How a gold IRA can provide retirement income

The traditional retirement dream is becoming a reality for many seniors. Instead of traveling or spending time with loved ones, many are returning to work to combat the rising cost of living. recent Resume Builder Report It found that one in five retirees plan to “retire” to accumulate their money.

You can avoid this fate by building healthy retirement savings that you can draw on. Social Security alone won’t get you very far. As of February 2023, the average Social Security payment was $1,693.88, Social Security Administration Report. That’s roughly $20,300 per year — enough to live on if you budget carefully, but not enough to let you rest easy or enjoy your retirement.

One way to increase your retirement income is to invest in Gold IRA. An IRA is a retirement account that offers attractive tax benefits. A gold IRA is a type of IRA that allows you to capitalize Advantages of investing in goldSuch as reliable returns and resistance to market fluctuations.

To find out if a gold IRA is right for you, request a free investor kit here.

How a gold IRA can provide retirement income

A gold IRA can provide you A number of advantages. Here’s how it can boost your income during retirement.

It protects your retirement savings from inflation

Inflation can reduce the value of your retirement savings by reducing your purchasing power. Gold has historically outperformed other assets during periods of inflation, making it an attractive option for retirees to protect their nest eggs.

“Gold has been used as a store of value for thousands of years,” said Doug Carey, CFA and president and owner of WealthTrace. “Unlike currencies, which can depreciate or inflate, gold has a stable value over time. This makes it a good option for long-term investment.”

By investing in a gold IRA, you can Hedge against inflation And protect your retirement savings.

It minimizes losses by diversifying your portfolio

When it comes to investing for your retirement, security and stability are important. You want to get the best possible return on your money, but you don’t want to take any big chances that could jeopardize your financial security. One way to reduce risk is to Diversify your investments.

“Diversification is a strategic way of managing your investment portfolio to include different types of investments to reach specific financial goals over the long term,” explains Sonar Investment Company. Goldco. “A well-diversified investment portfolio can offer you the potential to improve returns without subjecting you to high-risk investments that are limited in focus.”

A gold IRA can prevent losses from more volatile assets, eg stockReducing risk in your overall portfolio.

“Gold generally behaves inversely related to the stock market,” William Bevins, CFP, CTFA, previously said CBS News. “As a result, when the stock market goes down, gold prices often rise. Investing in gold can be a great way to add stability and diversification to your portfolio, providing some measure of protection against potential market events.”

It offers tax benefits that stretch your money further

there There are many ways to invest in gold. Gold IRAs in particular can help you keep more of your money for the unique Tax benefits They offer.

depends on Gold IRA type You choose, your money is taxed either when you contribute it or when you withdraw it. Whenever it is taxed, it is taxed at your then current income tax rate. So, by considering how much you earn now and how much you expect to earn in retirement, you can reduce how much tax you owe, giving you more to work with when you retire.

Explore your Gold IRA options by requesting a free information kit today.

Bottom line

Invest in a gold IRA A smart way to make sure you have enough money to rely on after you stop working. Gold IRAs can provide a steady, reliable stream of income that is protected against market volatility. Additionally, they offer tax benefits that can help you stretch your retirement savings even further. If you’re looking for a way to diversify your retirement portfolio, a gold IRA is a great option.