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Smart Tips for Planning Your Retirement

Retirement

Are you an average person who has a plan for your future? There’s a lot of pressure on you to make your retirement something worth working for. This applies even more strongly if you have a family to care for. However, there are a lot of pitfalls to planning the perfect retirement. If you’re a working class citizen, then you will have a steady job and salary. This is necessary if you are to make your retirement memorable. Nobody wants to spend their yester years drunk and alone in a small tent in the woods, defecating into empty cans of baked beans. If you think you are ready to get started on the rest of your life, here are some essential tips.

Get a Retirement Account

The first thing you need is a retirement account. This is actually pretty obvious. If you work, you probably already have a retirement plan with your employer. This is usually in the form of a 401k or 403b retirement plan. Your wages are deducted every month, and the deducted amount is transferred into your account. This is a pretty solid retirement plan, in an ideal world. If you don’t have such a plan, then you should go for an Individual Retirement Account (IRA). These are available at many banks and other financial institutions. All you have to do is walk in and open one.

Risks of IRAs and Retirement Plans

The problem with most of the retirement plans, including IRAs and normal retirement accounts, is that they are closely linked to the economy. If the market drops, so will the value of the funds in your IRA. This is very risky, because the world’s economy is in a very unstable state at the moment. If the market should crash, so will your dreams.

Gold to the Rescue!

There is a way around this. This is called an IRA gold account. A lot of banks offer this option. This basically means that you convert a part of your IRA into gold. Actual, physical, tangible gold. The reason? Gold does not lose value as easily as money because it is less directly linked to the economy. This makes at least a part of your retirement fund safe. This can be an extremely relieving feature, especially in the modern day and age.

If you already have a retirement account with an employer, or an IRA without a gold option, you aren’t beyond hope. You can still do what is called a gold IRA rollover. This involves taking the money from your current IRA and transferring it into a new IRA where your funds will be stored in the form of gold. This is actually perfectly legal, although many banks do not allow it.

If you are a working class citizen and you are looking for a way to plan your retirement, check these pointers out. While you may not think it now, the world that you know could collapse so fast, the dollar could be used to wipe up the debris around the can of baked beans. Stay secure with the gold option.

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