Gold IRA companies in Florida include Gainesville Coins, Precious Metals Advisory, Endeavor Metals Group, Fisher Precious Metals, and MintBuilder. If you prefer a broad selection of precious metals to choose from, Gainesville Coins, Fisher Precious Metals, and MintBuilder are perfect for you. However, if you’d like personal financial consultations, Precious Metals Advisory is most suited for you.
Gold investment is one of the most stable kinds of investments. The reason for that is the track record of the wealth preservation and purchasing power of gold has been proven repeatedly throughout history, most recently during the Covid-19 recession. To kickstart your gold investment, choose the best gold IRA company in Florida for you.
5 Best Gold IRA Companies in Florida
Gainesville Coins
A precious metals IRA is an excellent way to protect your retirement account against inflation and deflation. Opening an account with a reliable gold IRA company allows you to invest in gold and diversify your portfolio, but consider the fees that they will charge for storing your gold and keeping it safe.
Other offers include connecting you to a gold IRA custodian to open a gold IRA account and their own depository to store your metals in. You can also sell your physical gold coins and silver coins to them online with no minimum requirements that other companies usually require.
FIND THEM HERE:
Precious Metals Advisory
Precious Metals Advisory is among the top physical gold dealers in Florida which wholly specializes in investing in these precious metals:
They offer financial consultations to rookie investors and advanced investors. They also assist clients with portfolio management and help in setting up an IRA investment through their Precious Metals IRA. However, their store is not open to the public, so you need to call them ahead to set an appointment with them.
FIND THEM HERE:
Website
Address
6034 Chester Ave., Ste 107B
Jacksonville, FL 32217
Endeavor Metals Group
A physical precious metal brokerage firm, Endeavor Metals Group focuses on selling physical gold, silver, and platinum online, specifically:
They also provide brokerage services so clients can set up a new precious metal IRA or convert their former Individual Retirement Account (IRA) or 401(k).
FIND THEM HERE:
Email
Website
Address
1913 S Dixie Hwy, West
Palm Beach, FL 33401
Fisher Precious Metals
Fisher Precious Metals is a national bullion dealer that supplies and buys all forms of IRS approved precious metal domestically and internationally. These are:
They also handle all forms of self-directed IRAs. This service includes facilitating their clients’ transactions for all IRAs, gold IRA rollovers and transfers, and connecting the clients to accredited IRA custodians and IRS approved precious metal depositories.
FIND THEM HERE:
Website
Address
The Hillsboro Professional Ctr. Deerfield Beach, FL 33442
MintBuilder
MintBuilder provides access to wholesale pricing on regular bullion, as well as offering a variety of valuable interesting coins along with silver and gold bullion. Other products from them include:
They also offer a membership where part of their profit goes to Feed My Starving Children. This is a non-profit organization that feeds hungry children in over 100 countries.
FIND THEM HERE:
Website
Address
The Hillsboro Professional Ctr. Deerfield Beach, FL 33442
Why Choose a Gold IRA Company in Florida?
Florida consistently tops the ranks in “Best Places to Retire” lists. Not only is this because of its sunny beaches, but also because it is one of the most tax-friendly states, especially for retirees. Florida is one of the few states who do not impose a personal income tax - which means your earned wages won’t get taxed, as well as your retirement income like Social Security Benefits, pensions, 401(k)s, and Individual Retirement Account (IRA).
Therefore, residents of Florida, mainly retirees, heavily invest in precious metals IRA or gold IRA accounts. These gold IRA accounts are individual retirement accounts that are turned into self-directed precious metals IRA. These then hold gold in depositories as a qualified retirement gold investment.
To satisfy this demand, some of the largest and best gold dealers in the US are in Florida. This post will teach you everything you need to know about gold IRAs, give you advice on how to choose wisely among gold IRA investments, and list the top gold IRA service providers.
However, before buying precious metals, make sure you are informed of the sales tax in your state.
Are Bullion Sales Taxed in Florida?
Florida imposes a 6% sales tax on bullion bars and coins, unless the total purchase price of a bullion order exceeds $500.
US Coins like American Gold and Silver Eagles are exempt from sales tax if the purchase is under $500. Legal tender coins from other countries, however, are never taxed if they are purchased at face value.
What Other Gold Companies Are Out There?
Gold investment comes from all over the world. There are multiple other gold IRA companies outside of Florida that offer great gold IRA services. Here are some of the most reliable gold IRA companies in the market to protect your wealth:
Augusta Precious Metals is widely considered as the best gold IRA company. The company sets itself apart from its competitors with their fair and transparent pricing, earning them their customers’ loyalty. They also feature a buyback program so that you can trade a portion of your gold and silver holdings for the funds you require. They use Delaware Depository to store their customers' assets and investment. They also have depositories in Wilmington, New York, Salt Lake City, Los Angeles, and Las Vegas.
Noble Gold Investments is a top supplier of precious metal investments that are acceptable to IRAs. It is a gold IRA company that is based in Pasadena, California. Aside from selling precious metals and specializing in gold IRA, Noble Gold Investments also has a partnership with the International Depository Services to offer accredited and secure gold IRA storage in Texas.
Birch Gold Group is a leading precious metals dealer and a gold IRA company that has been serving over 13,000 customers since 2003. They have a team that will assist you in purchasing precious metal, and specialists that can help you do a gold IRA rollover from your retirement account and give you advice on storage facilities.
American Hartford Gold, a gold IRA company, offers customized solutions that include the precious metals IRA, gold IRA rollover, silver IRA rollover & physical delivery of gold and silver bars and coins. They also have a data center that keeps their customers updated on important market trends, precious metal charts, and gold prices.
IRA Financial Group has served 23,000+ clients as a gold IRA company. They hold over $3.2 billion in assets and have a free app for clients to set-up and maintain their accounts.
Oxford Gold Group is considered the best gold IRA company for beginners. They offer extensive customer education and tools and an encyclopedia of common terms in the investing industry. Opening a new account with them takes less than 24 hours, and they charge $180 for annual fees.
Regal Assets is the highest rated alternative assets firm in the US and has a decade of outstanding ratings within this industry. A strongly recommended gold IRA company by the likes of Forbes, Regal Assets offers various portfolios for investment and retirement. These portfolios range from $25,000 to $250,000. They also organize gold IRA rollover and transfers.
Lear Capital is a gold IRA company that offers Lear Advantage IRA. This provides you a self-directed IRA. In addition, you also get a free IRA setup and storage, free gold and silver guide with free silver coin, gold and silver special reports, price match guarantee, 24-hour risk-free purchase guarantee, real-time metal pricing, and free evaluation of metals and others.
Orion Metal Exchange is reputed for being the best gold IRA company for its convenience. You can set up a new account with them over the phone in 10 minutes. They don’t charge you fees for setting up your account, annual maintenance, or transferring funds. Orion also offers a free buy-back policy, making it a good company to trust your investment in.
Advantage Gold prides itself in being a gold IRA company that is built on education and experience. Their experts are committed to educating their clients about their investment. They also specialize in converting your existing IRA or eligible 401(K) into gold or other precious metals.
Patriot Gold Group is a gold IRA company that focuses on gold and silver investment. They are based in Los Angeles, California.
Other Things to Know Before Investing in Gold IRA
Now that you know all the best gold IRA companies in and out of Florida, here are more things to think about before investing in gold IRA:
Yes, gold IRAs are very good, as they are a hedge against inflation and unstable economic landscapes. Unlike currencies, its value doesn’t depreciate over time and has maintained or increased its value over the years. It has been historically proven to act as an insurance throughout adverse economic events and financial risks.
Investing in gold IRA allows you to acquire gold and other precious metals long term. In fact, it is one of the most tax efficient ways to do so. Not only is it a stable investment, but it is also a good option to diversify your investment portfolio. It is recommended by financial experts to keep 5% to 20% of your portfolio in gold.
The difference between Traditional IRA and Roth IRA is how they are taxed. If you have a traditional IRA, your withdrawals from it will be taxed according to your tax bracket in retirement. You can also only withdraw penalty and tax free after you turn 59.5. After you turn 72, you will have to take mandatory distributions from your IRA. The good part here is that anyone can make contributions to a traditional IRA and it also allows you to make pre-tax contributions.
Meanwhile, Roth IRA is more flexible when it comes to withdrawals. Since Roth IRA is funded through post-tax incomes, you can withdraw contributions any time without getting taxed or penalized. You can also make withdrawals if you are disabled, over the age of 59.5, or after 5 years from when you first made your contribution.
In Roth IRA, you can also get qualified distributions if they are made:
- To your estate following your death, or a beneficiary
- For eligible first home purchases
- For qualified disasters
Choosing between the two kinds of IRAs comes down to one thing: the income tax bracket you think you will be in once you are eligible to take withdrawals from your IRA. Traditional IRA is best suited for individuals who anticipate being in higher tax brackets when they begin taking withdrawals. While Roth IRA is best suited for individuals who expect to be in the same or lower tax brackets when they start taking withdrawals.
Gold IRA accounts are tax-deferred, so you owe no tax payments on your investment’s growth throughout the years. Your Gold IRA will only be taxed once you withdraw them from your IRA. However, IRS regulations state that distributions from a gold IRA plan must be deferred until the account owner reaches the age of 59.5. At that age, you can sell the metals in your account for cash or take physical possession of them without incurring penalties. But you must pay any income taxes that are due on withdrawals..
Withdrawing funds from your gold IRA before that age will result in a 10% early withdrawal penalty and a 28% capital gains tax on your profit.
No, you should not store your gold at home, even though some companies promote this. Per IRS regulations, gold in IRAs should be held IRS accredited depositories. Not doing so can risk the gold in your IRA to be disqualified by the IRS.
In investing in gold IRA, you are legally required to store your gold IRA in third party storage facilities called depositories. Gold IRA depositories are highly secure buildings designed to protect their customers’ investments. They consistently monitor your precious metals and have disaster proof structures, armed security, and insurance for their customers’ assets.
Here are some reputed and IRA approved gold IRA depositories in the US:
- Delaware Depository Service Company
- Brinks Global Services
- Regal Assets
- HSBC Bank U.S.A
- JP Morgan Bank
- International Depository Services (IDS)
- CNT Depository
- ScotiaMocatta Depository
No. Only traditional or Roth IRA accounts held at FDIC-insured institutions are covered by the FDIC. However, once you take out the funds in those accounts to invest in other assets (like Gold IRA or cryptocurrency), the FDIC insurance will no longer apply.
Pros
- It allows you to tax efficiently include precious metals in your retirement portfolio.
- It is a usually cumbersome process but can be made simple through your IRA specialist’s help.
- You don’t need to pay taxes when doing a rollover.
- It generates more money for you as it is tax-deferred.
Cons
- Beginning in January 2015, you are only authorized to roll over one IRA into another IRA once every twelve months (regardless of the number of IRAs you own). However, this limit does not apply to:
A gold IRA rollover is done when your current retirement plan is ineligible to hold precious metals. To do this, you have to contact your existing IRA custodian. They will then give you the amount you want to withdraw. You will be given 60 days to deposit this amount to your new gold IRA account. Missing this deadline will result in a 10% penalty on withdrawal if you are under 59.5 years old.
IRA Approved Gold Coins
- American Eagle gold coins
- Australian Kangaroo/Nugget coins
- Austrian Philharmonic coins
- Canadian Maple Leaf gold coins
- Chinese Gold Panda coins
- Britannia Gold coins (.9999 Gold Britannia coins only)
- Proof American Eagle coins
- American Buffalo Bullion gold coins
IRA Approved Platinum Coins
- American Eagle silver coins
- Australian Koala silver coin
- Austrian Vienna Philharmonic coins
- Australian Kookaburra coins
- Canadian Maple Leaf silver coins
- Mexican Libertad silver bullion coins
- Chinese Silver Panda coins
- Britannia silver coins(.999 Silver Britannia coins only)
- South African Silver Krugerrand coin
- Proof American Eagle silver coins
IRA Approved Palladium Coins- Canadian Palladium Maple Leaf coins
Buying non-IRS approved coins for your gold IRA can result in huge tax bills. These “wrong gold coins” are viewed by the IRS as “collectibles”, which are taxable under the law. This means that when you mistakenly buy, for example, $10,000 worth of collectible gold coins, you are liable to pay income tax on it at your standard tax rate. Besides that, you can get a 10% tax bill if you are under 59.5 years old.
Conclusion
There are multiple companies in Florida that can help you invest in gold IRA: Gainesville Coins, Precious Metals Advisory, Fisher Precious Metals, and MintBuilder. Still, you must take note that bullion sales of less than $500 are subject to Florida’s state tax of 6%.
However, if you are not in Florida is simply prefer other companies, here are some of the best companies in the US that offer gold IRA services: Noble Gold Investments, Birch Gold Group, American Hartford Gold, IRA Financial Group, Augusta Precious Metals, Oxford Gold Group, Regal Assets, Lear Capital, Orion Metal Exchange, Advantage Gold, and Patriot Gold Group.
Investing in gold is a wise decision that can keep your wealth safe amidst economic downturns and financial crises. Choosing the best companies to help you invest in gold IRA is instrumental in your investments’ success.