A key selling point for gold IRAs is that you own the physical gold yourself. If that doesn’t matter to you, there are other ways to add exposure to precious metals to your retirement portfolio, such as buying stocks in gold mining companies. Still, with its low minimum investment requirements and extensive educational resources, it has quickly become a favorite as the best Gold IRA company for new investors. A gold IRA is a specialized, self-managed individual retirement account designed to store precious metals.
practical terms, this means that the minimum account accounts with many gold IRA companies would require to invest much more than the 5% or less that financial advisors generally recommend investing in precious metals, which could put your nest egg at too high risk. The best way to use a gold IRA is to use it as an accumulation tool as part of a more comprehensive, diversified investment strategy. Augusta’s two major drawbacks are its limited selection of metals and the high minimum investment requirements for setting up a gold IRA. So if your portfolio consists of both gold and paper investments, a loss on the gold side is offset by the gain in other assets.
We’ve researched 18 reputable companies that offer Gold IRA services and searched them for the highest consumer ratings from the Business Consumer Alliance (BCA). A gold IRA can give you the tax benefits of a traditional retirement account, but you must comply with IRS regulations or risk fines and penalties. Whether someone has a 401 (k) plan, a TSP, a traditional IRA, or a 403 (b) plan, Goldco’s experts will guide them through the steps of transferring funds to a gold IRA so they can take advantage of the stability of gold and other precious metals. The minimum investment for a Goldco gold or silver IRA is significantly higher than the minimum requirements of other companies.
There are plenty of rules and regulatory hurdles that you’ll need to overcome if you’re thinking about buying a Gold IRA. Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian. They sell gold coins, gold bars, and the like, but they don’t offer IRA investment advice (regardless of what their websites or other marketing materials might suggest). One important rule to know about storing physical gold in an IRA is that your precious metals MUST be stored at an approved depository institution such as the Delaware Depository Service Company or Brink’s Global Services, not in your home or in a safe.