The precious metals industry is exploding as many investors realize the benefits of securing their funds using gold, silver, platinum, palladium, and other precious metals. One of the most favored ways of investing in precious metals, other than simply buying them, is through opening precious metal IRAs.
This is one of the most appropriate precious metals investments you can make if you want to secure your financial future while enjoying certain benefits that come with gold IRAs. However, for this to work out the way you hope it will, you need a reliable gold or silver IRA custodian.
One of the gold IRA companies that frequently feature for all the right reasons on Business Consumer Alliance and the Better Business Bureau is Goldco. As one of the industry leaders in alternative investments, Goldco precious metals company has taken the precious metals market by storm in recent years.
This Goldco IRA review will take an in-depth analysis of this precious metals broker to see if it is indeed one of the best service providers in the gold and silver IRA industry.
Buying and selling gold and silver is a time-honored tradition that dates back thousands of years. However, if you think that technology has dampened consumers’ appetite for gold, you would be mistaken.
The demand for gold has increased and precious metals IRA companies, such as Goldco have rushed in to provide the services so urgently needed. Over the many years that Goldco has been helping people invest in precious metals, it has grown into one of the most trusted brands in the industry.
As recently as 2021, at the 19th Annual American Business Awards, Goldco was awarded the prestigious Stevie Award for Company of the Year. Such recognition has also been echoed by many happy customers on various review platforms and is a testament to the amazing work being done at Goldco.
Precious metals are Goldco’s bread and butter, with special emphasis on IRA-approved gold and silver coins. Whether you have an existing retirement account or you are just starting, Goldco makes investing in precious metals not just easy but fun as well.
Goldco landed the enviable title of one of the fastest-growing private companies in the country on the Inc. 5000. If you are wondering what makes all this possible, according to the Gold IRA provider, it is the strong bond between the precious metals IRA experts and their clients. it is a bond built on trust and is one that Goldco guards very jealously.
Gold IRA Services and Products
One of the many IRS guidelines for opening a precious metals IRA is that you need an approved custodian to manage account assets and transactions related to the retirement account. Goldco fills that need by providing clients with all the necessary products and services when investing in precious metals.
The Gold IRA company is proud to offer, among others, the following precious metals IRA services:
Compliance with IRS regulations
Opening a gold IRA account
Selecting IRA precious metals
Choosing the right IRS-approved gold depository
Advice on how to manage your precious metals IRA
Of all these services, one of the most crucial is the selection of IRA-approved precious metals. Approval is usually based on two specific parameters; origin and purity.
All precious metals that are eligible for an IRA must be from IRS-approved mints, for example, the Royal Canadian Mint. This means any gold or silver that you already own cannot be included as part of your IRA precious metals.
The second requirement has to do with the purity of your precious metals. If you intend on buying gold, platinum, or palladium coins, make sure the purity is no less than 99.5%. Silver requirements are even higher at 99.9% purity. This narrows down the list of possible precious metals by quite some margin.
To give you an idea of what to look for when buying your gold and silver, here are a few examples of IRA-approved precious metals:
American Gold Eagle coins
Canadian Maple Leaf gold and silver coins
Australian Kookaburra gold and silver coins
Austrian Philharmonic gold coins
Chinese Panda Bear gold coins
How To Open a Goldco Precious Metals IRA
If you take the time to educate yourself on the IRS requirements for opening and managing gold IRAs, you will find the process to be quite simple. However, if you go in blindly you are bound to make crucial errors, which is not acceptable given the large sums of money you will be dealing with.
Opening a precious metals IRA can generally be narrowed down to a four-step process as follows:
Open a Gold and Silver IRA
The most important thing here is to find a reputable custodian. You cannot just simply open your gold IRA account with the first company you come across. The responsibility that lies on the shoulders of your custodian is immense.
This is why investors with experience in the precious metals industry will only work with established gold or silver IRA companies, such as Goldco. When looking for the right precious metals IRA custodian, consider the following:
Knowledge of IRS rules and regulations
A good reputation for honesty, integrity, and excellent customer service
Works with reliable and affordable IRS-approved depositories
A wide range of precious metals to choose from
IRS licensing and insurance for all its precious metals
Affordable account setup fees and other associated costs
Many years of experience working with physical precious metals
Fund Your Goldco Precious Metals IRA Account
To fund your Goldco precious metals IRA, you will generally have two options; either a rollover or a transfer. Your choice will depend on whether or not you already have an existing IRA.
Customers who already have a retirement account, such as a 401(k), Roth IRA, or traditional IRA can simply rollover funds from those accounts into their gold IRA.
However, not everyone is employed and is lucky enough to have an active 401(k). These IRA customers will need to fund their account through other means such as a direct transfer from a bank account to the custodian’s account.
If using a rollover, you have to make sure that all the rollover funds have been transferred out of your account within 60 days or risk stiff IRS penalties that can be as high as 20% of the transferred funds.
Sometimes, you might find that your retirement account may be ineligible for a direct rollover due to many reasons, such as:
You have not yet reached the age of retirement, which is 59, or you are still working for the same employer that contributed towards your 401(k)
You already did a 401(k) rollover within the last 12 months. The IRS only allows one rollover per year
Whichever method you end up using to fund your precious metals IRAs make sure you pay close attention to the movement of the money from one account to the next and be quick to contact your custodian if there is anything you do not understand.
Buy Gold, Silver, and Other Precious Metals
Once the funds have been confirmed, it is now time to buy you gold or silver IRA-approved coins. Be sure to remember all the IRS requirements regarding all gold that is to be added to precious metals IRAs.
Goldco already has a wide range of IRA-approved precious metals so you do not need to worry about buying the wrong type. All you have to do is go to the Goldco website and browse through the list of products.
Choose IRS-approved Depository
One of the drawbacks of investing in precious metals IRAs is that even after buying your IRA-qualified precious metals you will not be able to keep them with you. They have to go to an IRS-approved depository. This means choosing the depository of your choice and paying the required storage fees.
However, considering the risk of theft that is prevalent in the precious metal industry, and the expense of transporting your gold IRA-approved coins, being forced to work with a secure and insured depository, such as the Delaware depository in Wilmington is not such a bad idea.
Why Invest With Goldco
Did you know that since 1971 the US dollar has lost 98% of its purchasing power? That is a shocking statistic for one of the world’s most powerful currencies. Gold on the other hand has only become stronger within that timeframe.
This is why investing with Goldco by opening precious metals-funded IRAs is the wisest thing you can do, especially considering that we are in for a rough couple of years as far as the economy is concerned.
When you reinforce your retirement savings using gold or silver bullion, you can be sure that whatever happens in 2023, at least some part of your retirement funds will remain untouched.
The rush to purchase precious metals is only going to increase as time goes by and if you wait too long, you might end up regretting not opening a Goldco gold IRA.
The fee structure at Goldco is classified s either a one-time fee or an annual fee. Compared to other precious metal IRAs, Goldco is relatively affordable. You should expect to pay the following:
A one-time set-up fee of $50
A one-time wire fee of $30
Annual maintenance fee of $80
Storage fees of either $100 per year in non-segregated vaults or $150 per year in segregated vaults
Goldco Storage Options
In terms of storage, Goldco works with the best and most secure storage facilities in the country. Not only will your precious metals be kept under maximum security but they will also be insured against destruction or theft.
You also have the option of keeping your precious metals in a segregated vault. That means for an extra $50 per year in storage fees, you will be guaranteed that the metals you bought over a decade ago are the same ones you will get when you finally decide to withdraw.
Of course, you have the option to find your own storage facility not affiliated with Goldco. However, that will mean you will have to take care of the safe transportation of your metals yourself.
A glance at popular platforms for customer feedback, such as the Better Business Bureau, Business Consumer Alliance, and Consumer Affairs Accredited will show that Goldco has tons of positive customer reviews. It has, for example, an A+ BBB rating, which is only awarded to the most reliable businesses.
How To Conduct a 401(K) to Gold IRA Rollover
If you plan on investing in physical precious metals, the rollover process is something you need to be very knowledgeable about. Do not worry though, because the process is very simple when you have the backing of an experienced custodian, such as Goldco.
The process is as follows:
Find a Reputable Gold IRA Company
Before you open your self-directed IRA, do your research and consider the following:
The level of experience the custodian has in 401(k) rollovers
Is it affiliated with any IRS-approved depository
The company’s reputation for customer service
The selection of precious metals
Custodial fees and any other hidden costs
Perks and other benefits, such as a buy-back option for physical gold and other precious metals
Identify Your Gold IRA Custodian
Your precious metals IRA custodian will be responsible for the setup, management, and storage of your precious metals. Make sure they are as efficient s possible because a 401(k) to gold IRA rollover can have a lot of paperwork involved.
When handled poorly, the rollover process can also drag on for many weeks, which is not something you want to have to put up with. In other words, your custodian needs to be a 401(k) to gold IRA specialist!
Activate 401(k) Rollover
This is the part where all the paperwork will start to pile up. You will have to be patient when conducting a rollover because not only are you dealing with your gold IRA custodian but also the custodian of your existing retirement account and the IRS to boot.
As such, a lot of signatures and approvals will be needed. If you made the right choice when choosing a custodian, this process will not be as painful as you may think.
How long it takes will depend on several things, such as the rollover process you choose (direct rollovers are the quickest), your 401(k) trustee, your precious metal IRA custodian, and whether or not you managed to fill in the forms correctly.
Goldco, for example, has many years of experience dealing with this very process. This means, whatever issues may arise, the company will be quick to solve them.
It does not matter how you choose to fund your gold IRA account, only that you open one and do it fast. Goldco has been helping record numbers of shrewd investors that are buying precious metals daily.
You should be one of them too unless you want to risk being left with nothing if the worse comes to pass and we witness a global economic meltdown. Visit the Goldco website today and request to speak to a gold IRA expert!