You can choose several individual retirement plans to secure your future, and one of the best funds comes from precious metals like gold or silver. Buying gold IRA ensures you have savings that are immune to the effects of inflation and rising commodities. Gold IRA is more secure than cash or paper assets that lose value over time.
At a Glance Rating:
1. Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
2. American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
3. Augusta Precious Metals: Great Buyback Program (4.6/5)
4. Birch Gold Corporation: Great Staff Overall (4.5/5)
5. Red Rock Secured: Best at Home Gold IRA (4.2/5)
Top 5 Gold IRA Companies Review
Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
Goldco is a highly trusted precious metals IRA company in the United States. This product has been serving gold IRA investors for decades, and they have support from influential media leaders like Ben Stein, Chuck Norris, and Sean Hannity.
Goldco has several precious metal coins like the American gold eagle or the silver Australian striped Marlin. We discovered that you could roll over your existing self-directed IRA accounts into this gold IRA account to ensure you have sufficient funds for retirement.
- Goldco offers investors a high buyback guarantee which gives the client security when they purchase gold.
- The gold IRA custodians of this product help clients protect and improve their assets from other existing retirement accounts like 401(k) or 403 (b).
- Goldco has $1 billion worth of physical gold and silver, so your investments will continuously grow.
- This product allows investors to buy precious metals directly, giving them more freedom with how they want to use their assets.
- Clients must purchase at least $25,000 in precious metals to start their investment with Goldco.
- This product gives its investors more independence, which could be detrimental to new clients who need guidance and advice from a financial advisor.
American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
This gold IRA company helps families secure their future by buying precious metals. American Hartford Gold provides silver, gold, and platinum coins to give investors customizable choices for their IRA plan. This product uses its historical experience to provide clients with the best possible option for their retirement.
When we trialed this product, we found that it’s one of America’s fastest-growing companies in the precious metals industry, with several satisfied clients. This company will help retirees with their concerns regarding rising inflation prices and the diminishing rate of traditional IRA accounts.
- This product offers a committed buyback guarantee to ensure security with every gold IRA investment.
- American Hartford Gold offers gold, silver, and platinum IRAs to give clients more choices with their retirement.
- This company requires a $10,000 minimum investment, which is more affordable than other precious metal IRAs.
- American Hartford Gold supports charity organizations like Wounded Warrior Project, The Claire Foundation, and The Midnight Mission.
- This corporation only operates in two locations in the California area. It’s difficult for people in other states to partner with this product.
- This company provides minimal customer support after clients start their investments.
Augusta Precious Metals: Great Buyback Program (4.6/5)
This self-directed gold IRA product focuses its services on making things easy for its clients; they have professionals who help customers diversify their retirement plans with quality precious metal bullion.
Augusta Precious Metals focuses on making individual retirement plans easy, and they stay with their clients even after they make their first investment with the product. After trying out this product, we found that they offer standard gold and silver bullion coins and premium precious metals.
- This precious metal IRA has experts who continuously help clients with their retirement funds long after the first purchase.
- Augusta Precious Metals offers account lifetime support which assists clients from the education and IRA processing department.
- The team offers rollovers from other IRA accounts, like a 401(k) plan.
- The friendly customer service staff makes new precious metal investors feel welcome and inspired to grow their funds.
- Augusta Precious Metals only offers gold and silver IRAs, so customers have fewer customization choices.
- Clients need to pay a $50,000 minimum investment which is more expensive than other IRA products.
Birch Gold Corporation: Great Staff Overall (4.5/5)
This product offers gold IRA investments nationwide with gold, silver, platinum, and palladium coins. Influential media personalities like Ben Shapiro and Ron Paul recommend this precious metals IRA. They provide their clients with a financial advisor or specialist when they invest.
Birch Gold offers products like Canadian Maple Leaf and American Eagle coins. We have found from using this product that this gold IRA company focuses on developing trust between the clients and the company.
- We have found from using this product that it provides services to 50 American states.
- Birch Gold offers gold, silver, platinum, and palladium products, providing diverse choices for investors.
- Potential retirees need a $10,000 minimum purchase to open an account, which is affordable compared to other precious metal IRAs.
- This product offers one-on-one care with clients and ensures connections with financial experts.
- Birch Gold is a young company with less inflation and stock market experience than others.
- As per our expertise, the website needs improved visuals to engage more potential clients.
Red Rock Secured: Best at Home Gold IRA (4.2/5)
Red Rock Secured is an industry leader in providing customers with precious metals eligible for IRA storage.
Red Rock Secured’s limited selection of precious metal products includes palladium, platinum, silver, and gold. There is no mention of product pricing on the business’s website.
The company sells bullion coins minted in the United States, such as the American Gold Buffalo, Gold Eagle, Silver Eagle, Palladium Eagle, and Platinum Eagle.
Red Rock Secured offers various services to keep their client’s retirement money safe and liquid over the long haul. Having a widely diversified portfolio is the first step in maintaining retirement savings safe.
Furthermore, Red Rock Secured maintains that well-informed clients are the most valuable. Through extensive investment education, experience, and historical data, they offer the best possible support for clients’ diversification aims.
- There are many ways to trade silver, gold, and other goods.
- A long time in business.
- The company is very organized in what they offer.
- The page has no information about fees.
- On some pages, people are upset.
Gold IRA Products
Based on our first-hand experience, gold is one of the most secure precious metals immune to inflation effects. Gold bars and bullion maintain their value over time, and you’re ensured with certain funds for the coming years.
People used to rely on standard retirement funds like the 401 (k) plan, but the expense ratios of this fund have been steadily falling over the past decade. This decline can be a hindrance to the financial security of future retirees.
Our research indicates that gold or silver IRAs are secure assets that can counter fluctuating stock market rates. Gold is an excellent choice for future investors as it maintains its value amidst inflation rates.
People must find a physical precious metals IRA product that works best for their retirement plans. These stocks provide several metal options like silver, gold, platinum, and palladium, so future retirees have various choices.
Identify A Gold IRA Custodian
Once investors decide to start with an investment plan, they must find an Internal Revenue Service (IRS) approved custodian. These groups are financial firms that can maintain the quality of a traditional or Roth IRA and ensure clients don’t face any problems with taxes.
Through our practical knowledge, we found you should choose a good-quality and trustworthy custodian. Here are some factors investors should check to see a reliable firm with much experience.
The safest choice for investors is to choose a custodian with years of experience and a good track record. You must check the year a firm started and how many accounts they handle; if you find numerous clients, you’re with a secure gold or silver IRA custodian.
Reliable gold custodians must have a good reputation among gold IRA investors. It would be best to research the company before settling an account with them.
As per our expertise, we found that reliable gold IRA custodians need a license to offer gold investment services. As IRA accounts are tax-exempt, you must avoid taking risks with the custodian’s eligibility.
Fees and Account Balances
Based on our first-hand experience, we found that not all gold IRA companies offer the same service. It would help to compare the maintenance fees of various custodians while looking for a candidate.
You can also check the minimum account balance requirement to ensure it can stay within your budget. Several custodians offer a $2,500 minimum balance, so you have options. You can check product reviews to gain a general idea about your prospective gold IRA firm.
High-quality custodians need special storage and transportation facilities. Precious metal IRAs need these products, so your prospective custodian must offer these benefits. You can check if your custodian includes these services in their fees before you open an account with them.
Open A Gold IRA Account
A gold IRA account is one of the most secure solutions to counter fluctuating inflation rates. Our findings show that various gold IRA accounts work differently, so it would be best if you understood the aspects of different precious metal IRA accounts.
The Account Type
Individual Retirement Accounts have different formats; you choose a Roth, self-directed, or traditional IRA. It would help if you considered the taxes involved with the various accounts before you make a decision.
Precious metal IRAs need storage in a depository, so ensure you can find these resources before you open your precious metal account. Some products offer “self-storage,” but this is risky for investors as you could face tax penalties.
Contribution Limits and Fees
Your contribution limits to gold IRAs vary by age; if you’re above 50, you can give up to $7,000. Individual Retirement Accounts also have various set-up, storage, and management fees. These fees can reach $350 in the first year, so include these costs in your budget.
Add Funds To Your Gold IRA
Once you open a gold IRA account, you must find ways to fund your retirement assets. Our investigation demonstrated that investors could support their IRA accounts in several ways.
You can get funds from your existing retirement account to provide assets to your gold IRA. You can choose resources from a 401(k), Individual Retirement Account, 403(b), 457(b), and a Thrift Savings Plan with applicable taxes.
It would help if you had assistance from the administrator of your traditional retirement accounts to make the rollover.
Some investors prefer to transfer funds from institution to institution directly. Our findings show that this option prevents additional taxes as the money doesn’t personally pass through you.
Using cash is one of the riskiest fund sources you can use for your gold IRA account. Investors will be subject to additional tax rates when they use paper assets, which defeats the purpose of using a gold IRA to take its tax advantage.
Prospective investors must consider their budget and the tax fees when they transfer funds to their gold IRA accounts. A rollover or direct transfer is the most secure way to gain resources for your retirement plan.
Calculate Gold IRA Fees
We discovered that gold IRA accounts have several fees you must consider. You typically need help finding a complete list of these fees on gold IRA websites, so you must contact the company to know your cost expectations directly. Here are the usual prices investors must pay when they open an IRA account.
Set-up and Administration
Investors pay an application and processing fee to gold IRA custodians and administrators. You can expect to pay between $50 to $300 for these processing fees.
Gold IRA accounts require an annual fee to cover distribution, processing, and record-keeping; this maintenance fee will cost investors at least $75 annually.
Gold IRA custodians store precious metals and gold bullion in vaults to keep them safe. These storage facilities also require annual maintenance fees worth 1% of the accumulated assets.
Markups and Commissions
Gold IRA companies have a 3% markup on the gold bullion to earn some profit. The account administrators also have commissions every time they complete selling and purchasing transactions. Investors typically pay $50 per transaction, which changes depending on the gold IRA account.
Gold IRA investors should prepare liability and termination fees for security. Liability insurance can protect investors from unexpected concerns, and a termination fee completes closing a gold IRA account.
Each precious metals IRA company has varying fees for an account, but the list above shows what investors can expect to pay. Even companies who claim they don’t have maintenance, storage, or insurance fees will get those payments in other ways from their clients.
Specific Rules And Regulations For Buying Gold In An IRA
A gold IRA is a secure retirement plan that is more secure than paper assets or traditional retirement plans, but investors must consider some tips when they start to canvas for IRA accounts.
Use a Self-Directed IRA
Self-Directed IRAs allow investors to use their assets on precious metals and real estate. Investors with these accounts can explore more investments than bonds or stocks. The contributions in these accounts are tax-deductible, but only when you withdraw gold from your account.
You can choose four precious metals in your self-directed IRA:
Each precious metal has varying value and specific rules when you choose them, so research the pros and cons of each product before buying an IRA.
Choose IRA-Eligible Gold
Based on our observations, gold bullion coins have specific parameters to be IRA-eligible. Quality gold bars, coins, and bullion must meet these criteria:
- Be at 99.5% fineness purity.
- An IRA custodian must keep the gold in a secure depository.
- The gold should come from the national government mint or an accredited manufacturer.
Your gold IRA custodian will guide you on the best quality gold in your account. It would be best to choose high-value precious metals to ensure value increases over time.
Buy Gold Through A Trusted Custodian
Working with a gold IRA requires that you get help from a custodian. These financial firms can help you set up an account, transfer your funds and store the precious metals in a secure vault. Some gold IRA companies have partner custodians, so you can quickly choose a partnership through them.
Use An IRS-Approved Depository
Drawing from experience, we know that the IRS prohibits precious metal storage in private homes. Investors must find a secure storage facility with the IRA custodian’s assistance.
Make sure you choose a depository with reasonable insurance and storage fees, and this holding facility will keep your gold until you request a sale from your custodian.
Keep The Gold In The Account Until You’re 59 ½ Years Old
The age may sound obscure, but it’s best to keep your precious metals assets in your IRA until retirement age. This age allows you to benefit from some tax perks, but it’s subject to limits on when you can access the gold.
Reasons To Invest In Gold
Our observations show that gold and other precious metals are popular investments for individual retirement accounts. Gold is a reliable asset, and we found some reasons why choosing this precious metal is a wise choice for investors.
You Can Quickly Buy, Store, and Sell Gold
Investors can choose to have physical gold or deposit it into a retirement fund. You can store this resource in a facility until you want to sell it for profit.
Gold Diversifies Your Investment Portfolio
Future retirees can invest in precious metals and other assets. When traditional assets perform poorly on the stock market, your gold investment can help your funds recuperate.
Gold Investment Helps With Inflation
Precious metals like gold are a popular hedge against inflation; gold has been highly valued for centuries, and that holds until today. This asset is a solid resource for countering fluctuating inflation prices.
Pros and Cons When Buying Gold in an IRA
Gold is a popular asset for retirement accounts, and you must consider the pros and cons of investing with this resource. Consider the essential points to think about.
Gold IRA has several tax benefits, especially when you roll over it directly into an account. This precious metal’s store value protects it from inflation and deflation rates. Gold even tends to increase in value when there’s economic uncertainty.
However, buying gold IRA has some disadvantages. Every transaction passes through a custodian, who charges fees for every process they finish. Physical assets like precious metals have less liquidity than paper ones, and investors rarely benefit from dividends. You can only rely on gold price appreciation to earn income from your initial investment.
Final Thoughts – Buying Gold IRA
You must choose a trustworthy company when you are buying a gold IRA. After putting it to the test, we found that Augusta Precious Metals might be a good choice for people planning to start their IRA journey.
After trying out this product, we found it doesn’t offer vast precious metal choices, but it has high-quality gold coins and bullion. This company also provides consistent customer support, which is essential for new investors to understand their financial decisions.
Other products like Goldco, American Hartford Gold, Birch Gold, and Noble Gold have high-quality assets and buyback guarantees. Still, they don’t offer the same transparency and customer support as Augusta Precious Metals.
We believe that clear financial guidance is essential for IRA companies, as they can assist investors with the tough economic choices involved with these assets. You can secure your retirement future by buying assets with a hedge against inflation but ask for assistance from certified advisors and custodians.