Ah, retirement. The thing we look forward to, yet we constantly put off actually planning. Whether you have just entered the workforce or are over 50, there are things you can start doing to prepare for your retirement. Keep reading to learn about our top 3 steps to saving for retirement and how a precious metals IRA can help you reach your financial goals.
Saving for Retirement Tip 1: Start Today
There is no better time to start saving for retirement than right now. Of course, the earlier you get started, the better off you will be. Some ways you can start saving for retirement today—or even right now—include:
- Start small. Even saving as little as $75 a month if you’ve just entered the workforce can do wonders for you while earning interest.
- Make a wish list. What do you plan on doing once you are retired? Where do you want to live, what hobbies do you want to participate in, or where will you be traveling?
- Set an end-date goal. Decide when is the ideal time you’d like to retire. You can start receiving Social Security as early as age 62; however, the longer you wait, the more you can draw. Up until age 70, your monthly benefits increase, which can add up quickly over time.
- Take a look at your spending. Check your account transactions and analyze your spending. Is there anything you can rein in? Monthly subscriptions you’re paying for that you do not need anymore? Old gym memberships you can cancel? Check to see what fat you can trim off to add to your retirement savings.
Saving for Retirement Tip 2: Automate Your Savings
Take a good, hard look at the money that goes in and out of your account every month and come to a realistic number that you can comfortably save every month. As mentioned, it can even be as little as $75 a month if you’ve just entered the workforce and don’t have much wiggle room to spare.
Next, automate your savings. This way, you won’t be tempted to ignore it one month, forget, or accidentally spend it. Most online banking platforms allow the ability to transfer money to and from accounts automatically. Once you decide your ideal savings number, plug it in and choose the frequency that is comfortable for you.
Another way you can automate your savings is by contributing to a 401(k), if you have one. According to Investopedia, some key takeaways regarding contributing to a 401(k) for saving for retirement include:
- A 401(k) plan is a company-sponsored retirement account that employees can contribute income, while employers may match contributions.
- There are two basic types of 401(k)s—traditional and Roth—which differ primarily in how they’re taxed.
- With a traditional 401(k), employee contributions are “pre-tax,” meaning they reduce taxable income, but withdrawals are taxed.
- Employee contributions to Roth 401(k)s are made with after-tax income; there’s no tax deduction in the contribution year, but withdrawals are tax-free.
- For 2020, under the CARES Act, the withdrawal rules were relaxed for those affected by the COVID-19 pandemic, and RMDs were suspended.
Saving for Retirement Tip 3: Precious Metals IRA
Opening a Precious Metals IRA is a great way to start saving for retirement. Self-directed precious metals IRAs allow you to invest in gold and silver to better diversify your investment portfolio, which can be crucial protection during turbulent financial markets. Gold is also a hedge against inflation, making your other retirement savings worth what they should be worth when the time comes to start using it.
By rolling over your IRA, 401(k), 403, TSP, or 457 Plan into our Precious Metal IRA Account, you can achieve the same profits you would gain by purchasing gold or silver directly while also enjoying the benefits that your retirement account provides.
At Priority Gold, we have a proven four-step process that makes it easy to open a precious metals IRA, and we guarantee you the highest caliber customer service. Our IRA specialists will answer all of your questions, work with your current custodians to ensure a seamless transition, provide you with a free metal evaluation, and continually help you to review your portfolio.
Step #1: Account Holder Information
Step #2: Beneficiary Designation
Step #3: Source of Funds
Step #4: Transfer Instructions
Saving for Retirement with Priority Gold
If you are ready to invest in gold to protect your savings and secure your future for retirement, we can help you every step of the way. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink. Whether you are a seasoned investor or just entering the workforce, we can help you meet your financial objectives.
Our team is committed to helping streamline precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives. We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. Priority Gold guarantees the highest customer service standards, which come with honesty, professional conduct, and the Ethical Code of Business.
For more information, visit us at prioritygold.com