The faster you start saving for retirement, the faster you will be able to retire. Though you can make up monetary savings when it comes to retirement by adding more money to your savings each year that you work, you can never make up for the years of interest missed on the investment if you do not start as early as possible. An IRA in your 20s is the perfect gift to give yourself in order to make sure that you have what you need. In order to safeguard your investment, here are some reasons you should start a gold IRA, rather than a normal IRA, in your early working years.
Gold is not as volatile as stocks
There are some stocks that are here today and gone tomorrow. Depending on the particular type of stock, the value may be dictated by what is going on politically or in the retail sector. If you want to avoid having to watch your IRA daily, gold investment is the way to go. Precious metals such as gold may increase or decrease in value, but they never lose all of their value. Over time, the cost of gold has tended to increase and even in lean economic times, gold has remained a staple in most economies.
Your IRA will be more worldly
It is rare to know your exact trajectory for your career when you are just getting started. Your working life or your personal life may take you into a completely different sector or into a completely different country. If this happens, you could find yourself losing quite a bit of value in your retirement account due to the exchange rate. Gold, silver, and other precious metals are likely to have less exchange loss value, keeping your IRA stable if you tend to be a world traveler. If you know that you would like to retire or purchase a retirement property in another nation, the IRA that you create today will give you the necessary exchange value to do this without losing out on money before the transaction.
Only bullion and coins are acceptable
It is possible to increase your personal net worth outside of your IRA by collecting gold, but it can be a more difficult venture to take on outside of gold bars and coins. Gold jewelry needs to be of a specific purity in order to increase in value properly. Collecting gold via your IRA secures your retirement and secures your investment.
For more information about starting a gold or other precious metal IRA, contact your financial consultant.