As you know I'm always pushing the bet on yourself strategy, today I want to send a warning against advice that has been going on for sometime now. The gold and silver promoters are pushing for your IRA dollars. Now, it is important to consider having having 10-15% of your dollar investments in gold and silver but NEVER in and IRA or any qualified retirement plan. There are several reasons for this, first is that gold and silver are not speculative investment, they are future purchasing power protection. Somewhat like inflation and recession insurance. But the most common sense reason to never buy gold and silver with your IRA dollars is you are paying to add a non taxable asset and turning it into a taxable asset. That makes no sense whatsoever. Owning gold and silver is not a taxable event. Placing it in the IRA makes it a future taxable asset. Remember when you start to liquidate your IRA you will be paying tax on the distributions. The other caveat emptor is how the big dealers bait and switch your IRA assets into numismatics as opposed to gold and silver bullion. With multi-million dollar advertising budgets these dealers cannot survive on bullion sales, they have to sell numismatics in order to hide their huge markups and profits. Look, gold. silver, metals and even collectibles are important asset class to balance a wealth strategy. There are very efficient methods to purchase this asset base, but it should never be merged into an IRA or any qualified plan. A self directed IRA is perfect for Real Estate and some other speculative asset classes, but as to metals it is never a smart money decision. Don't be duped or persuaded itno this financial mistake.
SVP, Digital Banking Officer @ Keystone Bank | Digital Strategy
2moExcited to have Jacob join the team!