Even though choosing the silver option for my IRA was one of the wisest decisions I’ve made, it clearly wasn’t the smartest. Without proper reference or research, I saved all my retirement funds as silver. Of course it was a lucrative and safe method in this unpredictable economic climate when compared to alternatives such as shares and bonds but it took me a while to realize how to make better use of my silver IRA. Since it was too late, I was not unable to benefit from it financially. So, here is some information on silver IRA that you need to bear in mind as a retirement investor.
1. It is completely risk-free
I spent half my retirement time worrying about the safety of my investment when there was absolutely no need to do so. Your savings are 100% protected in the form of silver in any economic situation. It definitely is the safest option when compared to other unpredictable IRA options such as bonds, shares and assets, which are more susceptible for heavy changes in value for even a slight economic mishap. Therefore, you do not have to carry around your burden like I did, since as long as your savings is stored as silver, it is safe. Even if your savings is in gold or cash, you can use a silver IRA rollover to convert it to silver.
2. Cost doesn’t matter
Most of my friends advised me to open a Gold IRA since it is the most expensive metal. Thankfully, my professional retirement counselor asked me to try out silver. Since I trusted the man’s words I did not look much into it but now that I know its advantages, I’m frankly ashamed of my ignorance. You must know that silver can be stored in several forms. The most predominantly used forms are coins and bars. I invested all my savings as silver coins, since it seemed fancier. But apparently, it wasn’t. Silver bars are much preferred in the market since they offer great value in small quantity/weight. Furthermore, if you are looking to invest your retirement savings on a new business venture, Silver IRA offers more diverse options. Since I planned to retire once and for all, it really didn’t affect me.
3. Diversification is important
Just because Silver IRA is good, it doesn’t mean you must dump all your savings in one hole. Investing your retirement savings in various forms is much wiser. If you are uncomfortable handling a variety of types, Focus on multiple precious metals in the least. This ensures that the boat will survive even if the captain goes down. In simple terms, if there is an unexpected drop of value in silver, your retirement fund will still be secure to a certain extent. Unfortunately for myself, I learned this truth the hard way.
I would have greatly benefited from my IRA if I had done my research at the right time. So whether it is silver, gold or platinum, make sure to do enough and more research to avoid a regretful retirement experience.