Setting up a gold IRA with American Bullion is the first step towards saving for a comfortable retirement. But the mere fact of opening an account is not enough to secure your financial future; you must also take a proactive role in managing your account and above all avoid making these 5 common IRA mistakes.
- Not making the maximum allowable contribution: Although the precise dollar amount varies depending on factors such as your age in the current tax year, the type of IRA you have, your marital status, and your income, our advice remains the same. Contribute the full amount to your IRA every year to maximize the tax-free growth and savings potential of your money.
- Failing to diversify your investments: Putting all of your money into a single type of asset such as stocks, bonds, or mutual funds is a disaster waiting to happen. Protect yourself against market volatility by adding gold and other precious metals to your IRA.
- Forgetting to name or update an account beneficiary: If your spouse dies, if you divorce, or if your wishes change in some other way, be sure to update the primary beneficiary on your IRA to ensure your money gets distributed as intended after your death.
- Not trusting the right professionals to handle your rollover: Not all IRA custodians are as conscientious or attentive to detail as you might wish when it comes to administrative tasks associated with rollovers. Failure to process the transaction accurately can result in tax penalties or worse, so stick with proven pros like American Bullion.
- Never reevaluating or rebalancing your portfolio: IRAs should not be considered a set-it-and-forget-it savings vehicle. It is up to you to regularly reevaluate your portfolio and to make adjustments to your investment strategy so you can maintain balance relative to changing market conditions.
You don’t have to be a financial whiz to manage your gold or precious metals IRA like one. You just have to open an account, begin making the maximum allowable contributions, and avoid the mistakes we’ve listed here. Check out AmericanBullion.com today to learn more or to set up a consultation with an expert.
Although the information in this commentary has been obtained from sources believed to be reliable, American Bullion does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. American Bullion will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.