, it’s important to do your research, understand the rules and requirements of your 401(k) plan, and work closely with a custodian and investment professional to ensure a successful investment. With these tips in mind, you can confidently add gold to your retirement portfolio and enjoy greater financial security for the future.

Also read these related articles:

Why gold hedge against inflation

Avoid Gold IRA Scams

Gold Investing Buying Guide (for all budgets)


I hope you found this short article on how to buy gold with a 401(k) was helpful and that you now have a better understanding on the subject! Please share your own experiences in the comment section below as it can help others! Also, if there is anything just ask!

Thank you again,

Michael, founder of Gold Retired

Filed Under: Gold, Informational

What is Sovereign Man – Review on Their Popular Services

April 12, 2023 by admin Leave a Comment

What is Sovereign Man

Today we look at Sovereign Man and review their 2 main services. What is Sovereign Man? a scam or a legit company? Are there better alternatives out there? Let´s look into this interesting and very popular company!

Name of Company: Sovereign Mansovereign man review

Official website: www.sovereignman.com

Founder: Simon Black (James Hickman)

Industry: Investing

Who is it for: investors, entrepreneurs, freedom seeking individuals


Introduction

Fluctuating marketing trends always affect the economy. But with the right guidance, you can still enjoy your life without worrying about your finances.

One of the biggest things you can do to improve your life is to increase your financial freedom. Financial freedom is the ability to have control over your own finances and live a life that you are happy with. It gives you the ability to live life on your own terms. It means you have enough money to take care of your needs and make the most of your time.

But how do you achieve financial freedom? There are several ways to achieve financial freedom. You can save money, invest in any asset, and make smart decisions with your money. But how do you know which asset is profitable to invest in or not?

Don’t worry! Sovereign Man can take all your worries and save you time as they guide you on how to operate your money so that you can live your life to the fullest.

Here we come up with a Sovereign Man review to explain everything about their products and services and how their services can help you win all financial decisions.

About Sovereign Man And Their Company

The Sovereign Man (sovereignman.com) is a membership website that provides a variety of services and products, all geared toward personal liberty and financial prosperity. Sovereign Man was started by Simon Black who is a former CIA officer.

The company offers a handful of free guides, which are available to download on their official website after you sign up with an email address.

Their most popular free resources:

Plan B Guide (free)

Tax in Puerto Rico Guide (free)

Bank Collapse Guide (free)

They also offer a report/guide that outlines everything you need to know about how to get a 2nd passport, save taxes, open offshore bank accounts, and structure your retirement savings.

The book contains a wealth of actionable advice that is guaranteed to get you out of trouble if applied.

The Sovereign Man Company also sells a few paid products, which include an investment advisory service and a membership to the Sovereign Man Podcast. They offer a variety of different membership options, from Sovereign Man Confidential to Sovereign Man The 4th Pillar, and each one costs differently.

They have a podcast where Simon Black and his team discuss how to build wealth and personal liberty through various means of financial options. They have a lot of good information and it’s easy to subscribe to. They also have a free newsletter called Sovereign Letters that provides information about international investing and how to get the most out of your money.

There’s also a Sovereign Man Academy membership where you can learn from seasoned entrepreneurs and gain valuable advice for your own business ventures.

Features and Services

The Sovereign Man is a great place to find information about international living, asset protection, and other diversification strategies. In this section, we will discuss features and services.

Secure a robust Plan B

If you are looking to become a citizen of any country, the sovereign man service can help you get started. They offer a variety of services, including helping you file your application, attending citizenship classes, and more. Their well-versed team is dedicated to providing the best possible experience for the clients.

Legally reduce your taxes

Are you looking for ways to reduce your taxes? Sovereign Man offers tax help to individuals and businesses. Their well-experienced attorneys can help you reduce or avoid taxes through various legal means.

Retirement planning can be daunting, but with the help of a sovereign man, you can easily plan your retirement. They can help you with include:

  • Advice on how to save for retirement
  • Creating a retirement plan
  • Helping you understand your options for retirement income
  • Informing you about estate planning considerations in relation to retirement income

So don’t hesitate to contact sovereign man if you have any questions or concerns about planning for your future.

Protect your assets

Whether you’re a small business owner or an individual investor, keeping your money safe and secure is important. At Sovereign Man company, they specialize in providing top-notch financial security for their clients. They use a variety of innovative technologies and strategies to protect your assets from theft, fraud, and other risks. They offer a variety of solutions to meet the needs of each client.

Grow your wealth

Are you looking to grow your wealth? Sovereign Man company can help you do just that! As they offer a variety of financial planning and investment services that can help you reach your financial goals.

Their team of experts can help you create a personalized plan that takes into account your specific needs and goals. They also offer a variety of services that can help you grow your wealth, including traditional investments, estate planning, and retirement planning.

Sovereign Man understands the importance of taking care of your finances, and they are highly committed to providing the best possible service.


Sovereign Man – Confidential

Are you looking for the latest global market trend reports? You’re in the right place. Sovereign Man provides the most up-to-date, comprehensive, and insightful reports on the global market. It’s their most expensive membership category. It gives users access to a wealth of data, which includes hundreds of options in an archive and new reports each month from Simon Black.

The global market is the largest market in the world and is made up of people, businesses, governments, and organizations from all over the world. It is a dynamic and constantly changing market with many opportunities for growth. You will get a detailed guide that helps you with every step to make you to:

  • Fight inflation
  • Find freedom
  • Firewall your assets and cash
  • Spot and seize opportunities
  • Live the dream

If you’re looking for an in-depth, expert analysis of the global economy, look no further than the Sovereign Man team at sovereignman.com. They provide current market reports with detailed analyses of recent trends, breakdowns of specific industries, insights on future market potential, and much more.

Key highlights:

  • The current state of the global economy
  • Analysis of recent trends
  • Breakdown of specific industries
  • Insights on future market potential.
  • Detailed forecasting of regional and global markets
  • Up-to-date news on important developments.

If you are looking for a way to improve your financial situation, Sovereign Man can help. As they offer a variety of services that can help you save money, get the most out of your investments, and protect yourself from unforeseen emergencies.

Discover more about Sovereign Confidential


Sovereign Man – The 4th Pillar

THE 4TH PILLAR is a service that provides diversification information and plans to help people build wealth internationally. Sovereign Man’s the 4th pillar offers a variety of intelligence products that can help you take back control of your finances and future. They provide proven research and strategies that will help you maximize your retirement funding, safeguard your savings and diversify your portfolio.

This service focuses on low-risk, value investing around the world. Karl B, their Chief Investment Strategist, uses his huge experience in the financial markets to help you identify and invest in low-risk stocks abroad. Sovereign Man is an experienced and well-trained team of advisors who can help you make the best investment decisions for your financial future.

Their services include comprehensive financial planning, asset management, and retirement planning. They will work with you to create a personalized plan that meets your individual needs and objectives. They believe that having a solid plan for your finances is the key to achieving long-term success. With their help, you can achieve your goals and secure a brighter future.

Discover more about the 4th pillar


Pros and Cons

There are so many pros to purchasing financial freedom services are numerous. These services can assist in improving your financial situation, freeing up more money to invest or spend, and helping you build a brighter future. Here are some key benefits you get.

  • Help you to get a second residency or citizenship so that you have a life where you really want to live.
  • Improving Your Financial Situation
  • Reduction of taxes (100% legally)so that you can live life stress-free
  • To build some diversifying income options to safeguard your assets.
  • To find a suitable and prosperous place for your family we also help with estate planning.
  • Retirement planning
  • Freeing Up Money To Invest or Spend

We know you’re probably wondering why their financial and citizenship services are so expensive. It’s not because we’re greedy or out to make money. It’s just that these services are only for high earners who looking some ways to diversify their investments. So that they get good returns and can live life with prosperity.

Sovereign Man Reviews

If you’re looking for reliable investing guidance, you’ll want to check out this Sovereign Man company. With stellar customer reviews and a long history of success, products & services is definitely worth considering.

What does their customer say?

Have you ever wondered what their customers have to say about Sovereign Man? Below we have shared some reviews with you some of the comments from their customers from their official website and other review platforms..

All these reviews are 100% genuine and taken from the official website of sovereignman.com. As you can check for yourself by visiting their official website.trustpilot logo

Trustpilot 4.6 out of 5 stars (4.6 / 5) (from 117 reviews) click here for details (opens in new window)

Trustpilot is one of the most popular review websites today. More important, it´s one of the best independent, third-party consumer protection agencies out there. It allows customers to leave their own reviews on products and services. Sovereign Man is highly trusted as you can see in the reviews below.

Are there better alternatives out there?

I would say that if you are looking for a 2nd (or third) passport then there are probably not a better alternative, at least not what I know of. If you are looking to reduce taxes then the only alternative I can think of is Freedom Law School.

For pure overall investing, from people with a similar worldview like the Sovereign Man team, then I would recommend the team over at Capitalist Exploits as their services are pure quality as well.


Conclusion

As the world becomes more and more expansive, it’s important to remember that not everyone is able to access financial freedom. Financial freedom is an important goal for everyone. It allows you to take care of your needs, make the most of your time, and pursue your dreams.

With Sovereign Man products and services, you’ll be able to take control of your life and finances. They provide citizenship, personalised financial, and personal freedom services that will help you reach your goals.

Their products and services can help you get more profit, save for the future, and build a secure financial foundation.

So don’t wait, as they’re here to help you achieve your personalised freedom.


FAQs

Q1. How to purchase sovereign man services?

Ans. So, you’re interested in purchasing sovereign man services? Great choice! Sovereign Man is a company that helps individuals and businesses around the world to achieve greater financial freedom and security.

To purchase sovereign man services, the first step is to visit their website at sovereignman.com. Then click on the tab, “Products & Services”. Here, you will find all of the information you need about their various service offerings as well as pricing options. Once you have decided on the service(s) that best suit your needs, simply click on the “Join Sovereign Confidential” or “Join Sovereign Confidential” button and follow the prompts to complete your purchase.

Q2. What is Sovereign Man all about?

Ans. Sovereign Man offers a wealth of information on internationalization, investing, entrepreneurship, personal development, and much more. They provide practical advice on topics such as opening offshore bank accounts, obtaining second passports or residency in other countries, setting up foreign corporations or trusts, and diversifying investments across multiple asset classes.

But Sovereign Man isn’t just about financial freedom. It’s also about reclaiming personal sovereignty in an increasingly oppressive world. They encourage individuals to think critically about government overreach and the erosion of individual rights.

Q3. Who is Simon Black?

Ans. You may have heard the name in passing, but do you really know who he is and what he’s all about? Well, let me fill you in. Simon Black is the pen name of James Hickman who is an entrepreneur, investor, and founder of Sovereign Man – a website dedicated to helping individuals protect their assets and increase their personal freedom. Simon Black may not be a household name, but for those who know him or follow his work, he’s seen as a thought leader in the areas of investing and personal finance.

Q4. What products and services do they offer?

Ans. From personal financial freedom to investment plans, the sovereign man got it all covered.

You can choose from a variety of services such as confidential, the 4th pillar, and total access. For more information, you can visit the “Products & Services” section on their official website, sovereignman.com.

Q5. Is there any money-back guarantee and refund policy?

Ans. Yes! Each product and service of Sovereign Man has money-back guarantees and refund policies. So don’t worry and feel confident in your purchase decision because you have the option to check the product for 30 days. If you find the product or service doesn’t meet your expectations you can contact them as they can get back to you without asking any questioning.


I hope you found this short review on Sovwereign Man to be helpful and that you now have a better understanding on what it is and if it´s something for you. If you have used any of their services then please share your experience in the comment section below as it can help others! Also, if you got any questions about this I would be more than happy to answer them below!

I wish you success!

Pete, investor and team member of Gold Retired

Filed Under: review

Preserve Gold Group Review – a Scam or a Legit Gold Dealer?

February 28, 2023 by admin Leave a Comment

In this Preserve Gold Group Review we are going  research if this is a scam or a legit dealer? How are the customer reviews? Are there better alternatives? Let get started right away!

Company: Preserve Gold Group Inc.preserve gold group review

Website: www.preservegold.com

Owner: Ms. Jennifer Good (CEO/Owner)

Price: Depends on your investment

Who is it for: Retirees, precious metals investors

Overall rating: 3.5 out of 5 stars (3.5 / 5)



Important to mention before we continue with the review:

We always strongly recommend that you do your own research online before you pick a company to do business with. There are so many reviews online with stories of people being ripped off and scammed. One common way companies get away with this is they disguise charges in so-called “hidden fees”.

So please make sure to always be aware and please, investigate and compare different alternatives before you make your choice when it comes to big investments.

——–> See our Top-5 List of  Recommended Gold & Silver Companies HERE!

With that being said, let’s continue with the review!



What is Preserve Gold Group?

Preserve Gold Group Inc was founded in the summer of 2022 by Jennifer Good and the company is based in Woodland Hills, California. This company offers precious metals products to their clients, mainly to protect the wealth of the client. Their services is not international but only available for US customers.

Full company address is: 5850 Canoga Ave, 4th Floor, Woodland Hills, CA, 91367

How does it work?

There are maninly two services offered to you here, either you purchase precious metals directly, or you invest in a precious metals IRA. Either way, you are going to have to find your metals from their online list that you are interested in and make a call to make an order.

The products and servicesWhat is preserve gold group

  • Gold
  • Silver Platinum
  • Palladium
  • IRA-eligible products and services

Like most other precious metals dealers this company offers a Free Precious Metals IRA Kit for an exchange of your contact information.

There is no info about the shipping time with Preserve Gold Group and when I tried to ask their live-chat there was no agent online to talk to.

**See my #1 recommended Gold & Silver IRA solution on this page instead!

What about the fees?gold

There is no info at all about the fees on their website, and there is also no info on what custodian (or custodians) Preserve Gold Group work with on thier webbsite…

I let this up to you to do your own research if you are interested in moving forward with an application to become their client. Personally I do not like the fact that there is no info at all on their website, but that might be just me…

How is the support?support

You can contact Preserve Gold Group by phone (877) 444-0923) Monday through Friday (7am-6pm) or by email (info@preservegold.com).

Something I appreciate a lot with the support of a particular company is if they got a live chat function on their website. I was happy to see that PGG had one, however, when I tried to chat with someone there to ask some questions there was nobody online, and my attempt was on normal business hours and within the time fram they can be reached by phone so that was a bit dissapointing.

I did not find any social media precthe support of a particular company ence for this company so not sure if they got a Facebook account, or a Twitter, etc.’


Preserve Gold Group Reviewspreserve gold group reviews

We always recommend (and repeat) that you should always review and compare different investment companies against each other before you make any decisions.

Below I have listed the most trusted and well-known, independent third-party consumer protection agencies and their scores they have given Preserve Gold Group. This is normally a very good indication of how good the particular company performs and treat their clients:

BBB (Better Business Bureau)Gold Retired

Overall rating: A – (from 8 reviews) click here for details (opens in new window)

Yelp

Overall rating: N/A

BCA (Business Consumer Alliance)

Overall rating: N/A

Trustpilot

Overall rating: 4.4 out of 5 stars (4.4 / 5) (from 11 reviews) click here for details (opens in new window)

Trustlink

Overall rating: N/A


Is Preserve Gold Group a Scam?Gold Retired

So, is Preserve Gold Group a scam or legit? I do not think it´s a scam, I think it´s a legit business. It got a real physical address and a real owner. However, it is a very new company in this industry and it might be hard to pick this one over any of the more experienced ones out there… In short, I think it is a legit company but if it´s the best one out there is a whole other story.top

The reviews I found online (see above) are decent even if there isnt that many. Their BBB score where A minus and not the best A plus like all the top gold invedting companies have. Also, 4,4 out of 5 stars on Trustpiulot is a good rating, however, it is only from 11 reviews, while the top companies got 4,8-4,9 from hundreds, in some cases thousands of reviews.


Are there better alternatives out there?

YES! There are a few ones I would consider better alternatives, I got many of them listed on this site, but the absolute best one I can recommend is; Augusta Precious Metals.

Discover More about Augusta Precious Metals instead!


PROs & CONs

The good

  • A- from the Better Business Bureau.

The bad

  • Very new in the industry.
  • Not much info on their website about fees, custodian, etc.

Final words and verdictpreserve gold group complaints

Verdict: Below average

Overall rating: 3.5 out of 5 stars (3.5 / 5)

Preserve Gold Group has been around for a very short time and that is a minus, at least in my book.

There was also not much info to be found on their website, especially when it comes to fees and what custodian they work together with. That is another minus.

They had some good reviews to be found online, however, they are very few, and that is maybe not that strange as the company is very very new, right?

As always, the decision is up to you to make, we just share what we find to make the decision easier for you. Everybody has, or at least should have a free will on what to do with their savings, right?


What company do we recommend?Gold Retired

Many experts agree on that if you want to protect and secure your wealth and/or retirement savings in 2023 GOLD (and silver) is the way to go. There are a ton of  firms out there that offer great services but at the end of the day, you have to be able to choose one that you can trust.

The absolute best one I can recommend is the fastest growing gold IRA provider in the USA right now and it is a very popular alternative among bigger investors!

They Got THOUSANDS of Positive Reviews from Their Clients


Looking For a Pure Quality & Transparent Company? One That is Millionaires & Big Investors Favourite Pick. Then Check Out The Link Below To Our #1 Recommended Company:

Discover the #1 Recommended Gold & Silver IRA Company here!

and/or

See Top-5 List of Gold & Silver Investing Companies in The US


I hope you found this short review on Preserve Gold Group to be helpful and that you got a better understanding if it is something for you or not. If you have used any of their services then please share your experience in the comment section below as it can help others make better decisions. Also, if you have any questions about this review we will be more than happy to answer them below!

Please, if you think this review can help others make sure to share it!

I wish you success!

Glanz,

Writer, investor, and team member of Gold Retired.

Filed Under: Gold

Central Bank Digital Currency in USA – Is it being introduced?

January 21, 2023 by admin 29 Comments

You have probably heard the word CBDC lately, right? What is CBDCs? Is a Central Bank Digital Currency in USA being introduced? Introducing the future of digital currency. Read further and know more about it.

Central Bank Digital Currency USA

Approximately 87 countries thinking about launching of CBDC as a digital currency. This will show that soon this centrally authorized digital currency change the game of assets. Here today in this blog post we’re going to explain central bank digital currency or you can say CBDC.


P.S.Gold Retired

CBDCs & inflation on the rise, it might be a good idea to go with a more “traditional” asset in these times instead, right?

==> See our Top-5 List of The Best Gold Investment Companies (USA edition)


What is CBDCs!?

CBDCs are simply a short word for Central Bank Digital Currencies. A central bank issues and creates digital currency known as a central bank digital currency (CBDC). CBDCs are intended to be more secure and useful than other forms of digital money. They also serve as a backup in case of an economic crisis.

What is CBDCs

One of the biggest advantages of a central bank digital currency is its ability to make payments safer and cheaper. This has the potential to increase financial inclusion and ensure that the financial system works efficiently. It also enables the financial system to become more secure and less vulnerable to hacks and fraud.

In addition to providing a more convenient and secure means of paying and transferring funds, they are likely to boost financial inclusion in the United States. As more people move into a cashless society, they need a better means of making their purchases.

Some countries, such as Australia, have already launched pilot projects that are experimenting with CBDCs. Others, such as Jamaica, are beginning to roll out digital coins. While it’s impossible to know the future of CBDCs, it’s clear that technology has the potential to transform the way we pay.

Whether the CBDC of tomorrow is a token or a physical coin, its most important function is to facilitate easier and faster payments. Merchants no longer need to pay the risk of holding an untraceable form of cash, as they can instead rely on the electronic tokens held in digital wallets. Moreover, the technology behind CBDCs will enable them to verify payments with a click. During the recent COVID-19 financial crisis, this feature was a major contributing factor in the rapid decline of cash use.

Although the United States is a long way from issuing a digital currency, the Federal Reserve is investigating the possibility of doing so. Meanwhile, other countries are following suit.

Types of CBDC

CBDC (Common Digital Currency) is a neologism, meaning “digital cash” and is a new technology that has gained significant traction in recent months. It is an alternative to fiat currency, providing a faster, cheaper transaction mode. However, there are legal challenges that users face when utilizing financial services.

Several countries are currently testing CBDC technologies. Some of these are Brazil, Mexico, Poland, and Spain. One of the first large economies to conduct a pilot project was China. Another was Nigeria. Meanwhile, many European countries and a few Asian countries are also studying the feasibility of this technology.

There are two primary categories of CBDCs in technological terms.

The first is a centralized system, with numerous entities managing a shared ledger. While this can work, it is not suitable for larger territories. A more efficient architecture would be a token ecosystem. This type of system would ensure universal access, and would probably be able to provide good privacy by default.

The second kind of CBDC infrastructure is an indirect one, based on the premise that multiple entities manage the ledger cooperatively. There are a number of ways to implement this model, including chip-embedded cards and mobile service providers.

It can facilitate the transfer of funds from one central bank account to another. With this system, money can be moved in real-time. To facilitate this, the currency is modeled as a fungible digital asset.

Another notable feature of digital money is programmability. This could enable smart contracts to execute any number of actions depending on platform software. These may include payments for interest or automatic code execution. Also, they may have constraints on automated code execution.

In addition to these factors, there are other technological features that can enhance the functionality of a CBDC. For example, a special token number can be used to restore value in case the device is lost.

The other major benefit of a CBDC is that it can act as a substitute for physical cash. In particular, a retail CBDC would allow unbanked individuals and households to access the financial system. The total amount of cash that consumers have available to spend can rise as a result.

To conclude, the development of CBDC has significant risks, and it is crucial that the government ensures that the system is robust.

Overall, CBDCs can be a useful tool to promote financial inclusion. They shouldn’t, however, take the place of physical cash. Rather, they should be encouraged to complement them. At the same time, it is important that the central bank stays on top of the latest innovations in the field.

As with any new technology, there are several factors to consider when designing and implementing a system. The design should be a reflection of the needs of both the user and the institution.

Dangers of Central Bank Digital Currency?

social credit system in the us

So, are central bank digital currencies dangerous? Well, there are absolutely risks associated with central bank digital currency. These risks include:

  • Central banks can create more money than the free market economy can provide, which could lead to inflation and devaluation of the currency.
  • The risks associated with digital currency are similar to those associated with fiat money, but they are magnified by the fact that its value is not tied to any physical asset.
  • The central bank could create a digital currency that is so valuable it will become worthless, or it could create a digital currency that inspires confidence in the economy but is not backed by anything tangible.
  • It is not as widely accepted as traditional forms of currency and not stable as traditional forms of currency.
  • Financial institutions may lose confidence in their ability to store and transfer digital currencies because of their lack of physical value, which could lead to the failure of those institutions due to their inability to meet their obligations (this is often called “bank runs”).

Social Credit System in the US?

are central bank digital currencies dangerous

Those are some of the dangers, then there is also some even more dystopian dangers… like that it could be used to track everything you buy.

AND Not only that, it could be used to stop you from buying certain things that the government don´t want you to buy, for example to much meat or a maybe a “carbon usages” limit in general on your spendings…

The real sceptics of the CBDCs claim it is going to be used as a social credit system like the one they use in China to score citizen on their behaviour, where good behaviour gets rewarded and bad behaviour gets punished… Creepy dystopian future sci-fi movie deluxe, right?

Here is a realistic (video) example of how it could look as well:

So, what do you think?

Do you think they are going to introduce a social credit system in the US and would that be good or bad in your opinion? Do you think they will do it in other countries?

Please tell us in the comment section below this article!


Are Central Bank Digital Currencies Cryptocurrencies?

It seems that a lot of everyday people think that CBDCs are the same thing as cryptocurrencies, however, this is absolutely not the case. I do not blame you if you think that yourself, afterall, both cryptocurrencies and CBDCs are kind of a new thing, right? However, below I will explain the difference:

Cryptocurrencies Vs. CBDC – What’s The Difference?

Cryptocurrencies are digital currencies that you can use like cash to buy things and pay for services. They’re not regulated by any government or bank, and they don’t have a central administrator or clearinghouse. Instead, they run on blockchain technology—a decentralized database that allows users to verify transactions without relying on a third party, like a bank.

CBDCs (central bank digital currencies) are digital currencies that are backed by the world’s largest central banks. They can be used to make payments and store value like cryptocurrencies, but their value is determined by fiat currency such as dollars or euros rather than market forces.

Cryptocurrencies are more transparent and secure than CBDCs: Cryptocurrencies use encryption algorithms to secure transaction from being altered in any way, while CBDCs can be manipulated by governments or private entities who control them through fiat currency reserves. Cryptocurrencies also offer more privacy because there’s no need for an intermediary like a bank to hold onto customer data—it all stays on the blockchain and can be accessed by anyone who wants it.

CBDCs and cryptocurrencies are two types of digital assets used to store, move, and exchange value. They’re both decentralized and open-source systems that use blockchain technology to facilitate their transactions.

What Are Some Notable Features of Central Bank Digital Currency?

A digital currency is one that is stored electronically and used primarily for transactions between two parties. Central bank digital currencies are a type of digital currency that operates through a central authority.

Some key features of central bank digital currencies include:

  • No need for a financial institution as the platform provider – eg. banks, credit unions, or online wallets – to hold the currency
  • Security is enhanced as transactions are verified by a central authority
  • Possible reduction in demand for physical currency as a result of increased adoption of digital currencies.

What is the future of Central Bank Digital Currencies?

There is much speculation about the future of central bank digital currencies (CBDCs). Some say they will become more popular and widespread, while others are sceptical that they will take off.

CBDCs are similar to traditional money, but they are not backed by anything physical. This means CBDCs can fluctuate in value, making them risky for investors.

Some experts believe CBDCs could become more popular if they are used as a way to reduce volatility in global financial markets. Others think CBDCs could be used as an alternative currency by people who do not trust traditional banks.

FAQs For Central Bank Digital Currencies

Q How is Central Bank Digital Currency different from cryptocurrencies?

Central bank digital currency is a digital token that is issued and controlled by a central bank. On the other hand, cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.

For example, central bank digital currency is backed by the assets of the central bank, whereas cryptocurrencies are not. Central bank digital currency also has a fixed supply, which is determined by the central bank. Cryptocurrencies, on the other hand, have a limited supply and are designed to be deflationary.

Q Why Would a Company Want to Issue a Central Bank Digital Currency?

There are a number of reasons a company might want to issue a central bank digital currency. For example, a company might want to issue a central bank digital currency to raise money. A company might also want to issue a central bank digital currency to experiment with new technologies.

Q What Are Some Potential Uses for a Central Bank Digital Currency?

Some potential uses for a central bank digital currency include payments, remittances, and financial services.

Final words

So, do you think a Central Bank Digital Currency in USA is being introduced? AND do you think it can lead to a social credit system in the US being introduced? What´s your thoughts about this?

Please tell us in the comment section below! Also, make sure to share this as well if you think it´s an important subject.

Thank you for reading, and all the best to you!

Michael, founder of Goldretired.com

Filed Under: Crypto, Uncategorized

The Best Gold-Backed IRA – a Deep Dig to Select The Nr 1

January 19, 2023 by admin Leave a Comment

The Best Gold-Backed IRA

What is the Best Gold-Backed IRA, and what are the things you should think about. This is the main subject we will discouss today. Gold investment retirement accounts (IRAs) offer numerous benefits, such as allowing investors to diversify their portfolios, providing a hedge against inflation, and maintaining the value of their investments over time. In a real sense, you are turning some of your retirement savings into Gold to take advantage of its potential to increase in value over time.

So, is adding a Gold IRA to your portfolio the best course of action for you? This article should help you understand what to look for in your IRA to determine if it permits you to establish a Golden retirement nest egg, even if not all IRA accounts allow Gold investments.

What is a gold IRA?

An individual retirement account (IRA) in the form of a Gold IRA enables investors to hold physical Gold, silver, platinum, and palladium in contrast to more common assets, such as cash, equities, and bonds, to which standard IRAs are restricted.

An IRA in the form of a Gold IRA is attractive to investors for many reasons, including diversification and tangible assets protected against inflation. With a Gold IRA, investors can benefit from the long-term growth potential of precious metals while taking advantage of the tax benefits available to IRAs.

This blog aims to inform you about the key components to think about before investing in a Gold IRA. When investing in a Gold IRA, it is essential to consider the risks and weigh them against the potential benefits.


P.S.Gold Retired

See our Top-3 Gold IRA Solutions (for any budget)


THE ROLE OF BROKERS AND CUSTODIAN IN IRAs

You can set up a self-directed IRA, a type of IRA that the investor manages directly and is allowed to buy a more considerable choice of investment products than regular IRAs to invest IRA money in Gold. A broker must purchase the Gold for a Gold IRA, and a custodian must set up and manage the account.

To provide asset custody services to individual investors and financial advisors, IRA custodians are typically banks, trust companies, credit unions, brokerage firms, or savings and loan organizations that have received approval from federal or state governments. For their IRA clients, they do not pick the metals merchants. You, as an investor, are in charge of this. However, reputable custodians may be eager to share their list because they have connections with several hundred IRA dealers around the nation.

Choosing the right brokerage partner for your business can be difficult, especially if you’re unsure what qualities to look for in a partner. These qualities consist of the following:

Specifications:

To secure your IRA, you should only do business with organizations that possess the necessary and authorized licenses, registrations, insurance, and bonds. Request confirmation of such rights and other details before investing with any company. Research each organization thoroughly to ensure you are comfortable with their operations, qualifications, and any associated fees

Proven Track Record:

These records can provide an accurate picture of how the business has performed regarding customer service and other vital areas. Look for a company that has earned top marks from unbiased organizations like the Better Business Bureau or the Business Consumer Alliance.

Clarity:

By being fully informed up front, you can avoid unpleasant surprises like unanticipated charges after you invest.

Versatility:

Because each investor has unique wants and objectives, we advise choosing a firm that will work with you rather than a generalized approach. Finding an investment advisor that can provide tailored advice, considering your specific financial needs and goals, is crucial.


RULING IRAS IN GOLD, WITH SOME MUST-KNOW ATTRIBUTES.

Check Book IRAs:

With a Check Book IRA, you have more control over your retirement funds and can make investments as you see. You can open a Check Book IRA, a self-directed IRA that does not require custodial management, as an alternative to using a custodian and paying the related fees. Because you need to be an LLC and have a business checking account, to name just two requirements, setting up a Check Book IRA is challenging. However, a Check Book IRA can be valuable to any retirement plan with the right resources.

Investors can buy Gold American Eagles, a coin produced by the U.S. Treasury, for their retirement accounts and retain them directly, avoiding custodian and storage expenses. This Internal Revenue Code 408(m) exception does not apply to any other currency. It is a valuable exception, as it allows investors to purchase Gold coins and hold them directly in their retirement accounts.

Consider this option with caution, as the IRS actively examines this kind of IRA.

Rolled Gold:

You can transfer all or a portion of the money from an existing IRA or 401(k), regular or Roth, into a Gold IRA. Doing so can allow you to diversify your retirement portfolio, safeguarding it against market volatility and potential losses. Any other retirement fund can use the same rollover procedure without paying income taxes or early withdrawal penalties.

Typically, after submitting an account application (online or on paper), it takes 24 to 48 hours for the account to be formed after submission and receipt of the application. Once the account has been established, investors can roll over funds from their existing retirement accounts into the Gold IRA.

The two custodians will contact one another to transfer the resources to the new custodian and fund a new Gold IRA after receiving the signed transfer request from all parties. An account representative will review the current precious-metal possibilities a customer can buy once the money is available in the new IRA account. After all the necessary paperwork is filled out and signed, the transfer of funds to the new custodian can begin.


TAKING MONEY OUT OF A GOLD IRA

Similar to other individual retirement plans, a Gold IRA has withdrawal regulations. A Gold IRA is accessible as a standard or Roth IRA, just like other IRAs.

Conventional Gold IRAs:

  • Pre-tax funds are used to make donations. Pre-tax funds used to make donations to a conventional Gold IRA can help you save on taxes while simultaneously helping you invest in your future.
  • Every distribution is subject to income tax.
  • A 10% penalty is applied to distributions made before age 59 1/2.
  • RMDs are required if you’ve reached the age of 72.

Roth Gold IRAs:

  • After-tax funds are used to make contributions. Contributions to a Roth IRA are made with after-tax funds, meaning that the money used to make contributions has already been taxed and is not subject to taxes when withdrawn in retirement.
  • A 10% penalty is applied to distributions made before age 59 1/2.

SOME OF YOUR QUESTIONS NEED TO BE ANSWERED.

How can I purchase Gold in an IRA?

Through an IRA, you can purchase Gold in two different ways.

Self-Directed: One option is to set up a self-directed Gold IRA, which enables you to use retirement funds to purchase actual Gold and silver.

ETF: Although this is not the same as owning physical bullion, it is possible to invest in a mutual or exchange-traded fund (ETF) that invests in precious metals. It is a less expensive way to gain exposure to the Gold market. It offers diversification in terms of other metals such as silver, platinum, and palladium.

What Gold Is IRA Eligible?

In a Gold IRA, only specific Gold investments are permitted. If the coins are legally tender and have a purity of 99.5% or higher, they may be placed in an IRA. Gold bars and rounds with a purity of at least 99.9% are also allowed. Gold coins and bars are the only Gold investments that meet the eligibility requirements for inclusion in a Gold IRA. Gold bullion coins, such as the American Eagle, Canadian Maple Leaf, and South African Krugerrand, are popular choices for a Gold IRA. These coins are the perfect choice for a Gold IRA, as their purity and legal tender status meet all requirements.

Who Holds Your Gold in a Gold IRA?depository

If you have a Gold IRA, you must keep the precious metal with a custodian the IRS has authorized. The custodian is responsible for safekeeping the Gold and other investments held within the account.

Any attempt on your part to acquire actual possession of the Gold will be regarded as a distribution and subject to taxation.


THE REQUIRED MINIMUM DISTRIBUTION

After turning 72, you must take the Required Minimum Distributions (RMDs) from a conventional Gold IRA to invest. The IRS may apply a 50% tax penalty on any sum not taken as required if this is not done. Roth Gold is exempt from it.

Since metals are naturally not very liquid, it is difficult for you to come up with the money for those distributions, forcing you to sell some of your Gold when it is not in your best interest. However, you can solve this issue by withdrawing the total amount of your RMDs from different conventional IRAs.


DIFFERENT COSTS ASSOCIATED WITH IRASgold

Specific additional costs are associated with owning Gold in a Gold IRA. The penalties an investment will experience include the following:

The markup charged by the seller:

Although the market sets the price of Gold, there are markups based on whether you want Gold bullion, coins, proofs, and others. The markup is a one-time cost that may differ depending on the vendor.

Retirement account setup:

You must pay this one-time fee to open a new IRA account. It also varies by institution, but since not all financial services companies work with Gold IRAs, it can cost more than the typical startup fee. Depending on which institution you choose to open your account with, the one-time fee can range anywhere from $25 to $150

Custodian fees:

Once more, while you would incur these yearly expenses (as well as any related asset or transaction fees) with all IRAs, they could be more significant for this type of account, particularly if you have to go to a different financial institution than the one that holds your other accounts. Custodian fees are necessary, as someone must store and manage your Gold investments.

Storage costs:

The Gold must be kept in a licensed storage facility, which requires payment of storage costs. These costs can add up over time, so it is essential to factor in these expenses when deciding to purchase Gold.

Cash-out costs:

A third-party dealer will want to pay less than what Gold would sell for on the open market if you wanted to close out a Gold IRA by selling your Gold to them. Therefore, unless prices have increased since you purchased it, you could lose some money. Some Gold IRA companies also charge a cash-out fee when you sell your Gold.

In contrast to opening and closing regular IRAs, certain IRA companies will guarantee to repurchase the Gold from you at current wholesale values. However, you can still lose money if you do not select a suitable Gold to invest in IRA. It is because the value of Gold can be highly unpredictable and fluctuate rapidly.


ULTIMATE WORDS

Gold IRAs are typically referred to as “alternative assets,” which implies they cannot be valued without specialized knowledge and are not traded on a public market. Gold has a high potential return, but it’s easy to get carried away by its glitz. Unexpected drops in Gold prices are possible. It would be best to consider whether buying during rising Gold prices would require purchasing at or close to the market top. It might make more sense to wait for the price to drop and then buy at a lower rate.

Important

Consult a financial counselor if you’re considering opening a Gold IRA to find out how the metal might fit your portfolio’s overall objectives. Doing so will ensure that you understand the risks and rewards associated with investing in Gold and can make a more informed decision on whether to pursue a Gold IRA. Expert says that You shouldn’t invest more than one-third of your retirement savings in a Gold IRA, even if Gold looks like a wise investment. Although investing in Gold has the potential to be a lucrative endeavor, it is not without its risks.

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I hope you found this short article on the best gold-backed IRA and how you should go about this subject to be helpful and that you now have a better idea. Please share your own experience on this subject in the comment section below as it can help others! Also, if you got any questions about this I would be more than happy to answer them!

I wish you success!

Michael, founder of goldretired.com

Filed Under: Gold

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