Are gold and silver IRAs a good idea?

When it comes to retirement savings, precious metals are a great option. They can be a good option if you are concerned about inflation. Silver is even better than gold in some ways. Among these, silver is less volatile and can be traded for basic necessities during a financial crisis. The downside of investing in precious metals is that you are bound to sell your gold or silver IRA at a loss if the value of the precious metal decreases.

IRAs for gold and silver are easy to open. You can either open a new account or roll over your existing IRA account. Once you've opened your account, the next step is to contribute to it. Contributing to a gold or silver IRA is not difficult and can be done online or in person. You should remember to contribute a minimum of $7,000 to your gold or silver IRA each year, but no more than $6,000. Any additional contribution will incur a 6% penalty.

Another important benefit of investing in precious metals is their ability to increase your savings. While conventional IRAs limit you to paper assets, precious metals can be very secure. Even exchange traded funds don't last forever. Physical bullion endures and has a better chance of growing in value. You can buy, hold, and even sell precious metals through a self-directed precious metals IRA account.