Finding the Right Gold IRA Rollover Company
There could be some research involved in finding the right gold IRA rollover investment firm that fits your particular situation. There seems to be an ever-growing number of firms sprouting up that will offer to perform your gold IRA rollover into their own gold and silver IRA products. There are some basic elements to look in to before picking one.
Read customer reviews on third party websites
The first step would be to look for a gold IRA company that has some experience in the field of gold IRA rollovers and has the testimony of others to show that they will invest your money wisely. Check with Trustlink, the Better Business Bureau, and the Business Consumer Alliance to see if they have a good complaint versus positive review ratio and if they are rated A+ or AAA. The gold IRA rollover company of your selection should rate well among consumers and get good online consumer reviews and it should have earned positive points with consumer protection agencies.
Contact gold IRA companies and ask them about the liquidation process
Find out about the firm’s gold buy-back policy. See if they are willing to offer you a fair market value for your gold when it comes time to sell part or all of your existing assets. Every business, obviously, is in business to make money, and gold IRA rollover companies are no exception. However, some companies will be better than others about looking out for your best interests as their client and will want to get a good review from you to entice future business. Be certain you are comfortable with their stated buy-back policy, since these are your retirement investments we are considering.
When you decide to liquidate your assets purchased during the gold IRA rollover process, you are not required to take the money in cash. You can take physical possession of the gold from your trustee. The question, then, is whether to take it in gold coins or bullion bars. Since gold bars are heavy, they are more difficult to transport and require more security en route. They also can be more difficult to sell because they can command a higher price. That is why most who claim their gold in gold form opt for gold coins. So be sure the trustee you choose will be able to handle any method of liquidation you may choose.
What types of gold can be included in a gold IRA rollover?
In selecting a gold IRA rollover company, be sure it is one that will invest your money in the kind of precious metal that you prefer, be it in bullion form or coins. Anyone over the age of 18, if they are thinking about retirement, can open their own gold IRA. There are, however, only certain types of bullion or coins that are IRS-approved for investing in these tax-deferred or post-tax retirement investments. Approved precious metals can be gold, silver, platinum, or palladium bullion or coins. The approved coins for a gold IRA rollover include (but aren’t necessarily limited to) the American Gold Eagle, Canadian Gold Maple Leaf, Chinese Gold Panda, Australian Kangaroo/Nugget, and Austrian Gold Philharmonic.
There are salesmen out there who will try to persuade you to buy collectible gold or other coins by claiming they will receive a better return on investment. This should be a red flag that sends you off in search of another gold IRA rollover company that does not use pressure tactics and leaves the investment decisions up to you. You may be able to spot the high pressure sales firms in their online consumer comments. It is a common grievance that the complainant felt undue pressure to buy a certain type or size of investment.
What about storing the gold?
If you have selected a custodial gold IRA rollover company that will work with you on making your purchases, they also should be able to help you with a storage facility for your physical gold. There are those that have their own secure storage facilities or have contracts with the storage facilities themselves. Storing your gold will involve its own set of insurance and administrative fees. Be certain you know whether the gold stored at the facility is held as a deposit or off the depository’s balance sheet “in custody,” since deposits can be subject to the creditors of the facility. Your gold IRA rollover is too important to be subjected to some storage company’s mistakes.
In narrowing down the field of trustees for your gold IRA rollover, you will want to find companies that charge only a flat fee for the storage and security of the physical gold you will be buying. Some firms will say they have a flat fee, but then you may discover that the fee actually is built on a tiered system where the charge can grow depending on the size or value of your gold assets. Under this type of fee system, you can easily find yourself in a new tier with higher percentage charges that can cost you thousands of dollars every year. Your best bet is to shop around and secure that flat storage fee in a contract with a company that also will include the first year or two of administration fees. Regal Assets is one gold IRA rollover company that reportedly charges a very reasonable flat fee, regardless of the amount of gold stored.
Gold storage facilities, which are only holding precious metals and are not your average bank vault or office safe, typically have state-of-the-art security systems, including timed locks, 24-hour camera surveillance, and sound, motion, and vibration detectors. They also are heavily insured against theft, damage, or floods or other weather disasters. The IRS has approved certain depositories for all types of precious metals and for anybody’s gold IRA rollover, nothing less should be accepted. These include HSBC Bank USA, CNT Depository Inc., JP Morgan Chase Bank NA, Brink’s, and Delaware Depository Service Company LLC.
Using a depository such as these can lead to savings since many are located in areas that do not have a sales tax on gold bullion purchases. You may be able to save on the taxes in your state by having the bullion purchased as part of your gold IRA rollover shipped directly to the depository’s vault. There it will be safe until you reach retirement age.