Skip to content
Home » Blog » Bill Schantz’s Tips for Investing in Gold for Retirement

Bill Schantz’s Tips for Investing in Gold for Retirement

Bill Schantz's Tips for Investing in Gold for Retirement

When most people think about investing for their retirement, the first thing that comes to mind is stocks and mutual funds. But another option you may not have considered is investing in gold.

Gold has been a valuable commodity used as a currency, jewelry, and investment for centuries. It could be a smart addition to your retirement portfolio.

Bill Schantz’s Tips

When considering an investment in gold, it is important to remember that there are different ways to invest. You can purchase gold coins, bars, or ETFs. You can also invest in mining companies or mutual funds that hold gold. Here are 10 tips from Bill Schantz to help get you started:

1. Start small and gradually increase your investment over time.

You don’t have to invest a lot of money in gold to see benefits for your retirement portfolio. In fact, it’s often best to start with a small investment and increase it over time. This approach can help you avoid putting all your eggs in one basket and diversify your retirement portfolio.

2. Consider both physical gold and gold stocks

When investing in gold for retirement, you have two main options: physical gold and gold stocks. Physical gold includes items such as coins, bars, and jewelry. Gold stocks are shares of companies that mine or deal in gold.

3. Consider your goals and risk tolerance

Investing in gold is not without risk. The price of gold can be volatile, and there’s always the possibility that you could lose money. Before investing, it’s important to consider your goals and risk tolerance. If you’re retired or approaching retirement, you may be more conservative with your investments.

4. Work with a financial advisor

If you’re not sure gold is the right investment for you, consider working with a financial advisor. A financial advisor can help you assess your goals and investment options and make recommendations that are right for you.

5. Know the fees associated with investing in gold

There are a few different fees to consider when investing in gold. These include storage fees, dealer commissions, and other costs associated with buying and selling gold. Be sure to factor these fees into your investment planning.

6. Consider tax implications

Investing in gold can have tax implications. For example, if you make a profit when selling gold, you may have to pay capital gains taxes. It would be best to consult a tax advisor before making any investment decisions.

7. Diversify your portfolio

Gold is just one piece of the puzzle regarding retirement planning. Diversifying your portfolio with a mix of investments, including stocks, bonds, and cash equivalents, is essential. This approach can help reduce risk and maximize returns.

8. Review your investment periodically

It’s important to review your gold investment periodically to ensure it’s still in line with your goals. The price of gold can fluctuate, so it’s important to monitor your investment and make adjustments as needed.

9. Have a plan for selling gold.

When you’re ready to sell gold, it’s essential to have a plan. You’ll need to decide when, how much, and where to sell it. Be sure to research the options and compare prices before making a decision.

10. Consider other retirement investments.

Gold is just one option for investing in retirement. There are many other options to consider, including stocks, bonds, and mutual funds. Be sure to explore all your options and choose the investment that’s right for you.

Bill Schantz Recommends Diversifying Your Investment

When it comes to investing in gold for retirement, there is no one-size-fits-all answer. The amount you invest in gold should be based on your individual goals and risk tolerance. However, according to Bill Schantz, a good rule of thumb is to allocate around 10% of your retirement portfolio to gold. This can help you diversify your investment and reduce your overall risk.

Bill Schantz’s Final Thoughts

Investing in gold can be a smart way to diversify your retirement portfolio and protect your assets. However, it’s important to remember that there are risks involved. Bill Schantz recommends you consult a financial advisor to see if investing in gold is right for you.