Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Editor's Pick

3 Ways to Invest in Gold for Retirement (Updated 2023)

If you’ve been watching the gold space, you may know that the yellow metal has appreciated in value by about 500 percent in the past two decades.

Given that fact, investors may want to turn their attention to investing in gold as a retirement plan. While there are pros and cons to using gold for retirement savings, which you can learn more about here, many successful investors consider the precious metal a safe-haven investment.

Read on to find out three ways you can invest in gold for retirement. From physical gold to stocks to gold-backed assets, there are diverse options for those who choose to prepare for retirement with gold.

1. Buy physical gold

One of the first and perhaps most obvious gold investment options for your retirement portfolio is physical gold. Generally investors will buy gold in the form of bullion coins or gold bars through a dealer. While that might sound simple, as with any investment, it’s important to do your research and make sure you’re using a reputable dealer.

If you choose to buy physical gold for retirement, you’ll also have to consider where you’re going to keep your gold bars, coins or bullion. Many investors opt to pay a storage fee to keep their gold at a bank depository, but you can also set up a safe at your home. You’ll need to think about what option is best given your goals.

To get more information about physical gold as an investment, check out our guide here.

2. Invest in gold stocks

You might think investing in gold stocks is only for investors who are deeply entrenched in the stock market, but the fact is that anyone can invest in gold stocks if they are willing to put in some work.

This decision can provide purchasing power if you take the time to monitor your financial investments. That means spending time choosing the right gold stocks to put your money into, and sitting down on a regular basis to determine whether they are stocks that continually benefit your wealth and savings strategy.

If you’re unsure of how to do that, check out these tips on resource investing from experts like Rick Rule, EB Tucker and Frank Holmes. Alternatively, you might want to invest in gold stocks via a gold exchange-traded fund like the SPDR Gold Trust ETF (ARCA:GLD) or the iShares Gold Trust ETF (ARCA:IAU).

3. Invest in a gold IRA

Finally, if you want to invest in gold for your retirement savings, you may want to consider investing in a gold-backed individual retirement account (IRA). Self-directed IRAs can contain non-traditional investments such as real estate and precious metals, though you’ll have to follow special rules.

For instance, the Internal Revenue Service (IRS) only allows at least 99.5 percent purity gold bullion bars and coins to be included in gold-backed IRAs (with the exception of American Eagle coins, which are 91.67 percent pure). Furthermore, gold used in gold-backed IRAs must be administered by an IRA custodian and stored at a location approved by the IRS — in other words, you’re not allowed to store this gold at your house.

These and other rules can make setting up a gold-backed IRA intimidating — indeed, they’re considered “alternative investments” and require some persistence and expertise to manage properly. But if you’re truly interested in gold for your future retirement, they’re certainly a financial option to consider.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com