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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.
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$100 million in federal funds released for North Carolina to rebuild roads, bridges damaged by Helene
Washington, D.C. – The U.S. Department of Transportation released $100 million in emergency funds on Saturday for North Carolina to rebuild its roads and bridges damaged by Helene.
“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” said U.S. Transportation Secretary Pete Buttigieg in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”
The storm caused rampant flooding that has devastated several towns and killed more than 225 people – with CBS News confirming at least 114 people killed in North Carolina. There was more than 8 inches of rain across the western North Carolina mountains, with some areas seeing more than a foot.
Hundreds of roads across Western North Carolina remain closed, leading to an increase in air traffic as teams scour the region for survivors by air. Air traffic over Western North Carolina has increased by 300% due to relief efforts since the storm cleared, the Federal Aviation Administration and the North Carolina Department of Transportation.
Mudslides blocked Interstate 40 and other highways in North Carolina and about 400 roads were closed due to damage from Helene. Interstate 40 was damaged at several locations, the Department of Transportation said.
President Biden visited the Carolinas on Wednesday, surveying the flood damage by air from Greenville, South Carolina, to Asheville, North Carolina. Mr. Biden announced the federal government would cover “100%” of all debris removal and emergency protective measure costs in North Carolina for six months.
The Department of Transportation said these relief funds will allow the North Carolina Department of Transportation to act more quickly to fund eligible repairs to their damaged facilities.
Li Cohen and
contributed to this report.
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.
