Legacy Precious Metals Review

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A reputable and well-known bullion dealer, Legacy Precious Metals specializes in employing precious metals to diversify and hedge retirement portfolios.

They are best renowned for their work creating retirement account portfolios that can endure economic downturns and thrive while everything else is in freefall.

For these retirement services, consistently earn positive feedback across all major channels.

Before we get started with this review:

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Legacy Precious Metals Background Info


colin cohwerd, spokesperson for LPM

Your financial future should not be left up to chance, according to Legacy Precious Metals. Giving people the key to safeguarding their riches and preserving their financial future after retirement was their top priority when they first established the company. 

LPM takes pride in being a one-stop shop for all things related to precious metals, including services like investing, education, and direct shipping of bullion stock.

They work to give all of their clients the skills and tools they need to take control of their lives and achieve long-term financial freedom using their industry experience and expert counsel.

Why Invest Gold in Your IRA?


Individual Retirement Accounts (IRA) protect your retirement as well as your family's financial security.

These special accounts allow you to set aside tax protected savings that you can use in the future.   

With these long term accounts it's important to allocate a significant portion to assets that are solid and reliable, so you have a secure and worry-free retirement. 

a couple listening to a financial advisor

You can have cash in an IRA, but that is devaluing at a rapid pace and inflation is out of control

You need an asset that's dependable, retains it's value, and even increases in value over time, and there is no better asset for this than gold. 

With the world's economy struggling through lockdowns, shortages, wars, and inflation, uncertainty has never been higher and investors are protecting themselves by placing physical gold in IRA's. 

A gold IRA investment prospers from these crisis that negatively affect most other assets. 

Risk is knowing the economic dangers and doing nothing to protect yourself and your family. 

Safety is knowing the economic dangers and taking action to protect your financial future, and this is easy to do with a gold IRA.

Gold IRA: What Is It?


A gold IRA, or gold individual retirement account, is a way to invest in which actual gold is kept for you in a safe depository with actual metals.

It functions exactly like a regular IRA, but instead of using paper money to transact, it uses actual gold bullion coins or bars. A gold IRA still provides you with the security of owning physical assets while offering all the tax benefits of a standard IRA.

With only a few days, Legacy Precious Metals can assist you in rolling over your current retirement account into a gold-backed IRA.

Self-Directed IRA: What Is It?


Self-directed IRAs (SDIRAs) are tax-advantaged retirement accounts very similar to traditional or Roth IRAs, with the exception that they permit you to participate in a variety of alternative investments that regular IRAs frequently do not.

How do Self-Directed IRA's Work?


two gold coins, two silver coins

Self-directed IRAs and their near relatives, the standard traditional and Roth IRA, have a lot in common. 

They are made to provide the same kinds of tax advantages, whether those arise from typical tax-deferred growth or through tax-free growth and withdrawals in retirement (Roth).

What you can invest with the funds in your self-directed IRA account is the largest distinction. You can only invest in specific traditional investment kinds with regular IRAs, such as stocks, bonds, and mutual funds, which are often offered by brokerage firms.

However, with a self-directed IRA, you might be able to use retirement money to invest in things like property, startups, and virtual currencies.

The majority of people who form a self-directed IRA typically use it for long-term investments that are more challenging to acquire and sell than stocks, bonds, or mutual funds that can be purchased with a mouse click.

Since custodians of self-directed IRAs are not permitted to provide you with financial advice, you are responsible for choosing and managing the investments you have in your account. The custodian is the location where you open your IRA account.

There are investment firms that focus on self-directed IRAs and might manage your account as a custodian.

Benefits of Precious Metal Investing


  • Fight Against Inflation

The adage "the dollar isn't worth what it used to be" is largely accurate. Whoever came up with that phrase has it right. Consider how the cost of groceries, energy, and transportation keeps going up.

Silver and gold maintain their value even when the dollar and other currencies decline. This is advantageous since gold and silver prices will continue to soar as the currency begins to weaken. Precious metals consistently maintain a steady course when the economy is in difficulty.

  • Real Assets

If you hold stock in a company, you don't have a lot of influence until you control the majority. Is a home even yours if you don't have a mortgage on it? No, you don't; the bank still owns it.

Precious metals are entirely yours once you purchase them. You still own them even if they're a part of an individual retirement account.

You are free to sell it whenever you want or give it to your offspring, as you see fit. The sense of security that comes with possessing a physical object cannot be matched.

  • Timeless Value

There are assets available now that weren't 50 or, in some cases, 20 years ago. Using cryptocurrencies as an illustration. In contrast, silver and gold have been appealing to people for at least 5,000 years and possibly even longer.

There will be some investments that fail. They go in and out of style at random, according to the winds of innovation and change. Silver and gold, however, are not going away any time soon.

The position of precious metals is secure because they are too significant in commerce, jewelry, and the arts. They will always provide a desirable asset due to its value, no matter what.

  • Diversification: A Fundamental Rule of Investing

Not putting all of your eggs in one basket is another wise maxim to remember. Precious metals and any other investments you make fall under this.

You should always aim to diversify your investments since you don't want your entire portfolio to be made up of just one sort of asset.

Gold's non-correlated nature makes it a very strong asset. As a result, its price fluctuates on its own. It is independent of other stock and bond markets for investments.

As a result, diversifying your portfolio by including gold or other precious metals makes it more complete.

  • Safe Play

A safe investment is a precious metal on its whole. Every investment has some risk, but gold and silver are secure havens. When the economy is tumultuous and stressful, safe haven investments provide stability.

Gold and silver maintain their value even during economic downturns. Sometimes they even start to rise. They aren't subject to governmental interference that may otherwise affect value.

  • Liquidity

Given how simple it is to store, transport, and liquidate precious metals, liquidity is one of their most important advantages. In several nations around the world, actual gold or silver can be simply taken off your hands for cash and used as currency.

Gold IRA Rollover Explained


When you transfer money from your retirement account into an IRA that holds real precious metals, this is known as a gold IRA rollover.  The metals are normally kept in a safe vault and come in the shape of bullion coins or bars.

How to Complete a Rollover of a Gold IRA


  • Locate a Provider

A few significant aspects set gold IRAs apart from standard IRAs. The most obvious distinction is that a gold IRA primarily depends on the value of gold or other precious metals, whereas ordinary IRAs have assets like bonds or stocks.

While many investors are aware of the potential benefits of investing in gold or silver, many lack the knowledge necessary to set up a gold IRA.

You can choose the precious metals you want to invest in, contact a custodian, and choose a facility to keep your new precious metals with the help of a provider who can supply you with the information you need to start your new account.

Throughout the entire procedure of setting up your new account, consider the supplier to be your guide.

  • Locate a Custodian

Keeping possession of the gold oneself after investing in a gold IRA is prohibited by law. Because of this, you require a designated custodian to inspect the gold on your behalf.

A custodian will typically be a business that can monitor all of the transactions you and they have made. They can provide you with any information you could need for IRS reporting.

A custodian's main duty is to buy and sell the metals that you've added to your gold IRA. They will then execute any transaction you want for as long as you have an account with them.

  • Activate the Account

You should now start your new gold IRA account after choosing a firm and a custodian. As soon as you've completed this, your provider and the custodian will be equipped to invest your money.

When necessary and as you see fit, they will work directly with the provider of precious metals to sell or buy metals.

The provider will consult with your custodian to physically transfer your new assets to a secure location once they are aware of the types, amounts, and volumes of investments you are seeking to make.

Following that, your gold, silver, and coin holdings will be placed in secure storage for the term of your account.

The custodian will ensure that you are complying with IRS rules in addition to physically safeguarding your new assets. Important aspects like how they handle your account and where you've kept the precious metals will be taken care of by them.

They will keep an accurate record of the total cost of your transaction and deliver copies of all supporting documents to you and the IRS.

  • Initiate the Rollover Procedure

The fourth step is to transfer all of your funds and assets from your old account to your new account after you've completed the first three. Either a direct rollover or an indirect rollover can be used to accomplish this.

In a direct rollover, your original retirement account's cash and other assets pass directly to your trustee or custodian. Your gold IRA provider can help you with everything you need going forward and will collaborate closely with your custodian to do so.

Indirect rollovers are a little more complicated and involved. With this kind of rollover, the business will provide you money from your old account with the expectation that you'll deposit it in your new gold IRA and not disperse it or use it for any other reason.

The majority of experts advise choosing a direct rollover because it simplifies the process for all parties.

  • Purchase Gold

After taking care of the rollover procedure, you must communicate directly with the business you have selected to purchase the bullion or other precious metals. They will be knowledgeable and skilled enough to buy the assets and execute the gold rollover.

Make sure the company you choose has established connections with various institutions and trustees. With all of these in place, the business needs to be ready to examine your possibilities and assist you in selecting the best one.

Is Legacy Precious Metals a Scam?


No, Legacy Precious Metals is not a scam.  They are a full service precious metals investment firm that has been in business for many years.

They also served many clients with few complaints.

Conclusion

A gold and precious metals merchant named Legacy Precious Metals assists customers in purchasing investment metals in tax-sheltered retirement accounts.

A long-term investment plan can benefit greatly from a gold or precious metal individual retirement account.

You can also buy gold or other precious metals without using a retirement account with the assistance of Legacy Precious Metals. 

If you still have any questions about Legacy Precious Metals and would like more information, please feel free to contact them.  They will discuss the benefits of Legacy Precious Metals and all they can do for you.

Legacy Precious Metals is not a scam, they are a decent company, but we do not recommend them.  

They are not the best option for individual precious metals purchases and definitely not the best option for investors that want to protect their saving from inflation with a Gold IRA.

There are much better companies to work with that we recommend.

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