Month: December 2020

How well are Americans prepared for retirement? It is a question that has been on my mind lately as I have spoken with many people who are unsure about their financial futures. The Federal Reserve has some interesting data on the matter that they released in May of this year. In their annual “Report on the Economic Well-being of U.S. Households,” the Fed includes some information about retirement that stands out above the rest.

One fourth of workers have no retirement savings.

Given the importance of being prepared for retirement, seeing that a large fraction of what the Fed designates “non-retirees” are unprepared is what concerns me most.

The report claims that this number is age dependent, and people who are closer to “retirement age” are more prepared, but there is significant ambiguity as to when that retirement age will be, as the Fed’s own report states that “unanticipated life events contributed to the timing of retirement for a substantial share.”

More significant, however, may be the problems faced by those who are saving.

Of those who do have retirement savings, less than 4 in 10 feel their retirement savings are on track.

While many people put a lot of effort and money into saving for retirement, planning for economic instability and the rising cost of living, can make anticipating what you need difficult. This could be why millions of Americans feel dissatisfied with their current retirement trajectory.

Whether you are looking to make changes to your current retirement savings vehicle to gain more satisfaction or start saving for the first time, a self-directed IRA may be worth considering.

A self-directed IRA allows you to hold alternative assets in a tax-advantaged retirement account. In additional to stocks, bonds, and mutual funds, you can select more diversified asset options in a self-directed IRA, including real estate, undeveloped land, and precious metals. By allowing these other assets to enter the fold, you can diversify your overall retirement portfolio with more opportunities for growth. At the same time, your portfolio can be more insulated from the trouble seen in retirement accounts that hold solely paper-based assets and can be vulnerable to market volatility.

For Americans who want to make the most of their retirement—and perhaps avoid the pitfalls in retirement planning that millions seem to be facing—now could be the best time to consider rolling over a portion of a traditional IRA into a self-directed IRA.

The post Retirement Readiness appeared first on U.S. Money Reserve.

The year is almost over, but there’s still time to set yourself up for greater financial strength in 2021 and beyond. Here are four end-of-year retirement tips that can help.

1. Max Out Contributions

“Never leave money on the table.” It’s a popular saying that is sometimes easier said than done. Now isn’t one of those times.

If your employer offers to match your 401(k) contributions, direct as much of your monthly earnings into that account as possible until you reach their maximum match figure. It’s a genuine no-brainer in the sometimes perplexing world of retirement planning and one of the easiest ways to ensure that you never leave money on the table.

If you have a traditional or Roth IRA, look at maxing out those contributions, too. In 2020, your total contributions to all traditional and Roth IRAs cannot exceed:

• $6,000 if you’re under age 50
• $7,000 if you’re 50 or older
• your taxable compensation for the year if the compensation was less than either $6,000 or $7,000, depending on your age

Don’t feel like you can swing it? Carefully examine nonessential purchases, and you may be surprised how close to that maximum you can get.

According to findings from GoBankingRates, “Americans could save $5,339.35 a year, on average, by cutting out some discretionary spending. That’s how much individuals are spending on non-necessities such as coffee, eating out, entertainment, clothing, rideshares, and alcohol.” Break that number down by month, and you’re looking at an additional $444.95/month that could go toward retirement contributions.

2. Play Catch-Up Where You Can

Are you age 50 or older, or will you be by the end of the year? Have you reached your annual IRS-mandated contribution limit? If so, it’s time to consider playing catch-up by making additional deferrals to your 401(k) or IRA.

For tax years 2020 and 2021, the catch-up amount is $6,500 (up $500 from 2019). Have an IRA? If so, your catch-up total can reach $1,000 for 2020 and 2021, notes the IRS.

3. Invest Your Time; Invest in Yourself

Much of the talk about retirement planning focuses on money. However, there’s something else you can invest that might be equally important in many respects: your time.

Coasting along on a retirement plan you and your spouse set up with a financial planner years ago? Then you might be doing yourself a disservice by failing to consider important and potentially money-saving matters such as:

• how current and anticipated life situations (a pending business sale, children entering college, buying real estate, getting married or divorced, changing jobs, etc.) could impact your plan
• whether your tolerance for risk has increased or (more likely as you age) decreased
• when the best time is for you to start taking Social Security benefits

Working with a certified retirement planner can help you minimize your retirement tax burden and collect other crucial tax tips for the years ahead. It’s time to revisit the retirement plan conversation!

4. Expand Your Horizons

Another potential detriment when it comes to coasting along with an outdated retirement plan is the opportunities you lose by not considering additions to an existing retirement portfolio.

Precious metals—tangible wealth—may provide one such opportunity. The Internal Revenue Code, for example, allows for the inclusion of gold and silver in self-directed IRAs if the coins and bars meet strict composition guidelines.

Factor in gold’s reputation on the international market, and you have a compelling reason to consider gold for your retirement portfolio strategy.

Are You Prepared for the Future?

Want to make some moves with your retirement accounts? U.S. Money Reserve can help you think through incorporating precious metals or opening up a new IRA. Call today to speak with an IRA Account Executive.

The post 4 End-of-Year Retirement Tips to Get You Ready for 2021 appeared first on U.S. Money Reserve.

“Everyone’s treating the stock market like a huge casino. And the assets within it are acting like a casino.”

— Eric Sepanek, Founder of Scottsdale Bullion & Coin

Are you betting on the stock market? Because the equities bulls are sprinting. Because just about every day the DOW breaks a new record? Because everyone you know is becoming a Wall Street player?

Guess what? Wall Street insiders are getting out. November marked record stock sales by company directors.¹

Warren Buffet’s buying gold.

Jim Cramer’s telling everyone, “You need some gold.”

What do they know?

The Bears are coming to Wall Street. And the Gold Bulls are about to take off.

Because Gold’s quietly been outperforming the DOW and S&P:

• DOW YTD: 4.12%
• S&P YTD: 11.26%
• Spot Gold YTD: 20.60%²

Because Big Banks, Bloomberg Intelligence, and Scottsdale Bullion & Coin’s top advisors expect gold prices to soar. (Watch the video above for more on this from precious metals experts Eric Sepanek and Joe Elkjer)

But not as high—and certainly not as fast—as the Central Bank’s balance sheet.

So, the real question for you is… Are you gambling on your financial future with stocks? Or investing for steady, long-term growth?

Are you preparing for when the bill comes due for America’s $27-trillion in national debt? So it doesn’t wipe out the wealth you’ve worked so hard to build.

If not, now is the time to start. Request your FREE Investment Guide.

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“”silver price”” – Google News

Silver Price Analysis: XAG/USD eyes re-test of previous resistance around $23.10  FXStreet

The post Silver Price Analysis: XAG/USD eyes re-test of previous resistance around $23.10 – FXStreet appeared first on WorldSilverNews.