Although gold gets much of attention in discussions about precious metals investing. Let’s discuss another option for your retirement savings, silver. While gold offers some great benefits for protecting your 401k, so does silver Remember the old saying – “don’t put all your eggs in one basket” – so even if you have already invested your 401k in gold, you might want to consider adding silver to further diversify your portfolio and safeguard your hard-earned retirement savings.
Diversification of portfolio.
Diversifying your retirement savings with silver will add an additional level of protection against market volatility. Retirement accounts backed by paper stocks, mutual funds and bonds are as unpredictable as the economy has been in the last decade, and as many have learned during that time, an overdependence on the stock market can have devastating effects on one’s retirement savings. People who had planned to retire a couple of years ago are still working to make up for their lost investments, while some retirees have taken part-time jobs to compensate for the loss of their retirement savings.
If you want to safeguard your financial future, converting your 401k into silver may be a wise choice to compensate for the unpredictability of the market. You can choose how many assets you would like to allocate to silver, so you can easily reach your desired level of diversification.
Protect your purchasing power.
Silver also safeguards your retirement savings against the declining purchasing power of the dollar. As the Federal Reserve continues to print more money, it effectively reduces the dollar’s purchasing power even further. However if you look at the history of precious metals, you will see quite the opposite – as government puts more money into circulation, the price of precious metals generally increases. This makes investing in silver, along with gold, a smart move for those who want to preserve their purchasing power in the future.
By rolling over your 401k into silver you are making a long-term investment, and many experts see significant growth potential for the metal; even though its price has increased significantly since 2001, many believe that today’s prices are still a bargain and have room to move up much more further.
Converting your 401k into a silver-backed IRA is a very simple process. If you have any questions about how to do so, speak to a precious metals dealer. They will take their time to explain your options to you and help you make the right decision to help you achieve your financial goals.