As the tax year comes to a close, people are eagerly looking for ways to reduce their dues to Uncle Sam. Moving money into retirement accounts is a fantastic way to limit taxable income, and it’s not too late to make 2021 IRA contributions. But, is it possible to reduce the taxes you owe while still maintaining a diverse portfolio?
With rising inflation and declining confidence in the dollar, investors are becoming increasingly interested in making contributions to a gold and silver IRA. These assets have a proven track record of high performance even during times of economic downturn, often increasing in value in reaction to a weakening dollar. Investing in gold and silver adds the diversity necessary for investors to weather any economic storm that might loom in the future.
3 Reasons Why Now is a Great Time to Make Your IRA Contributions
- We’re in a sweet spot for IRA contributions. The first quarter of the calendar year marks a unique time when it’s possible to make IRA contributions for both the current and prior tax years. This is a great opportunity to reduce your 2021 taxable income before the fast-approaching April 15th deadline and get ahead of your 2022 contributions.
- There are incoming supply issues on physical gold and silver. Don’t get fooled by the spot price of gold and silver. There’s a massive global demand for precious metals that’s putting pressure on the available supply of physical products. Right now, it’s still possible to get your hands on physical gold and silver coins and bars, but the opportunity isn’t going to last much longer with the current economic situation as investors turn to these inflation hedges.
- Gold prices are set to skyrocket in 2022. IRA contribution deadlines and supply limitations aren’t the only reasons to consider an immediate investment in precious metals. Many economists are predicting the price of gold to make a huge jump in 2022 with some going as far as to estimate a 20% increase. It’s better to buy gold now and wait than to wait until gold’s value has already taken off.
👉 Suggested Reading: Is Gold a Good Investment in 2022?
This unique window of opportunity is quickly closing. Wondering how you can start making precious metals IRA contributions? Watch the video to see what Sr. Precious Metals Advisor Steve Rand and IRA Liaison Michelle Ellis recommend for investors. They recently sat down with AZ Daily Mix host Mike Broomhead to discuss why now is an advantageous time for people to make precious metals IRA contributions and why these conditions won’t last forever.