Buying silver for your retirement is definitely a good idea. With inflation rearing its ugly head and the economy in shambles, there’s never been a better time to get involved. But like most investors, you’re probably wondering the best way to get started. And you might even be wondering what the best place to buy silver for retirement actually is.
Today, I’m going to do things a little bit differently. Instead of telling you the best place to buy silver, I’m going to switch things up. I’d rather tell you the best way to buy silver and share some of the benefits with you today.
I’d also like to tell you some potential ways to buy silver that you should absolutely avoid. These pitfalls get unsuspecting investors in trouble. Since you’re trying to grow your retirement account, you obviously want to avoid trouble like the plague.
If any of this sounds appealing, please continue reading to discover my recommendations for the best way to buy silver. I’ll give you a little hint – it’s through a silver IRA, also known as a precious metals IRA.
The Major Benefits of Silver IRA Investing
- Portfolio diversity – one of the major reasons to open a silver IRA is to add diversity to your portfolio. Like most investors, you are undoubtedly heavily invested in traditional investments like stocks and bonds. By putting silver in your retirement accounts, you are adding diversity and an investment that goes against the grain. When stocks and the economy tend to falter, the value of silver rises to help offset your losses.
- Economic crisis growth potential – as previously alluded to, the value of silver tends to increase during times of economic struggle and strife. In the most recent crisis during the 2020 crash, the value of silver increased exponentially. The same is true for the value of gold, which is another excellent investment to add more diversity to your portfolio. Instead of having all of your investments lose money during a crash, at least your silver investments will act differently. They will prop up the rest of your portfolio.
- Hedge your bets against the falling US dollar – pay close attention to this next tip because it’s important. While the US dollar struggles, the value of silver and gold tends to increase accordingly. What’s more, the US dollar seems to be in a lot of trouble these days. The Federal Reserve continues to print more money to prop up a failing economy. This is causing the value of the US dollar to suffer and the country is beginning to see massive inflation. The price of gasoline, groceries, and other goods and services have gone up tremendously lately. Guess what? Your silver investments can help offset the financial losses and allow you to accrue more wealth in your precious metals IRA.
- Gain complete control of your finances – the great thing about silver IRAs is you control what you invest in. Nobody can make financial decisions on your behalf because you take the reins. You will not have a portfolio manager making all of your investment decisions. They really don’t care about your financial health anyway. If you’d like to retake financial control, opening a precious metals IRA is the best way to get started.
Are you ready to get started? Read my review of the top silver IRA companies in business right now. Research is the first step toward creating a successful future and retirement.
5 Steps to Opening a Silver IRA
So, you’re finally ready to take the plunge and secure your retirement future through IRA investing. You made a wise choice and I’d like to help you solidify your retirement future even further.
Pay attention to the five simple and easy steps to open a precious metals IRA. If you follow these guidelines, you’ll have no problem getting started in this potentially lucrative investment opportunity.
Step #1: Researching the Best Silver Companies Online
More than anything else, you need to research the top silver companies prior to getting started. Why? If you choose a scam company, or a company with a poor track record, you’ll lose in the end. Nobody wants to see you make the wrong choice – especially me – because it can be damaging to your financial future.
I’m going to make this as easy as possible for you. I did all the legwork a long time ago and discovered the top precious metals IRA companies out there. If you’d like to read my review of the top 10 companies, please click here.
This invaluable information will tell you my research process, why I chose the companies that I picked, and so much more. Just know that I thoroughly evaluate each company before they ever make the top 10 list.
The evaluation criteria I used is as follows:
- Online peer-reviewed ratings
- Types of precious metals
- Precious metals buyback program
- Stockpiling
- IRA fees
- Service & Delivery Time
- Customer Support & Salesmanship
If you want, you can certainly use this criterion too to evaluate other companies.
Step #2: Choosing a Precious Metals Dealer
As I mentioned, research always comes first. But now that you’ve performed the research – or used mine – it’s time to make your final choice.
Selecting a precious metals dealer doesn’t need to be a difficult process. Make sure to choose one that handles precious metals IRA accounts. Make sure to find one that sells IRA eligible gold, silver, platinum, and palladium. And make sure to find one with an excellent reputation in the industry.
Can you find a company that meets all of these criteria? Then you’ll have no problem becoming a successful silver IRA investor for your future.
Step #3: Choosing Your Silver Products to Buy
Working with the right precious metals dealer makes this step incredibly easy. They will guide you in the right direction every step of the way. They will tell you about the best IRA eligible precious metals they have to offer. They’ll point you in the right direction of the top silver coins and bars to purchase for maximum retirement growth.
Step #4: Picking the Perfect Depository
Now, it’s time to choose your depository. You may or may not know that you must store all your self-directed IRA investments in an official depository. So, you’ll have to pick the best one to meet your needs. Each depository provides different services and offers their services at different price points.
In truth, the precious metals dealer that you end up choosing will have working relationships with one or more depositories. It’s in your best interest to choose the depository that your precious metals broker already works with.
Why? You’ll receive the best service. And you’ll feel comfortable knowing that they stored your precious metals in a depository that is safe and trustworthy.
Some of the top IRA approved storage vaults and depositories include:
- Delaware Depository
- ScotiaMocatta Depository
- JP Morgan Global Metals
- CNT Depository
- HSBC Bank
- Brinks Global Services
- Dakota Depository Company
- Idaho Armored Vaults, LLC
Step #5: Buying Your First Silver Investments
Now that everything is in place, it’s time to buy precious metals. Talk to your IRA custodian and precious metals broker and get started. They will help you choose the best investments to add to your portfolio. There are some really great silver IRA investments that you want to buy right away. Because they have a full IRA approval.
Some of the top silver IRA investments to consider include:
- Silver American Eagle Coin
- Silver Australian Koala Coin
- Silver Australian Kookaburra Coin
- Silver Armenia Noah’s Ark Coin
- Silver Chinese Panda Coin
- Silver Austrian Philharmonic Coin
- and many others
Click here to read about the top silver IRA brokers in business right now. Read my full review and breakdown of each of my favorite companies.
Silver Buying Methods to Avoid like the Plague
As you are about to find out, some ways to buy silver are extremely dangerous to your finances. You should avoid these buying options like the plague because you’ll likely get burned and lose all your money.
The investment strategies to avoid include:
- Do not buy silver from Craigslist ads – this is a true recipe for disaster. Scammers are all over Craigslist looking to take advantage of the next unsuspecting sucker. Don’t let it be you. Never buy precious metals from a classified ad website like Craigslist.
- Do not buy silver from eBay – eBay may be considered a safe place, but I still wouldn’t trust it. There isn’t really a great deal of protection in place to prevent you from getting scammed. People on eBay can sell anything they want, even fake silver coins and bars. Stay away from this service because you’re more likely to lose money than make a solid investment.
- Do not buy silver that fell off the back of a truck – stay away from back alley deals at all times. More than likely, the only one getting scammed will be you. Con artists have perfected their craft over the years. And they can pull the wool over the eyes of the uninitiated. Do not buy this silver even if it seems like it’s the greatest deal in the world.
Bottom Line
As you can see, the best way to buy silver is in a precious metals IRA. It’s hands down the smartest way to protect your portfolio in an economic downturn. And it’s a great hedge against inflation as well, as we already discovered.
To get started, please read my review of the top silver IRA companies in business right now. This invaluable information will help you choose the perfect company to meet your financial needs.
