Have you heard the latest about saving money for your retirement? The rumor is that investing your money in the paper backed securities offered by your traditional retirement savings accounts will leave you high and dry if the economy tanks again and that by investing in silver, you can protect your savings. The good news is that this is not a rumor. You can invest in precious metals like silver as a hedge against the weakening dollar and protect the value of your retirement account. What’ s more is that you can do this in a way that is IRS approved when you open a silver IRA.
Investing in silver is a great way to not only save for your retirement as well as ensure that your retirement savings will be there when you are ready to retire. The reason for this is because silver doesn’t diminish in value when the financial markets tank like paper backed securities such as stocks, bonds and mutual funds do. As a matter of fact, not only does silver hold its value while everything else plummets, it can actually increase in value, making it the perfect solution for those who are looking to make up ground after the great recession of 2008 as well as for those who are trying to get started securing their retirement but are afraid to put their faith in a retirement account.
So, how can you capitalize on such an amazing opportunity?
You open a silver IRA. Here’s what you need to know.
How To Start a Silver IRA
A silver IRA is a simple account to start. Thanks to the passage of a law in 1997, any retirement savings account like a 401k, traditional or Roth IRA can invest in precious metals as well as traditional paper backed securities. However, many custodians of such accounts don’t make it possible to do so. So, if you don’t have the option of investing in silver in your current retirement account, you simply need to start from scratch.
Place a phone call to an IRA custodian and go through the process of opening your silver IRA account. This process is usually very quick and doesn’t require a large amount of time or effort to accomplish. Second, once your account is established, you will have to fund it. While some will choose to fund the account directly, you can turn your existing 401k to silver through a process known as a silver IRA rollover. This rollover process allows you to move the money you have already saved in a qualifying retirement account into your new gold IRA account without having to spend a penny out of pocket or paying any early withdrawal fees or penalties. Your silver IRA custodian can help you through the entire process from providing all of the information you need to understand how silver IRAs work to helping you open your new retirement account and processing your 401k to silver rollover. There has never been a better time than right now.