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Why you should add gold to your retirement plan now
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According to a recent study, Americans believe they need a lot of money to retire.
How much, exactly? Based on the April 2 study from Northwestern Mutual, Americans say they need $1.46 million in the bank to retire comfortably. That’s up 15% from the same survey conducted in 2023. While that number will vary widely based on each person’s goals and retirement savings, it’s never too early to start planning for your golden years. And with inflation persistent and borrowing costs high right now, it may be beneficial to consider alternative ways to grow and protect your money.
One such way can be through gold. By adding a gold individual retirement account (IRA) to your retirement portfolio, you can secure multiple advantages that other, more volatile assets simply cannot provide. But the timing here is key. And right now is a great time for many to add gold to their retirement plan. Below, we’ll detail three reasons why you may want to act now.
Start by exploring your top gold IRA options online today.
Why you should add gold to your retirement plan now
Here are three smart reasons why you should add gold to your retirement plan now.
It can help with inflation
Hope that the latest inflation cycle was cooling was high at the start of 2024 but that optimism has waned following three consecutive reports showing inflation running hotter than expected. With inflation problematic for much of the last two years, many have turned to gold for help. Gold can often be an effective hedge against inflation by maintaining its value and even rising in price when inflation is high. And that’s been emphasized in recent weeks as the price of the precious metal has hit numerous record highs.
It makes sense, then, to add gold to your retirement plan now to offset the negative impact inflation has on other, more volatile asset classes. And with inflation sticky, it can behoove investors to act aggressively by adding the protection a gold investment offers now.
Get started with gold here now.
It can diversify your portfolio
During any market, it’s smart to have a diversified portfolio to better offset losses. But that’s especially true today. Fortunately, gold can help do just that. While it’s not quite the incoming-producer stocks and bonds can be (although, lately, it can be), it can be a smart way to diversify your portfolio, particularly as you head toward retirement and need to be more conservative with your funds. Big losses could jeopardize your retirement plans, so it’s important to protect against those with a diversified portfolio in which gold plays a role.
That said, that role will be different for each investor. But, in general, most experts recommend limiting the presence of the precious metal to 10% or less of your overall portfolio.
There’s a growing demand
The numerous record prices gold has surpassed since March 1 underline the growing demand for the metal. That’s an advantage for any retirement asset, since you can sell it more easily should you want to adjust your retirement plan. And while not a traditional income producer, the rapidly rising price of the metal could turn a profit for investors who buy low and sell high. And even if the current trend ultimately cools, unlike stocks, bonds and real estate, there will always remain a strong demand for gold and silver. That will give your retirement portfolio an edge no matter how long you plan on remaining in the workforce.
The bottom line
Gold has historically been a smart addition to any diversified retirement portfolio. But recent developments have arguably made it a critical addition. Thanks to the hedge against inflation and portfolio diversification it provides – and a rapidly rising price right now – many could benefit by adding the shiny, yellow metal to their retirement plans. Just make sure to thoroughly consider the pros and cons of this unique investment opportunity so that you can truly maximize the benefits it offers today.
CBS News
Tropical Storm Milton forms in Gulf; forecast to strengthen into hurricane headed toward Florida
Tropical Storm Milton has formed in the Gulf of Mexico and is forecast to strengthen into a hurricane headed toward Florida with possible impacts to its western coast, the National Hurricane Center said on Saturday. Maximum sustained winds are expected to be at 40 mph with higher gusts and Milton is currently moving north-northeast, NHC said in an advisory.
Milton is forecast to undergo a period of rapid intensification before it makes landfall as a Category 2 hurricane across Florida’s west coast, CBS News Miami reported.
The forecast comes a little more than a week after Hurricane Helene made landfall in Florida and across the Southeast, killing more than 200 people and causing immense destruction. President Biden on Thursday took an aerial tour of Florida’s Big Bend where Helene struck as a Category 4 storm. Hundreds of people are still missing and Mr. Biden said the work to rebuild will cost “billions of dollars” as communities suffer still without power, running water and passable roads.
NOAA
Milton is forecast to move across the southwestern Gulf of Mexico through Sunday night then across the south-central Gulf on Monday and Tuesday before reaching Florida’s west coast by the middle of the week, NHC said. Heavy rain is possible in the region starting Sunday into Monday, CBS Miami reported, and more rain and heavy winds will most likely arrive on Wednesday. Hurricane and storm surge watches will most likely be required for portions of Florida starting Sunday, the National Hurricane Center said.
Along with the heavy rainfall, the hurricane center said to expect risks of flooding.
Residents in the area should ensure they have a hurricane plan in place, the National Hurricane Center said, follow the advice of local officials and check back for forecast updates.
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A new Barbie has joined Mattel’s lineup of inclusive dolls. The first “Diwali doll” was announced by the toymaker on Friday, a few weeks shy of the Hindu holiday of Diwali, also known as the festival of lights.
The festival, which lasts for five days, is marked on Western calendars to begin on Nov. 1, but some celebrations start on Oct. 31.
The doll, created in collaboration with fashion designer Anita Dongre, features traditional elements including the lehenga skirt, floral print and golden shoes, according to Mattel’s website. The doll is available at major retailers for $40.
“The look is infused with beauty and symbolism to rejoice in victory of light over darkness with contemporary silhouettes,” the description reads for the Diwali doll.
Lalit Agarwal, country manager for Mattel India, said in a news release that through the Diwali doll, the brand is hoping to showcase “India’s vibrant cultural heritage on a global stage while continuing to celebrate the power and beauty of diversity.”
Earlier this year, Mattel announced the first-ever blind Barbie doll and a Black Barbie with Down syndrome.
In addition, to celebrate International Women’s Day on March 8 and Barbie’s 65th birthday on March 9, the doll brand announced it was adding new dolls to its Role Models collection, based on real-life singers and actresses from around the world. They’re not for sale – a one-of-a-kind doll was made for each of the honored women.
The dolls are meant to introduce “girls to remarkable women’s stories to show them you can be anything,” according to Mattel.
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30 days out, Harris and Trump campaigns are in a grueling race to the finish