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When preparing for retirement, you may wonder how you can boost your savings with precious metals like gold and silver. IRA-approved silver offers some significant advantages to both new and veteran investors.
Which solutions are suitable for your retirement account?
Precious metal experts explain everything you need to know about IRA-eligible silver. Consider the following information, then speak to a reliable dealer to browse your options.
What Is a Precious Metals IRA?
Before learning the benefits of IRA-approved silver, you must understand the ins and outs of a precious metal IRA.
This self-directed individual retirement account enables investors to contribute a wide range of unconventional assets – such as real estate, silver coins, and cryptocurrency – to their long-term savings. A precious metals IRA includes contribution limits similar to traditional options, like a 401(k).
Withdrawals to a self-directed IRA account may be tax-free or tax-deductible, depending on which variation you choose. In either case, you can open these accounts with banks, investment brokers, or automated services.
What Is IRA-Approved Silver?
IRA-approved silver is a physical commodity you can invest in your retirement funds. Like other investments, you can sell these commodities at any point or watch them grow over time.
Consider the benefits of adding silver to your retirement account early in life. As a tangible asset, the price of silver has the potential to grow significantly over the years. These investments can also help diversify your retirement portfolio, though, like traditional assets, they still carry some risks.
For these commodities to qualify for IRA approval, they must fall within specific parameters.
How To Know if a Silver Bullion Is IRA-Approved
Always be careful when buying precious metals like silver coins or bullion bars. Some of these commodities do not meet the minimum IRA requirements.
Most buyers recommend shopping with a reputable precious metals dealer when exploring silver coin and bar products. A broker can help you determine which assets are IRA-eligible.
IRA Requirements for Silver Products
Mint silver products must be at least 0.999 fineness before they can be IRA-approved.
List of IRA-Approved Silver coins
Explore this list of silver, IRA-eligible products. Most of these options are available for purchase from established gold and silver companies.
The American Eagle Silver Bullion Coin (Single Ounce)
This coin is one of the most popular products for investors in the United States. The Internal Revenue Service (IRS) fully backs the American Eagle coin for its purity and weight. You can also invest in its gold coin alternative to augment your IRA account.
American Eagle Proof Coin
Unlike its counterpart mentioned above, this IRA-approved silver coin offers a lower mintage. Many people try to purchase a set of American Eagle Proof coins to get the highest value out of these investments.
Australian Kookaburra Silver Coins
These silver coins come in one-ounce, two-ounce, ten-ounce, and one-kilogram denominations. Every year, the Perth Mint changes the design of the Australian Kookaburra, setting it apart from many other silver IRA products.
Austrian Philharmonic Silver Coins
In 2008, the Austrian Mint unveiled the Philharmonic Gold bullion coin. Buyers can now purchase a stunning silver variation to complement their gold investments.
Canadian Maple Leaf Silver Bullion
The Canadian Maple Leaf coin can be an excellent addition to your silver IRA account. This product includes .9999 silver, making it one of the purist coins in circulation.
Mexican Libertad Bullion
The Mexican Libertad “Liberty” coins entered circulation in 1982 – produced by one of the oldest mints on the continent. Both the silver and gold bullion variations include the Mexican coat of arms and the Angel of Liberty.
List of IRA-Approved Silver Bars
SilverTowne Prospector Silver Bar
The SilverTowne Mint has been a significant player in the precious metals industry for over 70 years. This silver product contains a single ounce of .999 silver and features the famous Prospector-and-Donkey design on the surface.
SilverTowne Eagle Silver Bar
These one-ounce bars entered circulation during the early 1970s and have since become a staple of SilverTowne products.
Sunshine Silver Bars
The Sunshine Silver Bar comes in several weight denominations, including one ounce, five ounces, ten ounces, and 100 ounces. If you want to enhance your silver IRA, consider purchasing one or more of these precious metals. Products from Sunshine Minting feature the iconic Silver Eagle on the surface.
Which Products Cannot Go Into Your IRA?
Some silver mint bullion products will not contribute to your IRA account if they fall below certain standards. In fact, 90% of U.S. mint silver coins do not meet the .999 fineness requirements for IRA approval.
You cannot boost your precious metals IRA with silver you already own or anything inspected by an unauthorized grading service.
Lastly, silver, gold, platinum, and palladium jewelry are not eligible.
Benefits of Owning IRA-Approved Silver
Buying mint silver before other physical commodities could be a smart way to kickstart your retirement plan. Using the right investment strategy, you can increase your total IRA funds with silver products for decades.
Unlike paper assets, mutual funds, and stocks, these physical commodities retain most of their value despite economic recessions. Although market volatility is still an essential factor to consider when purchasing silver, the price of these metals rises and falls less dramatically than other assets. In fact, the price of silver has been steadily increasing since the 2020 COVID-19 market dip.
Many people purchase silver instead of other metals, like palladium bullion, because it is less expensive and more accessible.
How To Invest in IRA-Approved Silver Bullion Coins and Bars
You can purchase silver bullion, bars of gold, and other IRA-approved products from a reputable dealer. Many of these establishments list their entire inventories so you can explore each mint silver asset in detail.
Most people recommend shopping around for products online before purchasing anything. Some dealers offer better upfront prices on silver than others.
Should You Invest in These Precious Metals?
It’s wise to partner with a financial advisor before you commit to any large purchases.
Still, investing silver in a self-directed IRA may be an appropriate solution if you are ready to explore a new strategy for your retirement plan. The IRS recognizes silver as a legitimate asset, and the value of these commodities may continue to rise in the coming years.
However, expect the IRS to enforce a capital gains tax if you hold gold or silver.
If you are buying more than a single silver bullion, see what offsite secure storage options are available. Precious metal accounts can be excellent alternatives to traditional IRAs, but you need a way to protect your investment.
Invest in Physical Precious Metals Today
Are you struggling to find a reliable silver dealer near you? At Oxford Gold Group, we help our customers find dozens of products that may boost their retirement savings. Our one-stop shop lets you browse our collection of IRA-approved silver coins and bars.