A precious metals IRA is similar to your traditional Individual Retirement Account (IRA), it is simply comprised of physical gold, or other IRS approved precious metals (such as silver, platinum, and palladium. An IRS approved custodian holds the contents of the precious metals IRA for the benefit of the holder of the account. The Precious Metals IRA acts in the same way as the traditional IRA, but instead of holding paper assets, you own the physical metals themselves in your IRA, physical bars and coins.
Gold by far is the most prevalent precious metal invested in Precious Metals IRA, the phrase Gold IRA has been used widely throughout the industry to reference a retirement account containing a varied combination of IRA allowable precious metals.
Rarely do you have a say in your investments if you participate in a traditional IRA or 401(k) with your traditional banking institution. When you open a self-directed IRA with Paradigm, you are in charge of making your own investment decisions and pick for yourself which IRA eligible metal coins, bullion, and bars to interject into the IRA account.
These IRS approved precious metals are held at an insured depository for the benefit of the account holder.
Investing into a Precious Metals IRA will provide diversity for your portfolio, lower your overall risk to adverse market conditions that can adversely affect your assets.
A Precious Metals IRA can diversify your retirement portfolio and allow you to reduce your market risk during uncertain times as you get closer to retirement.
Physical gold and silver have been written about throughout history as diversifying instruments which well-informed IRA investors use to their benefit to help secure, simplify and protect their retirement account. Similar to a traditional IRA, the Paradigm Precious Metals IRA enables you to put pre-tax or tax deductible money into it and invest it into tangible precious metals. Like a traditional IRA, your Precious Metals IRA can also appreciate over time tax-free until you decide to withdraw funds.
When you reach 59.5 years old, you can withdraw without penalty and solely pay taxes on the amount of funds withdrawn. Paradigm suggests that you consult with your tax advisor to assess your particular situation to understand all related tax liabilities.
Building and accruing for retirement and preserving it, is an absolute necessity for your security in your golden years. Strategic planning ahead for any incidents, whether stock market crashes, inflation, geopolitical uncertainty and now, a global pandemic, is an essential part of your overall planning. Adding gold and other precious metals allows you to diversify and preserve your retirement overall plan, which helps you to ride the rough waves.