3 big reasons to open a gold IRA now
Gold's historic value and reputation as a safe haven makes an appealing case for many investors, especially during periods of economic uncertainty. If you believe the precious metal could have a place in your portfolio, there are plenty of ways to buy into gold today — whether you're interested in physical gold bars and coins, gold stocks or even mutual funds that track gold's value.
But if your investing primarily to secure money for retirement, you may want to consider a gold IRA. Gold IRAs can help incorporate your gold investment into your financial plan for retirement. Learn more about gold investing options, including gold IRAs, today with a free information kit here.
3 big reasons to open a gold IRA now
If you're investing for long-term retirement goals, there are a few reasons to consider adding a gold IRA today:
To diversify your portfolio
Gold's price tends to move independently from other markets — like the stock market, where the majority of your portfolio is likely invested. As a result, gold can be a good way to diversify your portfolio.
When economic conditions or recessions push the value of your other investments down, gold may be able to help stabilize your overall investment value. With a gold IRA, you can use the precious metal to diversify your retirement savings.
Just make sure you don't invest too heavily. Experts typically recommend keeping your gold investment to around 5% or 10% of your portfolio. That's because you can still benefit from the majority of your investments being in growth-focused assets like stocks — while using a smaller allocation to gold to help you weather potential downturns.
Find out more about how you can benefit from gold investing with a free investors kit here.
Take advantage of long-term benefits
Gold IRAs — like any type of IRA — are designed for long-term investing. IRS requirements don't allow you to withdraw from the account without penalty until you reach age 59 and a half, and required distributions don't take effect until age 72. Throughout that time, you may also continue contributing toward the account.
Luckily, gold is a great option for long-term investments. As a diversifier — as well as a hedge against inflation — you can get value from your gold investment over the long term as the broader economy changes. Periods of inflation don't last forever, and neither do recessions. Gold may not be the best option for growing your investment value when the economy is strong, but its stability over the long-term may help you through multiple uncertain economic periods.
Future price movements
Like any new investment, the sooner you buy into gold, the longer you'll have to take advantage of its benefits.
Gold's price may be down from near-record highs a few months ago, but it is up more than 4% since January — and economic conditions could lead to a continuing rise in the price of gold. Experts we spoke to earlier this year predicted that a number of factors could lead to gold's price rising through this year and into 2024.
Of course, gold does also experience fluctuations, and its price won't always rise. Future prices may depend on broader economic cycles, but gold's value has been shown to steadily increase over long periods of time.
Find out more about whether gold investing could be right for you with a free investment guide now.
The bottom line
Investing in gold today can be a good way to help secure your portfolio against future uncertainty and inflation — and doing so using a gold IRA could help you diversify the investments you're setting aside specifically for retirement.
Before you decide to invest, consider speaking with a trusted financial advisor who can help you understand the best ways to incorporate gold into your overall financial plan. You can also get started with a free information kit here.
