One of the major benefits of holding retirement assets in an individual retirement account (IRA) as opposed to a 401k plan is the ability to hold varying types of investment assets of your choosing. One option available to investors is precious metals such as gold, silver, palladium, and platinum. Is holding these precious metals in your IRA account a good idea? This article will focus on the benefits and negatives associated with holding these assets in an IRA.
The major benefit of owning precious metals is the way in which they act as a hedge against inflation. Since central banks have the ability to print increasing amounts of paper currencies but are limited in the amounts of precious metals that can be mined, the value of precious metals tend to increase with inflation. Since IRA accounts are held for a long period of time than holding precious metals often serve as a good inflation hedge. This is the major benefit of holding precious metals such as gold in an IRA.
The negative associated with holding these assets in an IRA account is due to the fact that the upside is typically limited on these investments and they do not typically appreciate above inflation rates when holding them over the long-term. Further, the only way to hold gold and other precious metals is through mutual funds and ETFs that charge fees for managing these precious metals.
The ultimate decision to purchase these precious metals in an IRA is dependent on your risk tolerance and investment horizon. Having some exposure to precious metals is recommended however as it provides a valuable hedge against inflation risk.
I know as someone that had to file bankruptcy it is a very trying time. You may feel guilty for having to even start the process. I assure you if there any other way most would not even consider. I lost my job and was unemployed for 4 years, so had no other alternative to take. I hired an attorney, helped it made process smoother. I was in a room with other persons filing. The judge states Do you have any monies we are not aware of to provide with creditors? I did not or I would not be in here filing and feeling embarrassed to begin with right! We should not feel guilty to file when it is your future on the line. In state of Florida the bankruptcy will stay on your credit for 10 years. I also had an attorney that was a credit counselor which was good it allowed you to take courses on how to manage your funds. I am back on track now, wish the best to all of you filing. Best Wishes
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