Choosing to invest in a gold IRA can be a great way to protect your wealth. Once you've decided to do so, though, you'll need some help. After all, you'll need to make sure that your IRA meets all of the requirements set forth by the IRS, and you'll need help to ensure that you're ready to stock the account to protect your assets adequately.
If your goal is to ensure you are ready for retirement, you'll want to move on your gold IRA quickly. You need to ensure that you're working with the proper custodian and that you've done enough homework to understand the difference between fly-by-night operators and legitimate companies.
Fortunately, we're here to help with our series of gold IRA custodian reviews. This will give you a chance to look at some of the leading names in the industry and a brief look at avoiding some of the downfalls of working with some questionable firms.
Remember, choosing the right custodian is part of making sure that you maximize your wealth before retirement. Every IRA account brings a set of fees and charges, and knowing whether you're paying the right amount and getting your money's worth is a vital part of ensuring that you have prepared for your future correctly.
The good news is that great custodians do an excellent job partnering with others in the gold industry to ensure that their clients get the most for their money. Investing with the right companies might even avoid setup or maintenance fees. As such, you'll want to pay careful attention to the fees and charges offered by each company to figure out how best to meet your own financial goals.
What Should I Consider When Selecting an IRA Custodian?
As we have said, you'll want to start your search by looking at the fees charged by your IRA custodian. It's a good idea to determine if the custodian will use a flat rate for your account or if the company uses a scale based on your investment amount. Likewise, you'll want to look at administrative fees and even fees for setting up your account before deciding which company to work with.
If you're curious about IRA fees, we have put together a list of the fee structures of the top ten custodians in the industry. Starting here can be an excellent way to get a rough idea of what you can expect to spend with a gold-backed IRA custodian and how those fees will impact your retirement plans.
Reputations matter in the world of investments. The companies that we point out as the top Gold IRA custodians are also companies that have great ratings with consumer watchdog groups. Most of the custodians you choose to work with aren't going to interface directly with consumers all too often, so you'll want to ensure that those in the know have good opinions of their capabilities.
Remember, customer reviews rarely tell the whole story regarding investments. Most investors leave reviews on the company with which they opened their accounts, not necessarily the company that actually holds their IRA. This means that you'll see quite a bit of information on companies like Regal Assets but less on custodians like Equity Institutional, even though they work closely together.
The only way to figure out a custodian's reputation is to look at how well they've served the industry. The amount of time they've been around is a good place to start with this, but you can also look at client numbers or even with companies they continue to work with. The more others think of your custodian, the better the chance that the custodian will serve you well.
While you would never work with a company just because they have a great presentation, how a company's site is designed and how they present themselves does matter. Great custodians make it easy for their clients to work with them, which in turn means that they will put money into creating a good online user experience and make sure that their sites stay up and running.
4. Cost Effectiveness
It's always a good idea to determine if your custodian can save you money. For some, this means finding a custodian with a good relationship with a dealer. For others, it means finding discounts on investments or working with a financial planner. The best custodians can also help you save money on your fees and might even get you around the dreaded costs of setting up an account.
Regal Assets and Equity Institutional actually provide a great example here. If you choose to work with Equity Institutional, Regal Assets will waive your storage fees and setup fees for as long as three years. Furthermore, Regal Assets will even reduce your annual fees because of your work with Equity Institutional. The best deal for many customers, then, would only come about because of the relationship that their custodian has with another company.
Which Firms Work With The Best Gold Backed IRA Custodians?
1. How is IRA custodian defined?
An IRA custodian is a company responsible for storing, vaulting, or otherwise guarding the safety of your IRA. These companies serve a role in ensuring that the IRS guidelines are followed and that all the rules for keeping your tax-advantaged account working as intended are in play. These companies are essentially the bulwark between the individual investor and the ever-watchful eye of the IRS.
2. What are the IRA custodian requirements?
The biggest requirement of an IRA custodian is that the IRS must license the company. The companies are all regulated under the heading of "non-bank custodians" and take the form of many types of licensed entities. IRA custodians have fiduciary responsibilities to their clients and are required to act in the client's best interests.
3. What should my expectation be regarding fees?
The most considerable fee you can expect to pay your IRA custodian is the annual fee. This typically ranges between two and five hundred dollars and includes elements of the account like your custodial transfers.
4. What does "checkbook control" mean?
The most popular types of gold IRAs tend to be those that have checkbook control. This simply means that the person who holds the account has all of the authority over it, be it in buying, selling, or simply accessing the assets in the account. Most of these accounts have more risk involved with them than those controlled by custodians, though, with higher fees and an IRS requirement that the account holder has an LLC in their name.
5. How are IRA custodians regulated?
IRA custodians are regulated by the IRS and have to follow pretty strict regulations. They have a fiduciary duty to their clients and must follow a host of other requirements pertaining to the capital they hold and the security protocols they must follow.
5. Can I view and manage my account online?
Most IRA custodians now let their clients handle their accounts online. Many of them even allow clients to look at their items they hold in storage via webcams. What you can and cannot do online does, of course, vary from company to company.
Planning for retirement is a crucial step to ensure you enjoy yourself after decades of hard work and dedication. No one wants to be forced to go back and work when they realize their retirement plans were not solid, and a diversified portfolio is the most optimal way to achieve this.
With over 1000 companies to choose from, it's understandably difficult to know where to start. Hopefully this list helped you to narrow down your options and was a valuable resource to you. Request a free gold IRA guide from any one (or all) of these companies and get started planning to retire comfortably and confidently.
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