Many Americans are scared because of the economy and what the current administration is doing to exacerbate the situation. Retirement accounts are being wiped out left and right due to the stock market. The stocks keep going down and it’s supposed to go down a lot further. So what are smart Americans doing to combat this?
They’re buying precious metals. Did you know that you can own precious metals in an IRA? Thousands of Americans are rolling over their retirement accounts into precious metal IRAs.
Now a lot of Americans have bought gold and silver coins and store them at home or in safety deposit banks. But, you can actually purchase physical coins and hold them in an IRA account so that you can have tax deferred growth or even tax free growth if you have a Roth IRA.
All types of retirement accounts can be rolled over into a Gold or Silver IRA free of penalties and taxes. You have a 60 day period where you can transfer the funds.
What Kinds of Coins Can You Put in an IRA?
Any metal coins you buy will have a value according to the market value. There is junk silver which is between 10%-90% pure and you can sell these coins for however much pure silver they have.
There’s even a Donald Trump coin that can be bought. It doesn’t matter which coins you buy until you have to sell. Premium bullion bars and coins always sell for the most but they’re the most costly.
Now, in an IRA there are only certain coins that are IRA approved. They need to be of 99.9% purity. The best source for buying coins online is the US Mint.
Most gold IRA companies offer gold, silver, platinum and palladium in IRAs.
What Are Coins Worth?
This is a big question that has come up since inflation is so high. You probably have a piggy bank with pennies, nickels, dimes, quarters, and even dollar coins. When they first came out, of course they were worth their weight in gold. But because of inflation caused in great part by money printing, they were worth less than their weight in gold.
Now that doesn’t make sense does it? So you could sell your dime for more than a dime and then you’d get a dime plus change. Then you can use that dime and keep the rest.
So sell all those pennies because you’ll get more than 1 cent.
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