If you’re concerned about retirement, U.S. Money Reserve offers many tips and strategies for long-term savings. The compounded interest on a retirement savings account can greatly increase your capital over many years of savings. If you already have a retirement account and are happy with the interest, that’s great. If you’re not happy, you should look into adding gold into your portfolio. The price of gold has increased significantly over the past 20 years.
Another strategy is to save an additional 1% of your income each month. You can accomplish this by using carpooling, going out to eat less, consolidate loans, get a credit card rate reduction or refinance your mortgage. You can open a self-directed IRA. These IRA’s can contain paper-based assets such as bonds, mutual funds and stocks. Or non-paper-based assets such as precious metals, livestock, real estate and franchise interests. While paper-based assets tend to get the most attention, non-paper-based assets can help deliver peace of mind during times of economic troubles.
If you are over the age of 50, you are eligible to contribute an additional $6,000 to your 401(k) account. This amount is above your plans regular maximum contribution. Unfortunately, many baby boomers are unaware of this rule. While the majority of 401(k) plans offer catch-up contributions, only 15% of members use this feature.
For a precious metal to be IRA approved, it must meet certain criteria. The metal must be a minimum fineness of .995, and it must be produced by a U.S. government mint or accredited refiner or manufacturer. Regardless of where you are on your road to retirement, physical silver and gold can help strengthen your plans for a solid financial future. U.S. Money Reserve offers the Gold Standard Precious Metals IRA, and this program can help provide an enjoyable retirement.