Trading | Gold Retired

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

January 19, 2023 by admin Leave a Comment

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.

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?

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 IRAS

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.

Our #1 Recommended Gold & SIlver IRA Solution

We have reviewed and listed over 120 gold investing companies on this website over the years, both great ones as well as not so good ones. If there is a particular company you are interested in then please feel free to use the search function on this site as we have (most likely) reviewed that company. Make sure to check out our top-5 list and our buying guide, and last but not least, our absolute number 1 recommended company as well:

Learn about our #1 Recommended Gold IRA Solution!

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

is United States Precious Metals a Scam? – No Reviews?

January 17, 2023 by Glanz Leave a Comment

It´s not uncommon for people to question the legitimacy of companies, particularly those that deal with financial investments such as precious metals, of which USPM is one. Is United States Precious Metals a scam? Let´s see in this review!

Company: US Precious Metals (USPM)

Website: uspreciousmetals.com

Owner: Nathan Camp

Who is it for: Precious metals investors, retirees

Location: 4220 Treadway Rd, Beaumont, TX 77706-7105

P.S.

See our Top-5 List of The Best Gold Investing Companies (USA edition)

What is United States Precious Metals?

US Precious Metals is a company that offers a range of precious metal products to investors. The team at US Precious Metals consists of numismatic enthusiasts and other precious metal investors, which sets them in the same category as many of its competitors. According to the company, their aim is to provide investors with an exceptional purchasing experience and top-quality precious metal products.

It believes in integrity, expertise, and convenience and strives to ensure that investors receive exactly what was described. It also has an internal quality control team that ensures investors receive the right coin at the promised grade and reasonable price. US Precious Metals also prioritizes expertise and only hires individuals who thoroughly understand the market.

US Precious Metals Account Benefit

When you order from the USPM store for the first time, they automatically create an account for you. US Precious Metals offers several benefits for having an online account, including the convenience of saving your contact and shipping information for future orders and the ability to easily change your account information, such as your username, password, address, telephone number, and delivery preferences, as needed.

They also protect your finances by not storing your credit card information and taking impactful steps to avoid data breaches. As a bonus, creating an account with USPM also allows you to subscribe to their newsletters, which keep you informed on new products and special deals as they become available. Having an account with USPM can add value to your investment journey.

US Precious Metals Products

USPM offers a wide range of precious metal products suitable for first-time investors and those with experience. This company’s diverse inventory can help you add value to your portfolio.

Gold. USPM offers a range of gold products, which can be accessed by visiting their website. These include US Mint Gold (Modern), US Mint Gold (Pre-1933), Gold From Around the World, Gold Bars & Rounds, and IRA Eligible Gold.

Silver. USPM also offers a range of silver products for your portfolio, including US Mint Silver (Modern), US Mint Silver (Pre-1964), Silver From Around the World, Silver Bars & Rounds, and IRA Eligible Silver.

Palladium. The company offers several palladium products on its website, including US Mint Palladium, Palladium Around the World, Palladium Bar & Rounds, and IRA Eligible Palladium.

They also have a convenient category feature that helps investors easily find the type of precious metal they are interested in.

Additionally, by highlighting IRA Eligible products, USPM makes it easier for investors to distinguish between high-value collectibles and precious metals that can be transferred to a gold IRA.

Platinum. Platinum products are categorized: as US Mint Platinum, Platinum From Around the World, Platinum Bar & Rounds, and IRA Eligible Platinum.

IRAs?

Even if they offer IRA approved metals to their clients, it seems like that´s it. There is no info on the US Precious Metals company website about them helping clients with any IRA services. So, we are going to have to assume that they do not provide any precious metals IRA services, right?

¨¨See our #1 Recommended Gold & Silver IRA Solution

US Precious Metals Fees

US Precious Metals display the market value of their precious metals in real-time. This allows investors to ensure they are paying for what the metals are worth.

They also provide an easy-to-view chart on their website showing current prices. However, it is unclear if any additional fees are associated with US Precious Metals. To obtain more information on fees, you will need to speak with one of their representatives.

USPM Return Exchange Policy

You can return or exchange any unused item within ten days from the purchase date by including a copy of your receipt and the product in its original packaging.

If the coin has been removed from its original holders, there will be no return privileges. US Precious Metals offers a standard return and exchange policy and is generous in this area. It also provides investors with the comfort they need to get started. This policy applies even though the company is

Is United States Precious Metals a Scam?

So, is USPM a scam? No, of course not, it is a legit business with real owners and a real physical address.

If you are a first-time investor working with United States Precious Metals, you may feel hesitant. This is because there are not many reviews available online.

Below are the ones we were able to find from the most well-known and trusted, independent third-party consumer protection agencies.

United States Precrious Metals Reviews:

BBB (Better Business Bureau)

Overall rating: A+ (from 1 review) click here for details (opens in new window)

Trustpilot

Overall rating: (3.8 / 5) (from 2 reviews) click here for details (opens in new window)

BCA (Business Consumer Alliance)

Overall rating: N/A

Trustlink

Overall rating: N/A

Yelp

Overall rating: N/A

Conclusion from these ratings:

Well, as you clearly can see above there isn´t that many reviews to be found on this company. The United States Precious Metals company is not a scam at least, as it holds an A+ BBB Rating and accreditation. It also has a 3.8 out of 5-star rating on TrustPilot, which is represented by 2 views.

Important to mention here: There are gold companies with hundreds, and some with even thousands of reviews from ALL of the “internet watchdog sites” above. You might want to have at least a look at them as well:

Top-5 List of the best rated ones (in the US) instead?

Pros and Cons of USPM

The good

USPM offers 24/7 support for its customers, making it easy for investors to get quick answers to their questions.
The company offers a wide selection of precious metal options, including gold, silver, platinum, and palladium. These products are further divided into specific categories to make it easier for investors to find the right product for their needs.
USPM also offers IRA-approved metals for investors looking to add precious metals to their IRA accounts.
The company’s team of investors is passionate about precious metals and can provide valuable insights to its customers. USPM is transparent about its product prices, displaying them in real-time on its website.
The company also has a generous return policy, allowing investors to return their purchases within ten days as long as the item is in its original packaging and the customer has a receipt.

The bad

US Precious Metals seem to be a solid company, but its lack of reviews can make it challenging for investors to determine their flaws.
They don´t seem to offer IRA services and/or be able to help with that

Are ther better alternatives?

Yes, in my opinion there absolutely is! I have listed many (if not all) of them on this website so please feel free to use the search function, if there is a particular one you are interested in.

¨¨The best companies I can recommend (for ANY budget) would be: on this top-3 list (+ buying guide)

Frequently Asked Questions (FAQ)

What products do US Precious Metal Offer?

The company offers a wide selection of precious metal options, including gold, silver, platinum, and palladium.

Does US Precious Metals have an office?

They are 100% online. This means that everything must be handled through their online platform.

Final words & Verdict

Verdict: Legit

Overall rating: (3.5 / 5)

Ok, I think that sums it up pretty good about this company. The United States Precious Metals is a legitimate company offering precious metals to its investors. However, if it is your best alternative out there is another story and we would strongly recommend that you contact and compare against other companies as well. Thje reason we only give a 3,5 rating is due to the very few reviews to be found on them from the most well-known (independent third-party) consumer protection agencies.

As always, it´s up to you how and where you invest your money!

Recommendation!

See our Top-5 List of the best gold investing companies (in the US)

I hope you found this short review on United States Precious Metals to be helpful and that you now have a better understaning on what it is and if it is a scam or legit. We think it´s legit, however, the low amount of reviews to be found on them is what lead to the low rating (in our opinion). If you have invested in precious metals through them then please share your experience in the comment section below as it can help others!

I wish you success!

Glanz, investor and team member at goldretired.com

Good Investments for Retirement – GOLD is The KING or Not?

January 3, 2023 by admin Leave a Comment

Retirement is one of the most critical times in life. It’s when you can finally kick back and enjoy some rest after a lifetime of hard work, but it also comes with financial uncertainty that you may not have considered. What are some good investments for retirement then? Or more correct, what‘s the best investment for retirement of them all? One great way to protect your finances during retirement is by investing in gold. But should you? Whether or not gold is a good investment for retirement depends mainly on your personal situation and preferences, so investigating this topic further could help ensure your financial security throughout your retirement life. In this blog post, we’ll explore whether or not investing in gold is a suitable option for retired individuals living in the USA.

Read on to learn how investing in gold could benefit—or cost—your hard-earned resources while you start the next journey into later life!

P.S.

See our Gold Buying Guide (for ANY budget)

About gold as an investment

Gold may be one of the best options for those looking for long-term returns and strong protection against inflation as a retirement plan. Gold has historically proven to be much more resilient to market turbulence than stocks and bonds, making it an ideal choice to guard against future socioeconomic downturns. Moreover, gold is easily liquidated in the event that you need cash quickly without having to pay huge transaction fees. Despite its advantages, gold can fluctuate wildly due to its extensive risk profile, so it is essential to thoroughly research why investing in bullion or coins might make sense for your particular circumstances before diving into the gold market.

Pros and cons of investing in gold

Investing in gold can be a lucrative option during retirement, as it tends to remain relatively stable even when the stock market is volatile. Gold has maintained its intrinsic value over time, making it an attractive investment option for those looking to diversify their portfolio and provide protection against inflation. Additionally, gold is a physical asset and can be liquidated quickly.

On the other hand, there are some risks associated with investing in gold. The price tends to fluctuate more than stocks and bonds, so investors should be aware of this additional risk before committing their funds. Investing heavily in gold could also lead to missed opportunities elsewhere. Therefore, investors need to weigh their options carefully before investing in gold for retirement.

Why is gold a good investment for retirement?

It is a tangible asset that has been used as a form of currency for centuries.
For centuries, gold has been a trusted form of currency, and it still remains so even today. Gold is a tangible asset with inherent value that stands the test of time, making it the perfect investment for retirement. It is an excellent hedge against economic downturns and inflation, and unlike paper money, its value does not diminish over time.

In addition to these benefits, gold also has proven to be an excellent source of portfolio diversification, as its performance is typically uncorrelated to stock market volatility. As such, gold is one of the top choices for why investors should consider including it in their retirement portfolios today.

It is a relatively safe investment.

Many people consider gold a reliable option for retirement investment due to its track record of price stability and long-term value appreciation. Gold is often looked at as an insurance policy, as it typically maintains or gains value even when other markets are struggling. This makes it a great way to diversify your investments and hedge against any economic downturns or outside factors that might affect the stock market. Gold has an established track record of reliable performance, so it can be a worthwhile addition to any investor’s portfolio – especially those seeking to create a stable retirement fund.

It is a liquid asset.

Gold is an excellent option for retirement investments due to its status as a liquid asset. This means that it is easily exchanged for cash, making It one of the more convenient options. Unlike stocks or bonds, which may take some time to sell and convert into money, gold is universal and is accepted by buyers worldwide, making it one of the faster liquid assets.

Gold is also a hedge against inflation since its price has consistently risen in recent years as economic uncertainties have increased. These factors will mature anyone’s retirement portfolio without sacrificing liquidity, making gold a good investment for retirement.

Gold is a good investment for retirement because it is portable.

Gold is a unique asset in retirement, as it is a portable form of wealth. This is especially beneficial when considering the potential mobility of retirees, whether to relocate closer to family or to fund a retirement escape. Gold is a valuable asset that can be readily available should it be needed at any point in time.

That said, gold is an asset that carries with it a certain amount of portability and convenience, making it an excellent option for retirees who are looking for long-term investments that they can easily take with them if they move. As such, gold is arguably an ideal investment option for anyone saving for their retirement.

It does not corrode or tarnish over time.

Investing in gold is historically a good decision when it comes to your retirement. Gold is well-known for being resistant to corrosion, which makes it perfect for long-term investments since its value is unlikely to decline over time.

Additionally, its finite nature ensures that the price of gold remains relatively stable in most markets which is a crucial aspect to keep in mind when investing in retirement. For example, gold is less likely to be affected if other stocks and investments go down. Overall, gold is a good investment for the future and retirement as it is a stable asset that does not corrode or tarnish over time.

It does not produce income, so you will not have to pay taxes on any gains you make

Investing in gold is a great way to plan for retirement since it is a finite resource and is not affected by economic conditions in the same way as paper investments. Gold is also attractive because it is an asset class that is not dependent on income. Any gains made from investing in gold are not subject to taxation, giving you more control over your financial future.

Gold is an international currency accepted anywhere, allowing you to easily access any profits earned from investing in gold. With its unparalleled physical security, low storage costs, and easy liquidity, gold is undoubtedly a good investment for anyone planning retirement.

It can be used as collateral for loans.

When considering is gold is a good investment for retirement, it is vital to recognize the value of being able to use it as collateral when you need to borrow money. Hard assets such as gold can be used in times of economic uncertainty, providing a store of wealth that is not subject to inflation or currency devaluation. It is also easily convertible into local currency, making it a versatile resource if needed. Gold is resistant to market fluctuation and can enable you to accumulate long-term wealth while obtaining the security of available funds. Therefore, it is clear that gold is an excellent option for those looking for reliable investments for retirement.

It has a long-term track record of appreciation.

For many people, gold is an attractive financial asset for retirement. Gold has a long-standing of increasing in value over time, giving investors a reliable and secure way to store their wealth for the future. Beyond simply a hedge against inflation, why is gold such a significant investment option during retirement? For one thing, gold acts as a strong diversifier in that it tends to move in the opposite direction of stocks and other risk-on investments providing portfolio protection when markets are volatile. Additionally, the low correlation makes it ideal to offset losses in other risky assets.

Furthermore, gold holds its value during times of uncertainty, so it can preserve an investor’s wealth when economic conditions take a downturn. Hopefully, this information encourages you to consider why gold is a great choice when investing in retirement.

There is a limited supply of gold in the world.

Gold can be a great option when it comes to retirement investments. Unlike stocks and bonds, gold will hardly depreciate in value as it has a limited supply. This means that even if the stock market were to crash, gold would remain relatively stable and secure for your retirement savings. On top of being an excellent store of value, it rarely fluctuates more than two or three per cent in any given year. So why is gold a practical choice for retirement investments? Not only does its price remain relatively secure, but it also offers investors a hedge against inflation. That’s why gold is considered by many to be one of the best choices for retirement spending!

It can be stored in various ways, including in physical and paper forms.

Gold is a great retirement investment option due to its unique properties as a commodity, allowing it to retain its value over time. It has proven itself to be both an excellent store of wealth and a way to hedge against volatile markets and inflation. This makes gold a great option for those looking to build up their retirement savings, as it will always remain valuable when investment portfolios fail. Gold can be stored in physical forms, such as coins or bars, so it can easily be accessed in case of an emergency. Additionally, gold investments don’t require much maintenance and are liquid enough to provide quick returns when needed. Therefore, why not consider investing in gold for your retirement portfolio? With the right strategy, you could reap fantastic benefits for years.

Why is gold a bad investment for retirement?

It is not a productive asset and does not generate income.

Investing in gold for retirement may sound attractive, with its reputation as a stable and secure asset; however, it has some drawbacks. Gold is not a productive asset and, therefore, cannot generate income. This means it relies on its value increasing over time to gain returns – an unpredictable process.

There is also the chance to incur storage costs if you buy physical gold, such as jewelry or coins. The cost of insurance and handling can also eat away at your profits for the future. Instead of investing in gold for retirement, why not investigate other types of investments that generate income, like stocks and bonds? You can compare different investment plans and options to find the best fit for you – one that allows you to retire comfortably, knowing your savings are working hard for you!

It is subject to market fluctuations?

As much of an alluring investment as gold may seem, it is essential to understand why it might not be the best option when investing for your retirement. Gold prices can be highly volatile and often fluctuate with no foreseeable patterns. When you are looking to retire, there is a greater need for stability and a more surefire way of building up capital. Therefore, gold may not offer the security and assurance that other investments could lead you to believe. It is wise to consider why gold makes a bad retirement investment before making significant decisions with your hard-earned money.

What about silver

With gold prices hitting new highs and silver seeing an overall steady increase, is investing in precious metals such as gold or silver a good decision for retirement? While gold is an excellent hedge against inflation and is easier to find buyers for, silver is often overlooked. But is it a good investment for one’s retirement too?

To determine whether or not silver is a good investment for retirement, one must consider looking at the stability of its prices and liquidity of the commodity to ensure it is a sound financial choice. Silver is typically more volatile than gold, with more incredible spikes and dips in price over time.

While this has appeal in the short term, investors planning for retirement should observe volatility carefully when deciding if they want to invest. Also, while finding buyers is much simpler with gold due to its more liquid market, it may be challenging to find odd-lot buyers in unpredictable markets with extensive holdings of silver. Researching these factors thoroughly is essential before investing in silver as part of a retirement strategy.

Conclusion

Investing in gold is an excellent way to add stability and hedge your portfolio against inflation during retirement. Gold has always been a powerful financial tool as its price steadily appreciates, meaning your savings can increase over time. Gold is also liquid, which means it can be sold quickly if needed. Another strong benefit of investing in gold is that it always retains some of its value, even during economic downturns and market crashes. With all these advantages, why wouldn’t you invest in gold for retirement? It just makes sense to diversify your investments with the timeless classic of precious metals: gold.

==> See our Top-5 List of The Best Gold Investment Companies

I hope you found this short article on good investments for retirement to be helpful and that you now have a better understanding on if gold is something for your retirement portfolio or not. Please share your own thoughts and experience on this topic in the comment section below! what’s the best investment for retirement in your opinion?

I wish you success!

Michael, founder of Goldretired.com

What is My Solo 401k Financial – a Scam or a Legit Business?

January 2, 2023 by Glanz Leave a Comment

Today we look at a company named My Solo 401k Financial. What is My Solo 401k Financial (mysolo401k.net)? Self-employment has many benefits, but it does not come with an employer-sponsored retirement plan like a 401(k). Let’s delve in and find out!

Company: My Solo 401k Financial LLCä

Website: mysolo401k.net

Location: 701 Palomar Airport Rd Ste 300; Carlsbad, CA 92011-1028

Overall rating: (4 / 5)

P.S.

See our Gold & Silver Buying Guide (fits ALL budgets)

What is My Solo 401k Financial?

My solo 401(k) is an individual 401(k) plan that is only available for self-employed persons. It is not a scam: Congress created the solo 401k Financial to put the self-employed on the same playing field with big companies that also can adopt a 401k plan.

As a business owner, you may be eligible to establish a solo 401(k) plan if you do not have any full-time employees besides your spouse.

This type of individual 401(k) plan allows you to contribute to your retirement savings, as well as potentially cover your spouse. The IRS prohibits contributions to a solo 401(k) if you have any full-time employees.

Pros

The Solo 401k allows for alternative investments.
Has higher annual contribution limits compared to self-directed IRAs.
There is no minimum initial deposit requirement.
The ongoing fees are reasonable.

Cons

The setup fee is slightly higher than average, and
Strict eligibility applicant qualifications. Only self-employed individuals or owner-only businesses can qualify.

My Solo 401k: Qualification

A solo 401(k) is a retirement account for business owners without employees. To qualify for a solo 401k plan, you need to be self-employed and perform at least part-time self-employment activity.

You must also have active income, which is subject to Social Security taxes, rather than passive income, which is considered capital gains income and is not subject to these taxes. For more information on the eligibility requirements for a solo 401k, you can visit the link.

Solo 401k Financial Contribution Limits

The Solo 401(k) contribution limit is the maximum amount of money that you can contribute to your Solo 401(k) plan each year. For the tax year 2022, the contribution limit was $61,000, and for the tax year 2023, it is $66,000. However, if you are 50 years or older, you are eligible for a catch-up contribution of an additional $7,500 in 2023.

As the owner of my Solo 401(k) plan, you are considered both the employer and the employee. This means you can contribute to the plan in two ways: as an employee and employer.

As an employee, you can contribute up to $22,500 in 2023, or 100% of your compensation, whichever is less. If you are 50 years or older, you are eligible for an additional catch-up contribution of $7,500 in 2023.

As an employer, you can make a profit-sharing contribution of up to 25% of your compensation or net self-employment income. Your payment is limited to $330,000 in 2023. Net self-employment income is calculated as your net profit minus half of your self-employment tax and the plan contributions you have made for yourself.

My Solo 401k Tax Advantage

My solo 401(k) retirement savings plan allows self-employed individuals or small business owners to contribute to a tax-advantaged account. You can choose between a traditional 401(k) or a Roth 401(k).

With a traditional 401(k), you get a tax break on the money you contribute in the year it is made. However, when you withdraw money from the account in retirement, it will be taxed as ordinary income.

On the other hand, a Roth 401(k) does not offer a tax break on contributions but allows you to take tax-free withdrawals in retirement.

It is generally a good idea to choose a Roth 401(k) if you expect your income to be higher in retirement and a traditional 401(k) if you expect your income to be lower in retirement.

However, there are strict rules about when you can access the funds in either account. If you withdraw money before the age of 59 1/2, you may be subject to taxes and penalties, with few exceptions.

My Solo 401k Financial; Alternative Investments

Alternative investments are financial assets that do not fall into the traditional categories of stocks, bonds, and cash. These include real estate, precious metals, commodities, and digital assets like Bitcoin.

In recent years, alternative investments have gained popularity among individual investors looking to diversify their portfolios, including those using 401k and IRA retirement accounts.

The Solo 401k allows the investor to invest in any asset not disallowed by IRS regulations, thereby expanding the range of investment options.

¨¨Learn about my #1 Recommended Gold & Silver IRA Solution instead!

Opening a Solo 401(k) Account

To open My solo 401(k), you can

Visit the My Solo 401k website.
Provide your Identification Number.
You will be given a plan adoption agreement and account application to complete.
Once done, you can set up contributions and choose from various investments, such as mutual funds, index funds, exchange-traded funds, individual stocks, and bonds.

You must establish the plan by December 31st and make your employee contribution by the end of the calendar year if you want to contribute for the current year.

As the employer, you can typically make profit-sharing contributions until your tax-filing deadline for the tax year. If your 401(k) plan has $250,000 or more in assets at the end of the year, the IRS requires you to submit an annual report on Form 5500-SF.

If you need assistance managing the funds in your solo 401(k), you can consider using an online planning service like Facet Wealth or Personal Capital. These companies offer low-cost access to human advisors and comprehensive financial guidance, including how to invest your 401(k).

Solo 401k For Spouses

The business owner and their spouse can participate in the same solo 401k plan if the spouse also works for the self-employed business. This allows them to make annual contributions (such as Roth, pretax, and voluntary-after-tax) and transfer or rollover outside retirement accounts (such as traditional 401k, PS, TSP, 457b, and IRAs like traditional IRA, SEP IRA, and SIMPLE IRAs) into the plan.

To keep track of each participant’s funds and sources, separate holding accounts must be set up under the solo 401k plan.

Is My Solo 401(k) Financial a Scam?

So, is My Solo 401(k) Financial a scam? No, of course not, it´s not a scam it´s a legit business. It got a real physical address and real physical owners. However, if it´s your absolute best alternative out there is a whole other story, that will of course depend on what your preferences are as well obviously.

My Solo 401k Financial LLC Reviews & Ratings

In our reviews we always look at the most well-knwon and trusted, independent third-party consumer protection agencies, to see what they got to say. Below you can see the results, and as always with click able links that opens in new windows.

BBB (Better Business Bureau)

Overall rating: A+ click here for details (opens in new window)

Trustpilot

Overall rating: ratings: N/A

Yelp

Overall rating: (4.5 / 5) (from 7 reviews) click here for details (opens in new window)