Best Gold IRA Companies | Gold IRA Companies Reviews
Questions About Your Gold IRA? Need Answers?
It’s Friday, September 30, 2016
Dear Retired & Soon To Retire Friends,
As the economy gets tougher and tougher each year people are getting more worried about the next great depression taking place, so more and more people are finding ways to “economy proof” their savings and retirement.
I created this site to help people just like you who want to know how to back their savings and retirement plan with solid precious metals like gold and silver. I’ll start off with basic questions about “why invest in gold” and “how to invest in gold” in addition to questions you need to ask your Gold IRA company with in-depth reports for you to gain better insight into who they are and how they conduct business.
Here are some subjects I covered:
Why Should I Invest In Gold To Guarantee My Retirement?
What Should I Consider When Choosing a Gold IRA Company?
Questions You Need To Ask Your Gold IRA Company!
What Is The Procedure For Setting Up a Gold IRA?
Which Gold IRA Company Do You Recommend?
Gold IRA Companies In-depth Reviews
I hope you take the time to read all of this vital information that I have put together for you and please feel free to contact me with any additional questions you might have.
Gold IRA – Frequently Asked Questions
Do you know what is the best way to leverage the stability of gold for hedging? It is historically proven to work in the long term and will also protect your retirement investment portfolio. It is easy to set up and will go a long way. Yes folks, we are talking about gold backed IRAs. I get questions about them all the time so I decided to put them in black and white for everyone to read at their disposal.
What Is a Gold IRA?
In very simple terms, a gold IRA is a self-directing IRA which complies with the rules and regulations of the IRS and allows physical gold to be included. Any layman can invest in gold and secure his or her future.
Is Only Physical Gold Included?
No. In this kind of IRA, you can hold platinum, silver and palladium along with gold.
Can All Types Of Gold And Other Precious Metals Be Included Or Are There Any Restrictions On It?
Yes. The following charts will show you the kinds of gold and other precious metals that can be included:
The above kinds of rounds, bars and gold coins that can be included in an IRA are decided by the 1997 Tax Payer Relief Act.
Can We Include Other Forms Of Gold Investments?
Yes. You can include gold ETF, or stocks and shares from gold mining companies other than physical gold.
What About Other Types Of Investments? Can They Be Included In a Gold IRA?
Yes. You can include any other investments, which may or may not be related to gold or other precious metals. But you will have to set up a particular type of IRA so that physical gold can be held in it.
Is More Than One IRA Allowed?
Yes. You can have a gold IRA and other IRAs.
Is Transferring Or Rolling Over An Existing IRA Allowed?
Yes. You can transfer or roll over any kind of retirement plan to a gold IRA.
Transferring Your IRA
Your first alternate option is a ‘transfer’. You can do this with your existing plan as long as the assets go ‘from custodian to the custodian.’
If it is a direct transfer, your money goes from one custodian to another, meaning the distribution from the old custodian should be made in the trustee’s name or that of the receiving custodian of the funds with the new precious metal retirement plan account.
You can make the transfer as many times as you want.
Rolling Over Your IRA
Your other alternative is a ‘rollover.’ It occurs when you ‘receive’ the distribution from your existing retirement account and then deposit it in the custodial account with the retirement plan.
You will need to deposit your funds again in the new retirement plan account within 60 days. If you exceed the 60 day time period, you will have to pay taxes and penalties on any amount of money you withdraw.
There is a condition though. You can roll over the money only once every 12 months in order to preserve the tax deferred status of your savings.
Does Your Entire Existing Plan Have To Be Transferred Or Rolled Over?
No. they also allow partial rollovers and transfers. Thus, you can invest a part of your investment plan in precious metals and also get exposure to silver, gold, palladium and platinum with almost no extra cost.
When Transferring, Do I Have To Pay Any Taxes Or Penalties?
No. There are no taxes or penalties for transferring a traditional IRA to a gold one.
Is There a Big Fee Attached To a Gold IRA?
No. In fact, that is one of the advantages. The set up fee depends on the amount you are transferring and an estimated amount is $250. Storage fees may apply and is about 1% of the total value of your annual IRA.
But some dealers, like the one I prefer, will waive the set up fee for you along with the storage fee if you transfer in excess of $10,000 from your existing retirement account.
Are You Allowed To Physically Hold The Gold?
No. It has to be kept in an IRS approved and insured depository in your name till you are 59 and a half years of age. Only then can you possess the gold without paying any penalties.
Does The Transfer Process Take a lot Of Time And Is It Very Complicated?
No. It is very simple and straightforward. The entire process is completed in a couple of weeks if you are working with a company that specializes in precious metals and their retirement plans. I set up mine by only filling a single one-page form. To set up a gold IRA with minimum hassle, read how I set up mine.
Benefits Of Investing In Gold:
You can move your IRA or 401K into gold, saving without tax at an average of $700.
Diversification: You should have minimum 10% to 30% of your portfolio invested in silver or gold to avoid any other investments you may have from dropping.
Liquidity: Gold can be traded or used as any kind of tender in any location geographically.
Protection: By investing in gold or silver, you can protect yourself from the volatility of other markets like shares, stocks and real estate.
Preserving one’s wealth: The price of precious metals have risen continually, as compared to the same investment opportunities in other commodities.
Quick Release of Funds: Sell your precious metals at any time at the current market price.
Diverse Options: You have many opportunities to invest in gold, coins, bullion, silver or platinum depending on the need of your portfolio.
Downside Of Investing In Gold:
Bad Advice: You may come across brokers or dealers who may only be interested in their own gains and profits rather than yours.
High Fees: You may have to pay additional prices in storage costs as and when your portfolio increases in size unless you find a company who charges a flat annual rate like the company I use and recommend.
Numismatic Coins: These may lead to your initial investment being curtailed which may take time to be retrieved.
Diversification: You may not have invested in different metals and minimized your risk.
The market is currently very volatile and uncertain. The national debt in the US is around $17 trillion and is going out of control. Cannot believe it? Look at how it is going up in real time.
In order to fully understand how harmful and astounding this is, know that the US National Debt is going up by an estimated $42,000 per second and $3,600,000,000 per day.
We all know that the dollar is declining every day, but so is the Euro, all thanks to the financial crisis in Europe. But gold has remained resilient and it has seen growth on a continuous basis. In the past 12 years, from 2001 to 2012, the price of gold has increased and has tripled in the last decade.
It did go up and down periodically and the trend is a jagged line rather than a straight one, but what is more important is that overall, the trend has been upwards. History has said the same too.
In 2013, the price of gold pulled back from its previous high growth and that was seen as an opportunity to buy it.
So how does one explain the hike in the past decade? Gold has historically had a negative correlation with the value of dollar and stocks. So, when they go down, the value and price of gold goes up.
Even in economic uncertainty, the gold price rises. Historically, people have been attracted to gold during hard times. And gold has not disappointed them.
History has repeated itself lately. Governments have ploughed into gold especially in India, China and countries who once needed the help from United Nations World Bank. The very wealthy people have done the same.
The good news for ordinary men is that now this opportunity is for everyone to avail. Gone are the days when only the rich and famous could invest in gold.
Buying gold and including physical gold in one’s retirement plan has become easier with time.
Whenever anyone asks me what the best time to invest in gold is, I always tell them, ‘now is the time.’ I can confidently say that because gold is an investment for the long term. Thus, investing in gold via an IRA and protecting your retirement is a sensible move.
Are There Any Other Advantages Of a Gold IRA?
A roll over or transfer of all or part of your existing retirement plan like the 401K to a gold or any other precious metal IRA will allow you to invest in gold in case you do not have excess funds available with you.
This means you do not have to arrange additional funds to invest in gold but use those, which you have tied up elsewhere, which may or may not be giving you the desired return.
How Does One Start a Gold IRA?
It is important that you get your retirement plan in place. Ensure that your precious metals company is buying coins in your IRA. There is a specific procedure to be followed and that is why you cannot purchase these coins yourself.
Therefore, you should work with a company that specializes in precious metals and the regulations that surround retirement plans involving them.
In case you do not have a custodian, the larger and more reputed companies of precious metals can recommend both specific and general gold IRA custodians to you. That custodian has to be approved by the IRS.
There are ten most important features to consider when choosing a gold IRA company:
Look at their track record like BBB ratings
Look at their reputation by using Trustlink which is featured by reputed companies like Wall Street and Forbes.
Are you able to speak to them? Do they seem pushy as salespeople? What do you think of their customer service?
Do they specialize in something, like precious metals and retirement plans? Is there a dedicated department for this? Are they aware of IRS laws and do they comprehend them properly?
What fee are they charging? Is it a flat fee or scale fees? Scale fees generally goes up with time. There is also admin fees and storage fees.
Is there a flat rate or scale on storage fees? Is it insured? Where is the storage located? What kind of storage is it and is insurance included in the storage fee?
Do they sell according to the price per ounce? Dealer cost is justified, but is it reasonable?
What is the duration of delivery of gold? Is it between 90 and 180 days? A good company should deliver in about 7 days.
How do they process documents? Electronically or manually? What is the duration for transferring funds between custodians?
They should be good at communication, meaning they should call or email at every step of the business, and they should be easy to reach at all times.
Questions You Need To Ask Your Gold IRA Company:
Do you have the membership for Better Business Bureau? If yes, what is your current star rating? Do you have any testimonials for your services? Has Trustlink rated you? Are there any complaints against you at the Business Consumer Alliance?
Is there an investment docket you have that I can read and comprehend before arriving at my final decision?
Do you have any fees that I have to pay up front or on an ongoing basis? There might be an upfront cost, which is small, plus storage costs. Make sure you check those before picking a company.
Can I only invest in physical gold? The answer for this is no, since you can invest in platinum, palladium and silver. A good company should be able to pick the best option for your investment portfolio.
In investing on the kind of precious metal, are there any restrictions? The answer is yes. But the key is to ask the dealer to explain these differences to you.
Can I limit myself to only one IRA investment? The answer is no. See if they say the same and they should be able to explain why.
Ask them to differentiate between a ‘transfer’ and a ‘rollover’. There are many differentiating features, and your company should be aware of them.
You need to know where they will store your gold. Is that facility insured? Is the gold in your name? In case the custodian goes bust, your gold needs to be in your name.
Have any complaints been filed against their business? There are other companies, which the Californian authorities are investigating. They have actually agreed to repay their customers $4.5 million for giving them bad advice about the kind of gold they should be investing in. There are other companies but they address their complaints appropriately and justly, and hence, are not in too much of a bad place.
At what rate will they buy back your gold? Ask if they buy at current market rates and if there are any additional charges applicable to their service.
Gold IRA Companies Recently Reviewed
(updated Friday, September 30, 2016)
Which Gold IRA Company Do You Recommend?
I exclusively use Regal Assets for all my gold and precious metals dealings. I also used them to set up my own gold IRA.
They are based in California, have a great reputation for specialization in precious metals for the individual investor and they also have a dedicated Retirement Department that specializes in rolling over existing retirement plans to physical precious metals.
This is without any tax liability or any other consequence.
I did some research on them thoroughly before I started working with them and I have been very happy with their service since then.
Regal Assets have been operating since 2003 and have featured favorably in most Gold IRA reviews. They were the only ones to get a mention in the Forbes Investment Guide and they recently made it into the Inc list for 2013 as the 20th fastest growing financial services company in the US. They are the only precious metals company to be included in this renowned list.
They are also rated highly by a number of independent business review bodies which are highly reliable organizations that monitor companies’ performances before grading them. Check out some information on Regal Assets below.
Visit the Regal Assets website if you are ready to get started or feel that you need more information on it.
Submit your name, phone number, email and other contact details and one of the Regal Assets specialists or dealers will contact you to answer your questions, discuss your requirements and send you a Gold IRA rollover kit, which was recently featured in the Forbes Magazine. It will also have their one page application form.
Note down all the questions you may have after giving your contact details. Once the Regal Assets specialists call you, get all those questions answered. They know their business well and will be instrumental in allaying your queries.
Scroll back to the US National Debt counter and see how much it has increased since you last saw it. With such uncertainty surrounding us, rest assured that investing in a gold IRA is the best decision to make.
What is The Procedure For Setting Up a Gold IRA?
The process for setting up a Gold IRA with Regal Assets was very simple and hassle free as shown below:
They sent me a free Gold IRA Rollover Kit, which I had requested from them. Then one of their representatives called me and answered all my questions.
The Kit had a one page set up form which I filled out easily.
After filling the form, I scanned it and sent it back to them by email. That point onwards, they took care of everything.
After receiving my form, they emailed me all the paperwork, which they had done for me. I printed it out, signed it, scanned it and emailed it back to them.
After receiving my signed paperwork, they set up a self-directed IRA with Sterling Trust for me and gave me the account number as soon as they had it.
Without any taxes or penalties, they worked with my custodian to transfer funds from my existing retirement plan to Sterling Trust.
Once the money was in Sterling Trust, a broker asked me to decide which metals I wanted in my portfolio. I was clueless about this so one of the Regal Assets Account Executives called me and gave me good advice on the subject.
After I made my choice about the metals, Sterling Trust sent the money to Regal Assets. Then Regal Assets sent my chosen metals to my choice of depository. They also helped me nominate the depository.
Since the time I have deposited my metals in the depository, I have been receiving quarterly statements. I can even check my account progress online 24/7.
Regal Assets helped me throughout the entire process, they handled all the paperwork and answered all my questions along the way. They even called after everything was completed to ensure I was happy with my new gold IRA account.