Last Updated on September 19, 2024 by Ben
Gold and silver investments are the answer if your retirement portfolio needs one thing to provide a higher hedge against unfavorable economic circumstances. Once you understand how an IRA gold transfer works, you can protect your retirement funds from the highly fluctuating stock market.
This article is for you if you want to safeguard your money in all seasons and under most scenarios. Keep on reading to learn more.
Top 4 Gold IRA Companies Review
Augusta Precious Metals: Editor’s Choice – Great Buyback Program (4.9/5)
www.augustapreciousmetals.com
Star Rating
The first on our list is Augusta Precious Metals. This gold IRA firm provides clients with reasonable pricing and a straightforward purchasing process, a major green flag for precious metals IRAs.
Note that not all companies offering gold transfers provide transparent fees. Fortunately, Augusta Precious Metals operates with a great degree of transparency. As a new client, this effort of openness allowed us to prepare efficiently for future expenses.
On top of that, Augusta has an online catalog, including various platinum, palladium, silver, and gold commodities. With this, you can get numerous discounts if you purchase in bulk and multiple precious metal coins and bar sizes.
Moreover, the answer is yes if you wonder if they have excellent customer assistance. They also operate as a precious metal custodian with no complaints for decades. Your precious metal acquisitions are safe inside one of the well-known storage houses, the Delaware Depository.
The Delaware Depository has a billion dollars all-risk insurance policy that guarantees extreme protection for all rare metal assets. Additionally, this warehouse is an IRS-approved depository specializing in gold and silver IRA holdings.
Augusta Precious Metals require one of the highest investment deposits in the industry right now of 50,000 USD. However, based on our experience working with this company, they have low continuing charges. For us, it justifies the costly initial investment fee.
For instance, this company charges 25 USD on the registration fee, while the transaction fee is around 35 USD. Interestingly, they do not charge monthly administration costs. Augusta will set up your LLC; the attorney fee for this transaction is only 250 USD.
Knowing that the valuable metal industry is prone to scams and fraudulent activities, Augusta took the initiative of helping clients navigate the lies in the precious metal industry through a Gold IRA Lie Guide.
To top things off, Augusta Precious Metals is a well-rounded gold IRA custodian with diverse rare metal commodities and valuable services. Let us dive deep into its pros and cons.
Pros
- Not a single complaint on the internet
- Has an average grade of 4.9 out of 5
- Operates with a 24/7 live chat on the Augusta website
- Offers quality customer assistance during and after account installation
- Easy self-directed IRA process
Cons
- The initial deposit is still costly for some retirement savers
- Only gold and silver IRAs, not platinum and palladium IRAs
American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
www.americanhartfordgold.com
Star Rating
The third on the list of top IRA companies offering IRA gold transfer and rollover is American Hartford Gold (AHG). This family-owned company delivers vast investment opportunities for all precious metal purchases.
Like most IRA custodians, their gold IRA rollovers and transfers follow three easy steps, leaving the complex and intimidating part away from potential American Hartford Gold customers. They have made buying, selling, and keeping precious metals accessible for everyone since 2015.
If you are a newbie precious metal investor, we suggest you speak with one of their representatives. An American Hartford Gold staff will assist you during the account setup while covering all necessary paperwork to buy authentic rare metal items.
Further, you can clear all your investment concerns if you ask them away. This practice can help you understand your valuable metals acquisitions to make more informed financial decisions.
Based on our experience, AHG representatives are all accommodating. You do not have to be spooked if you are a novice investor.
If your new retirement account has funds already, you may now buy your precious metals. The American Hartford has a catalog of a vast selection. Investors can buy gold bars, coins, and other precious metals — it is totally up to their allocated purchasing budget.
An American Hartford Gold account’s minimum initial investment cost is only 10,000 USD. This amount is one of the lowest in the current market. Further, you only have to pay 75 USD for the annual retirement account cost.
Once you have chosen what you want to put inside the individual retirement account, an AHG expert will start ordering and holding them in your account. Take note that you are not allowed by the IRS to keep them in your possession. Instead, they must be locked up in an IRA-certified depository.
Let us further the pros and cons of working with American Hartford Gold (AHG) below and see if it matches your financial capacity and goal.
Pros
- Family-owned gold IRA firm
- No need to pay liquidation fees for their buyback program
- 24/7 availability of company hotline
- Focuses on clients’ investing in education
- Has a low minimum deposit fee
Cons
- Not transparent with their online pricing
- Shipping internationally is not an option
Goldco: Best and Most Trusted Gold IRA Company Overall (4.6/5)
www.goldco.com
Star Rating
Goldco has been making names for over a decade as a top-rated precious metals IRA supplier. New gold IRA investors can fund their accounts with after-tax and pre-tax dollars with only a 25,000 USD minimum investment cost.
So far, upon working with them, we see that they have an extensive inventory of various gold and silver items. There are over thirty types of gold and silver coins to choose from. The silver commodities are available in 0.25 ounces to 2 ounces.
Goldco Precious Metals lets clients purchase gold bullion bars from their IRA, including 0.9999 fines and silver bars of varying weights. Further, you are free to buy manufactured gold and silver coins from reputable institutions like the Royal Canadian Mint and the Royal Mint.
We also checked their customer service, and they did not disappoint. All precious metals specialists are ready to assist customers with any transaction. They also empower clients by providing them with an investment education program.
This program provides clients access to Goldco’s content library containing various materials helpful for experienced and beginner retirement investors. You may get free blog posts, articles, webinars, and videos that cover vital investment topics.
The web interface of this company is also top-notch. Navigating the site is relatively easy for all silver and gold IRA investors. On top of that, they offer a real-time market checker, perfect if you want to check how your investments are currently doing.
Despite all these advantages, we noticed that Goldco Precious Metals does not disclose all of its gold individual retirement account fees. Listed below are the pros and cons of working with Goldco.
Pros
- Fast transaction waiting times for all orders
- Empowers investors by providing a wide selection of educational materials
- Offers high buyback program
- Among the oldest yet the most trusted silver and gold IRA firms
- Hires stellar company representatives
Cons
- Lack of transparent fee structure
- Limited options of palladium and platinum bullion IRAs
- The 25,000 USD is still a hefty amount
Birch Gold Corporation: Great Staff Overall (4.5/5)
www.birchgold.com
Star Rating
Birch Gold Group is another monster of a gold IRA broker that delivers plenty of gold, silver, and other physical precious metals in the United States. It is also one of the oldest financial institutions, founded in 2003.
They allow investors to fund their individual retirement accounts with rare metals like gold and silver. Further, they assembled a team of financial and wealth planners willing to assist clients with their precious metals IRA rollover and answer all concerns, making every transaction as simple as possible.
One good thing about Birch Gold Group is they only require retirement savers with only 10,000 USD for the base investment fee. Aside from gold and silver individual retirement accounts, they offer palladium and platinum IRAs. This is an edge since not all IRA custodians provide clients with palladium and platinum alternatives.
Like most industry companies, Birch Gold Group prioritizes its clients’ investment knowledge. They give complimentary gifts, such as information materials and an extensive range of physical gold commodities, with straightforward and reasonable costing.
Given that they have been in the business long enough, this Californian corporation has established a reputable image of providing investors with top-notch precious metals individual retirement account services.
Our experience with this company showed they provide unique sets of alternative assets. Birch Gold Group clients can invest in cryptocurrencies as well. This is possible through their sibling firm, BitIRA, specializing in Bitcoin individual retirement accounts.
In addition to the long list of pros, Birch Gold Group fees are lower and more open than other American gold IRA providers. For reference, they charge 30 USD on 401(k) plan fund transfers. On the other hand, clients need to pay 50 USD for annual account management fees. Remember that such prices will persist regardless of the precious metals worth inside of your IRA.
Birch Gold Group implements a flat rate fee structure. This payment option is perfect for investors who frequently buy precious metals in bulk. Further, it maximizes their yearly costs for storage, shipping, and other relevant transactions without thinking about additional fees.
See the pros and cons below to check if you are considering working with them.
Pros
- Bulk buyers can enjoy the flat rate fee structure
- Provides palladium and platinum individual retirement account options
- Has multiple choices for custodians and depository services across the state
- With stellar financial personnel
- One of the oldest reputable gold IRA firms in the United States
Cons
- No 24/7 live chat to attend to customer concerns
- No overseas shipping and depository options
What Is A Gold IRA Transfer?
In a nutshell, a gold IRA transfer happens when you move retirement funds between similar types of accounts. For instance, a transfer can transpire from a traditional gold IRA to another traditional gold IRA. Another transfer can be from a conventional gold IRA to a self-directed gold IRA.
If you do not have a self-directed IRA yet, you can open one through an approved gold IRA custodian. However, if you already have one, your account’s custodian should make all fund movements on your behalf so you do not trigger any IRS penalties.
Based on our research, most investors prefer transferring funds rather than rolling over since it poses less hassle by not dealing with the money themselves. What happens here is your current custodian will send the money directly to your IRA custodian without taking any cash out of their accounts.
Further, a transfer can occur between two different gold IRA custodians. This can be any financial institution responsible for protecting your IRA assets, such as a brokerage or a bank.
If you still have second thoughts about whether transferring your hard-earned money to a gold IRA is the perfect investment option, talk to your financial and wealth planner. They will help you craft a suitable investment blueprint for you.
Here are the gold IRA transfer regulations as per the IRS:
- All retirement account holders wishing to transfer their funds must finish the process within 60 days. This means you should move the deposited money from your gold IRA account into the new one.
- Once the 60-day rule gets violated, the IRS will impose a tax penalty on the distributed funds as ordinary income.
- Your distributions are subject to an early withdrawal penalty of 10%. This liability applies to any withdrawals below the age of 60.
- You can only rollover funds once every 365-day calendar year.
- There would be no tax withholding if you made a personal IRA to another IRA rollover.
Why Transfer Your IRA to Gold?
Transferring your individual retirement account to gold through a self-directed IRA bears numerous benefits for every precious metals investor. Check out the list below:
Gold Serves as a Shield Against Inflation and Deflation
Financial acquisitions always come with hazards, and there is no assurance that you will always get great returns from them. If you are watching the news, the recent market performances put paper assets at a greater risk as they tend to be significantly influenced by economic flux.
Keeping gold assets in one’s portfolio has been the ultimate haven against economic crashes for thousands of years. Unlike currencies, there is a relatively limited supply of precious metals like gold.
Gold Helps Diversify Retirement Portfolios
Our investigation shows that 5 to 10% of gold investments are enough to diversify your retirement portfolio effectively. The percentage ensures that your portfolio still has room for other asset classes like mutual funds.
The gold market, unlike the stock market, is less volatile. The thing is, the price of gold shifts down on rare occasions. It is even more infrequent for their worth to rise by more than 10% in one day.
Gold Provides an Opportunity for Growth
Gold prices have risen consistently for the last decade, indicating they could grow more in the following years. If the optimistic price trend continues, anyone’s portfolio with precious metals holdings like gold will also be worth more.
Aside from dealing with physical precious metals, you may also branch out and invest in gold mining companies. Further, you can buy stocks administered by your local exchange and put them in your IRA.
Gold Holds Physical or Intrinsic Value
Purchasing hard assets like mutual funds, ETFs, bonds, and stocks has a little downside. On the contrary, buying gold is a perfect choice if you want an investment that will not be worthless.
Gold prices historically move differently than other financial markets
Gold has a low correlation against other investment classes, such as bonds and stocks. The price trends of gold tend to move oppositely to other financial instruments. If the dollar currency declines, gold prices thrive.
Gold has an Increasing Demand Across Industries
The demand for gold increases as global wealth grows. For instance, the emerging economies of China and India show higher demand for gold commodities. On top of that, most investors in the current market prefer to buy more gold than traditional paper assets.
How To Transfer IRA To Gold
Note that different retirement accounts have their own set of rules and regulations. Below are the straightforward steps to transferring IRA to gold.
Determine The Type Of Retirement Account
As mentioned, there are numerous retirement accounts in the market, and the first thing you should do is to identify what type of retirement account you will be dealing with. As an account holder, you should ensure that your new account type corresponds to the previous one.
For example, a traditional IRA allows you to make pre-tax contributions to your account. You must pay the taxes on withdrawals from your traditional gold IRA. On the other hand, a Roth gold IRA has after-tax contributions.
Find a Gold IRA Provider
Precious metals IRA maintains physical gold, silver, palladium, and platinum, often in the form of coins and bars. This contrasts standard individual retirement accounts, which typically deal with bonds and stocks.
Aside from providing precious metals knowledge, the best gold IRA companies guide their clients with their new retirement account activations. They can also help you choose a custodian, pick suitable gold commodities, and identify where to store them safely.
Identify Your Self-Directed IRA Custodian
The Internal Revenue Service (IRS) authorizes all transactions regarding precious metals investments. Your custodian will coordinate the buy and sell of all rare metals you want to purchase, as well as finalize all relevant expenses.
Remember that you should choose a gold IRA custodian equipped to accommodate self-directed IRAs. This empowers you to control your physical precious metals in your individual retirement account.
Precious metals SDIRA custodians hold your physical precious metals in various authorized depositories to ensure their security. Based on our research, the top IRA companies usually prefer these three primary storages:
- International Depository Service
- Brinks
- Delaware Depository Service
Activate Your Account
The next thing to do after finding a gold IRA provider and identifying your SDIRA custodian, you can launch your latest gold IRA account. The gold IRA custodian should conform with your gold provider to buy your precious metals.
You can activate your account by transferring money via check, cash, or bank transfer. Once your funds get settled, you can officially acquire precious metals.
The precious metals IRA custodian must tell your yearly contribution limit upon opening your account. You may also check this through their web page information. This should include the basics, such as how your age can influence the maximum amount you can spend.
However, only some custodians update their web details. The best way to be sure is to ring them and ask.
Conduct an IRA Rollover
This next step is one of the crucial ones. You cannot purchase anything without the money in your account. After the necessary actions mentioned above, you must roll over your retirement funds from the current plan into your gold IRA rollover account.
Through direct rollovers, your previous precious metals IRA custodian will send the funds directly to your freshly partnered gold IRA custodian. On the other hand, indirect rollovers occur when your previous account’s holdings get sent to you to conduct the IRA rollover yourself.
Based on firsthand experience, the direct rollover is a perfect choice for fund transfers. This choice is hassle-free as it takes less time and paperwork.
Buy Gold Through Your IRA
Finally, you may decide what physical precious metals you want to include in your retirement account after funding your account. You can talk to your custodian to buy whichever rare metals you desire.
Always ensure you have chosen a gold IRA company verified and authorized by the IRA. At the same time, those companies follow IRS guidelines, reducing your chances of getting scammed.
A reputable custodian will assist you with all the paperwork while ensuring all your acquisitions are authentic. Further, you should constantly ask them for updates regarding where they will keep your metals and whether they are insured.
The reasonable specialty of self-directed gold IRAs is that you can determine the assets you want to put into your retirement account. Usually, a gold dealer would supply you with a record of all the products in their custody. After that, you can pick which ones piqued you the most.
Another crucial thing to remember regarding precious metals investments is that owning gold commodities means putting them through an IRA, not keeping them at home. Instead, these gold bars and gold coins are safe inside an IRS-approved depository.
If you are a newbie in precious metals investments, preferring something you know closely about would be the best thing to do. This may include Gold Buffalos, Canadian Maple Leaf coins, and Gold Eagles.
After getting accustomed to investing in rare metals, you may branch out to more treacherous choices like platinum and palladium bars and coins. However, we recommend you consider your gold IRA dealer’s recommendation, as they will match your wants to your fund capacity.
Lastly, orders relating to purchasing gold and other precious metals in an individual retirement account can last up to a business week. But take note that the transaction times vary for each gold IRA company. We recommend you monitor your purchases as often as you can.
Are There Any Gold IRA Transfer Fees?
The short answer is none. In general, no IRS or other government fees come with all gold IRA transfers.
However, there could be a payment from the account administrator, though it depends on company policies. You may reach your existing gold IRA custodian to check if there are any transfer costs.
Are There Specific Tax Implications In Line With A Gold IRA Transfer?
Venturing into gold individual retirement accounts protects investors from potential IRA tax penalties that come with IRA rollovers. The IRS requires account holders to pay a 10% penalty for depositing funds after 60 days. In addition, you can trigger the liability if you decide to withdraw if you are not of retirement age yet.
You may do direct rollovers if you transfer funds to your gold IRA custodian to dodge the additional fees or penalties. Further, the IRS does not tax the withdrawn funds. Just bear in mind that you are only limited to rollover once a year as per the IRS regulations.
Why Transfer An IRA To A Gold IRA?
The following section will explain why you should move your retirement funds. Some of the benefits you can reap from transferring an IRA to a gold IRA are as follows:
1. Gold investments will safeguard your funds against inflation
It is not a secret that the value of precious metals and dollar currency move in opposite directions. When the dollar price drops, your purchasing power goes down too. Gold assets can protect you in this scenario as their value typically outpaces the dollar.
2. You will get a more diverse retirement portfolio
Putting all your hard-earned money into a single asset or investment opens more possibilities for loss. But adding precious metals like silver, gold, palladium, and platinum offers an incredible way of diversifying your portfolio.
3. Your money can grow
For the past ten years, gold prices have been growing in value. This indicates that the money in your portfolio can also be worth more if the trend continues to rise.
4. Holding gold provides economic security
We all know how the stock market can go up and down instantly. If the market takes an adverse turn, so do your stocks. However, your gold investments can reduce your potential losses.
5. Investing in a gold IRA provides a level of control
Precious metal investments allow investors to control their accounts via self-directed retirement accounts. You can choose to withdraw your assets to sell. If you have any questions, your IRA custodian must help you with the trade process.
These five reasons are just the basics. Ask your financial advisor for more information about precious metals investment so they can design your financial plan perfectly.
Final Thoughts – IRA Gold Transfer
Most investors see gold as a tangible asset that can help protect their retirement portfolio against market flux. But on top of that, there are various benefits when considering a gold IRA rollover.
There are many considerations regarding choosing a company that offers precious metals, including valuable services, fee structures, transparency, and quality products. That said, the best option would be Augusta Precious Metals.
Augusta Precious Metals offer gold IRA transfer with fair costs and sufficient customer assistance to all its investors. Over the years, Augusta has triumphed and made a name for itself for their high-quality precious metal products and excellent services.