Investors only have a few days left to make their IRA contributions for the 2022 tax year. Once the deadline has passed, there’s no way to retroactively contribute to your retirement plan. If you haven’t made your contributions yet, now is the time to make it happen!
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Sr. Precious Metals Advisor Steve Rand & IRA Liaison Michelle Ellis explain why so many investors are taking advantage of precious metals IRAs, changes in contribution limits, and how you can convert old retirement plans to gold.
Economic Pressures Force People to Hard Assets
Over the past few months, a convergence of ground-breaking economic pressures has driven investors away from paper-backed investments and into hard assets. For example:
- The BRICS group of emerging economic powerhouses is adding more members.
- OPEC nations are actively decoupling from the US dollar.
- More than 200 US banks are at risk of suffering the same fate as Silicon Valley Bank.
These developments have had a disastrous impact on the US economy, forcing people to seek out precious metals to avoid market volatility. We’re seeing a massive surge of clients eager to transfer wealth from their bank accounts and paper-backed retirement accounts into precious metals IRAs.
“Right now, your money is, unfortunately, a lot more at risk than we’d like to see it.”– Sr. Precious Metals Advisor Steve Rand
2022 IRA Contributions Limits & Deadlines
The deadline for making gold IRA contributions for the 2022 tax year is April 18, 2023. This leaves investors with just under a week to top up their nest eggs. The 2022 contribution limit is $6,000, and $7,000 for investors over 59. It’s worth noting that the IRS increased 2023 IRA contributions to $6,500 and $7,500.
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Trust companies are busiest right before the end of the tax season, so don’t wait any longer to make your contributions. You want to ensure they have enough time to complete the transfers before the deadline.
Transfer Old Retirement Plans to Gold!
If you’re concerned about the security of an IRA, traditional or Roth IRA, or even a federal employee plan, you can convert those into a precious metals IRA. We can help you complete a gold IRA rollover to gain the inflation-hedge protection of physical gold and silver assets. Our advisors can help you complete contributions to these precious metals accounts too.
Interested in learning more about making gold IRA contributions, see the steps here. If you’re ready to get your 2022 IRA contributions done now, call your Precious Metals Advisor or our IRA liaison Michelle Ellis. You can also use our live chat function.