Last Updated on November 14, 2023 by Ben
It is no secret that inflation and deflation have been ruining our retirement goals by eroding our hard-earned money. If you are trying to protect your capital and appreciate its amount, look no further than investing in a silver IRA account.
Keep reading to learn more about the companies, benefits, opening a precious metals IRA, and everything in between.
At a Glance Rating:
2. Red Rock Secured: Runner up – Best at Home Gold IRA (4.8/5)
Silver IRA Rollover Companies Review
For most retirement savers, transferring or rolling over their savings in precious metals individual retirement accounts is an ideal option. For instance, a silver IRA rollover allows individuals to convert traditional IRAs into silver personal retirement accounts.
Our research indicates that these five silver IRA custodians are among the top in the industry. If you are thinking about venturing into a precious metal IRA or you have an existing IRA account, and you want to diversify, the following section of this article is for you.
Augusta Precious Metals: Editor’s Choice – Great Gold IRA Company Overall (4.9/5)
First on our list of silver IRA custodians is Augusta Precious Metals. This company offers reasonable pricing and straightforward order processes. It is an excellent partner if you want to purchase various selections of precious metals, such as palladium, silver, gold, and platinum.
After trying out their services, we can say that they provided us with excellent customer assistance. They also give order discounts if you purchase in bulk and if you buy various silver bar sizes.
Aside from that, Augusta Precious Metals is one of the rare metal custodians providing self-directed IRA accounts in gold and silver. They also have Delaware Depository as their prime IRS-approved storage. This precious metal housing has a one billion dollar all-risk insurance policy, ensuring all metals are safe.
However, all these great benefits come with a high cost. Augusta Precious Metals requires clients to pay a 50,000 USD initial investment for gold and silver IRA accounts. Their registration fee costs around 25 USD, while transaction fees amount to 35.
Despite its hefty investment price, Augusta Precious Metals is a suitable company for those wanting maximum transparency while paying low continuing charges. Take a look at its cons and pros below to see if they match your retirement goals.
- No recorded consumer complaints
- Provides an easy setup process for a self-directed IRA account
- A+ rating from BBB and other reputable sites
- With 24/7 live chat on their online site
- Offers competent customer assistance from start to end of account installation
- The minimum investment is pricey for most retirement savers
- Does not offer palladium and platinum IRAs
Goldco: Great Buyback Program (4.6/5)
With 16 years of providing quality silver and gold assets to the public, Goldco Precious Metals earned its spot as one of the world’s top self-directed IRA custodians. Their online catalog has over 30 types of silver and gold coins, ranging from 0.25 ounces to 2 ounces.
We also discovered that Goldcco has an extensive inventory of various gold, silver, and other commodities for precious metal IRAs. Goldco permits its clients to purchase silver bars of varied weights manufactured by reputable institutions like the Royal Canadian Mint and Royal Mint.
On top of that, Goldco is an ideal choice if you prefer a company that does not have expensive maintenance costs. The company representatives ensure all rollover transactions stay within the IRS regulations to prevent future tax penalties.
Our team also experienced an easy setup procedure for self-directed IRAs. Goldco staff guided us through the process, and they provided us with numerous recommendations tailor-fitted to our future financial needs.
Interestingly, if you are unsatisfied with their services and products, Goldco guarantees to offer an incredible buyback fee. This provides peace of mind for those investors still having second thoughts.
- Has stellar customer assistance
- Provides transparent and competitive pricing
- Massive collection of silver and gold coins
- Offers free informational pamphlet focusing on silver investments and rollover IRAs
- Unavailable account creation online
- Does not have credit or debit card payment options
American Hartford Gold: Best Prices on Bullions (4.5/5)
Upon investigating, we discovered that American Hartford Gold (AHG) has been dealing with rare metals since 2015 and still thriving. One of the factors that makes them one of the top choices for most investors is that they only require a 10,000 USD initial deposit.
This California-based silver self-directed IRA custodian is famous for its simple IRA setting process and speedy order deliveries. You can drop by their website to register and avail yourself of a complimentary instruction manual.
American Hartford Gold offers one of the most comprehensive silver, gold, and other bullion selections. The best thing about working with them is that you can swiftly receive secure delivery of your precious metals.
One thing we do not like about American Hartford Gold is it does not provide upfront price transparency. If you wish to know how much their products are, you must speak with an AHG representative before you purchase precious metals.
- With a guaranteed buyback plan without liquidation fees
- Unrestricted 24/7 customer service
- The minimum investment is a big green flag for rookie investors
- Offers a variety of bullion, such as coins and bars
- Transaction times could take 3 to 5 business days
- Deliveries outside the US are restricted
Birch Gold Group: Great Staff Overall (4.2/5)
If you want a custodian with media exposure, check out Birch Gold Group. The Ben Shapiro Show is a news outlet highlighting the company and discussing industry fluctuations and cyclical tendencies.
After a few talks with Birch Gold Group, the company staff suggested and recommended investments that best meet our needs. They also ensure that clients understand and get familiarized with the available investment programs before making any judgment.
We also found that Birch Gold Group has a customer relations department that follows up with each client. This guarantees high client satisfaction levels, making the company among the top gold and silver IRA custodians with an outstanding reputation.
Further, Birch Gold Group has several 5-star ratings across various reputable review sites, such as Gold Dealer Reviews and Consumer Affairs. They have also won numerous awards in the precious metals industry.
- Permits direct communication with gold and silver financial experts
- Has a AAA rating on BCA
- Provides free educational guide upon registration
- Has a wide selection of palladium and platinum, not just gold and silver
- Does not have a buyback program
- No price listing on the online catalog
Benefits of Silver IRAs
Aside from other physical precious metals, silver assets are stores of value when talking about monetary transactions. Based on our research, most financial institutions, like banks, back up their reserves and investments with physical silver. This way, the value of precious metals like gold and silver is challenging to disintegrate entirely.
Adding precious metals like silver coins to your portfolio gives you the best edge. On top of that, according to historical data, the worth of silver commodities has never dropped to zero. Stocks, on the other hand, are vulnerable to paper asset depreciation.
Why Invest in Silver IRAs?
There are plenty of explanations to consider investing in a silver or gold IRA. For instance, it lets you buy and sell silver bullion bars and other precious metals, which secures your retirement earnings.
Further, they keep your investments safe during economic uncertainty. While the value of paper assets frequently fluctuates, silver and other precious metals tend to increase. It is the perfect hedge against inflationary and deflationary cycles in the market.
We determined through investing in silver that finding silver buyers is easy. This is because they are in great demand – various industries, such as technology and medicine, depend on silver for their operations.
Top Reasons to Buy a Silver IRA
You can choose from numerous alternative investments like a Roth IRA, so why should you venture into silver IRAs? As mentioned, there could be many justifications for buying silver through silver IRA accounts, and the reasons can vary from one investor to another.
The top four reasons to invest in silver are listed below. If you have an existing IRA and you’re planning to venture out, here’s our practical knowledge of dealing with a precious metals IRA account focused on silver assets.
Silver Has Huge Growth Potential
Upon researching, we concluded that silver commodities have a history of solid growth even when the economy is on the rocks. For instance, in the 1970s, when inflation skyrocketed, silver prices appreciated by thousands of percent.
Additionally, silver and gold have undergone an impressive rebound due to their high demand in international sectors and manufacturing. Given all the information, silver’s value and price will unlikely decrease for years to come.
Silver Is Used Heavily In Technology
Silver is known for its electrical and thermal conductivity. Given these properties, silver has become one of the essential materials in the creation of various electronics. Note that the battery in your remote controls has silver-zinc alloys or silver oxide.
As we become more technologically reliant, so will our dependence on precious metals like silver. This means the demand and worth of silver will also increase. It is also impossible for rare metals like silver to become irrelevant as they have plenty of practical applications.
One excellent example is the presence of silver in each smartphone. In 2001, Apple sold over 200 million mobile phones worldwide. Take note that Apple is just one of the smartphone providers. How much more if we add them all?
The Tax Advantages Of A Silver IRA
Silver individual retirement accounts offer similar income tax benefits as traditional IRAs, which means they are great for retirement savings. It includes having tax-deferred growth potential, which means the revenue can rise tax-free until retirement.
Another tax advantage of silver IRA rollover and 401(k) plans is the exemption from capital gains taxes. It may be the perfect resolution for investors wanting to invest while saving funds on tariffs.
Strong Industrial Demand Silver
Given the heavy usage of silver in various industries like electronics, the demand for silver is not declining anytime soon. Additionally, its ability to defy high-temperature ranges is one of the few characteristics that make silver ideal and perfect for industrial applications.
Below are the top three industrial applications that laboriously depend on silver:
1. Photovoltaic cells
The light sensitivity of silver has rapidly spread in the solar energy industry. Here, photovoltaic (PV) cells transform sunlight into energy using silver as their conductive ink.
Silver nitrate is the most used compound in photography due to its light-sensitive halide crystals. Aside from photo shooting, silver is also present in radiography, such as x-rays, graphic arts, and heavy machinery inspections.
Silver has the most potent antibacterial power among other chemical elements. They are also the least harmful element to mammalian cells. Further, it hinders bacteria cells’ capability to create specific chemical interactions needed for survival.
Given the high demand for silver assets, investors who wish to sell their acquisitions can find a buyer instantly. They can just look at pawn shops, jewelers, silver exchange shops, and other entities that deal with silver.
Silver in IRA Accounts
A silver individual retirement account (IRA) permits you to purchase physical silver bars and coins instead of only traditional or paper assets. What happens here is until you retire, your silver assets are safely stored in an IRS-approved depository.
Moreover, a new silver IRA operates like a traditional IRA, where your purchases can grow tax-deferred. Silver’s intrinsic value makes it a reliable hedge against market inflation and deflation. This means having silver in your IRA accounts can offset losses across your retirement portfolio, securing your assets as you reach retirement age.
How to Open a Silver IRA
After learning the benefits of silver IRA accounts and understanding why you should invest in them, let us discuss how to open one. Below are the five easy steps you can follow.
Choose a Custodian for Your Self-Directed IRA
A silver IRA custodian is an institution responsible for holding your silver IRA assets. They function as the trustee of your account to execute or transact orders you send them.
As per our research, custodian fees can be costly, so it would be better to find one that matches your needs and budget accordingly. You may start your research on the list provided in this article.
Select a Precious Metal Dealer
Precious metals assets are a prevalent addition to all retirees’ portfolios, and that’s why people should opt for either traditional or Roth IRAs. Such assets are only available from a reputable precious metals dealer or silver IRA company. However, there are many frauds in the market right now.
Only licensed precious metal merchants in the United States can operate and conduct a business. Ensure that your current precious metal dealer associates with trusted, relevant organizations. Checking if they are partners with the Industry Council for Tangible Assets is a good place to start.
Decide What Assets To Purchase
Once you have decided to work with a dealer, they will send you a copy of all available products in their catalog. What you need to do is simply select the metals that suit your interest.
Silver bullion bars and coins are high-potential physical silver assets because they are authentic. In addition, this kind of investment has a higher chance of having a return on investment, unlike traditional investments.
Aside from silver assets, you may also buy precious metals, such as physical gold, palladium, and platinum, through your self-directed IRA account.
Select a Depository
It’s essential to take care of your IRA funds, so an IRS-approved depository is authorized to hold your precious metals. Some of the most relied warehouses available in the states are Delaware Depository Service, International Depository Service, and Brinks.
With all these in mind, you should pick the one near your location to pay a much lower charge fee. However, based on our first-hand experience, most depositories offer fully and non-segregated storage.
Complete the Transaction
Once you have found your custodian, dealer, and storage facility, it is time to finish your transaction. Keep in mind that all purchases get cleared for shipping within the day or can last up to a week, depending on the order amount.
While your custodian and chosen depository do the shipments and the account logs maintenance, you should monitor your purchases, especially the value of all your transaction orders.
Final Thoughts – Silver IRA Account
Market-wide fluctuations are inevitable. However, holding even just a portion of silver assets in your portfolio can make a lot of difference as they can reduce your vulnerability to an economic slump. Precious metals IRAs are one of the best investment choices made today.
Drawing from our first-hand venture, the best way to secure your retirement portfolio is to find a suitable custodian like Augusta Precious Metals. This dealer offers a silver IRA account tailored to your needs, protecting your retirement funds from the drastic effects of inflation in the long run.
As per our extensive investigation, Augusta Precious Metals is a well-rounded silver IRA custodian offering diverse precious metal options. Despite its expensive minimum investment cost, its low continuing fees and maximum transparency guarantee that investors pay more than they bargained for.