Before choosing the best gold IRA approved depository for your investment, you must first research the best gold IRA companies and their benefits. Look for IRS approved depositories that provide reliable security, with regular monitoring and a secure auditing process. Some self-directed IRAs limit your investment options. Others can also be costly due to the transaction fees. As an investor, you should be able to choose the type of gold and precious metals dealer and the type of metal you want to add to your IRA.
Here are some of the best gold IRA companies that you might consider:
Top Gold IRA Companies Today
Augusta Precious Metals
Augusta precious metals is known as one of the leading gold IRA companies in the United States. This company has an excellent score rating by the Better Business Bureau. Also, out of 110 customer reviews, Augusta garnered 4.96 out of 5. There have been 0 complaints against Augusta Precious Metal.
In addition, the company also has numerous positive reviews from a well-known reviewing platform called the Trust Pilot. The company offers great flexibility when funding any investor's account. You can transfer funds to your gold IRA account through cash, wire transfer, check, or a rollover from a different retirement account.
Goldco assists clients in transferring their assets from a tax-favored retirement plan. Investors can purchase gold, silver, and other IRA approved precious metals directly from them. This company has garnered a 4.8-star review over five from Trust Pilot. According to customer reviews, Goldco is known for its excellent customer service and easy IRA transition.
This company is also known for its consistently positive reviews. You can trust that Noble Gold will provide you with a safe and secure investment because the company was rated an A+ by Scam Risk. In addition, they also received an AA grade from Consumer Alliance and 4.8 stars out of 5 in their customer service reviews.
Noble gold investments offer highly competitive prices to its clients because they have partnered with other leading businesses, including many precious metal suppliers.
Birch Gold Group
Birch Gold Group is proud of its success in educating its customers to help diversify their retirement accounts. The company has helped thousands of clients move their IRA 401 (k) and other retirement accounts out of stocks, mutual funds, and bonds into physical gold and silver.
The company received a 4.8 rating out of 5 in Consumer Affairs, with numerous positive reviews about its excellent customer service.
American Hartford Gold
American Hartford Gold is best for small investors because they offer a buyback plan. BuyBack Commitment allows customers to swiftly liquidate their precious metals without paying additional fees. The company has a 4.9 rating from clients on review sites such as Trust Pilot.
They also garnered an AA rating from Business Consumer Alliance, making it one of the most reputable leaders in the physical precious metal and Gold IRA industry.
Some gold IRA companies offer high-end depositories for your gold bars, gold American eagle coins, silver coins, and other precious metals in your IRA. But some may require a third-party depository where you can store your precious metals. You can also purchase your gold and other precious metal investments from IRS-approved dealers such as the Oxford Gold Group, Patriot Gold Group, and others, as long as it passes the IRS standards.
If you're looking for trusted storage partners, we've piled up some of the best Gold IRA depositories according to online customer reviews and ratings for your reference!
Top Gold IRA Depositories
Delaware Depository Service Company
According to Better Business Bureau, the Delaware depository has been running for over 20 years and has maintained an A+ plus rating. The company has only two vaults, one in Delaware and the other in Nevada.
This depository company suggests that storing gold IRAs away from cities such as New York or Washington can help protect your assets from potential threats; plus, Delaware rarely experiences natural disasters. Despite the limited vaults, Delaware has remained a top pick for gold investors because of the quality service they offer.
Regal Assets was rated first in North America for storing precious metals and financial retirement management. If you're looking for a cost-effective alternative, Regal assets provide free storage and a flat storage fee of only $250 yearly. In addition, this depository storage also accepts clients of all sizes without including withdrawal fees.
Brinks Global Services
Brinks Global Services' depositories are located in London and New York City. Many clients prefer this gold IRA depository because of its services and advantages, such as a globally accessible online portal, third-party storage inspection, 100% liability to all stored valuables, industry-standard weights and practice measures, and fast disbursement of precious metals to their assigned secure storage locations.
What Services Do Gold IRA Storage Depositories Provide?
When investing in gold and other precious metals through an IRA, you cannot physically hold your investments or keep them firsthand. The IRS requires all precious metals investments in a Gold IRA account to be stored by the company you invested in or a third-party depository.
The gold IRA storage depository is also responsible for the following services:
- Insurance to ensure your gold and precious metals are secured and protected in case of unwanted damages or loss.
- Secured space is manufactured to withstand natural disasters such as typhoons, fire, flooding, etc.
- Regular monitoring by armed security.
- Individual allocated storage if requested.
Types of Gold IRA Depositories
There are two ways you can store your gold or precious metals in an IRA. It can either be allocated or unallocated.
Allocated depositories are IRA accounts that store your gold and precious metals in a separate location, similar to a safety deposit box. They will then ship your precious metals and gold investments to the facility.
For this type of depository, your gold and precious metals are stored with other gold and precious metals based on their size, weight, minted year, and refinery of coins. During distribution, the metal will be identical in size, weight, year stamped, and refinery. It is not necessarily the exact gold or precious metal you purchased, but it will have the same value.
Gold IRA Depository Fees
When investing in gold and other precious metals IRA, you should expect that it will involve some fees if you want to have the company secure your assets in an approved depository. Depending on the company, there will be an annual depository fee, and you will not pay the charges personally; instead, you will pay the payments from your Self-Directed IRA funds.
Setting Up a Gold IRA Account
After choosing a gold IRA company of your liking, it's time for you to set up your gold IRA account. The company will assign you a gold IRA custodian to help you throughout the process. Setting up your gold IRA account can be achieved in several ways, such as starting a self-directed IRA, which includes choosing between a Traditional IRA or Roth IRA, or a gold IRA rollover.
Traditional IRAs and Roth IRAs differ in how your gold and precious metals are taxed. Traditional IRAs include taxation upon withdrawal, while Roth IRAs are taxed before you fund your gold IRA account.
How Much Can You Put in a Gold IRA?
There are certain limitations on how much you can invest in your gold or precious metal IRA. The rules can vary depending on the investor's age. If they are under 50, the contribution limit is up to $ 6,000 annually for a self-directed IRA. After reaching 50 years old, you can invest up to $ 7,000.
Choosing Your Gold or Precious Metal Investments
After setting up your gold IRA account, you can purchase any precious metals you want to invest in. The IRS only allows gold and precious metals of a specific type and standards for self-directed IRAs. For instance, when investing in gold (gold coin or gold bullion), it should be of 99.5% purity and minted or authenticated by an IRS-approved manufacturing company.
The gold IRA company you invested in can sell approved precious metals so that you can purchase directly from them. Some other companies will require you to buy from a separate precious metals dealer and instruct your IRA custodian to purchase the metals on your behalf through your IRA funds.
Monitoring Your Gold and Precious Metal Investments
You can monitor your gold IRA's performance depending on your gold IRA custodian. Some companies can offer an online platform so that you can easily monitor your investments, but some companies do not. If you want a convenient monitoring process, ensure that you invest in a company that offers an online dashboard. Alternatively, you can ask the gold IRA representative if they can provide other monitoring services.
Gold IRA Withdrawal Rules
According to the IRS, you can start taking penalty-free distributions from your gold IRA account around 59.5 or 60 years of age. Doing so before 59. 5 years old, the IRS can sentence you a 10% penalty on any withdrawal transaction.
After reaching 70.5 years old, you are required to transact a minimum distribution every year. The distribution amount will depend on how old you are and your account type. You can take withdrawals through cash or through the actual gold or precious metals you invest in.
Should You Have a Gold IRA?
Suppose you want a secure and diverse retirement account that can surpass any economic turmoil, such as unpredictable inflation. In that case, it is best to invest in "God's money," which is gold, silver, and other IRS-approved precious metals, as stated by Robert Kiyosaki, founder of Rich Global LLC and the Rich Dad Company. The Gold IRA company you partner with will ensure you a swift process, so it is best to look through every available gold IRA company that meets your standards.