Planning for your financial well-being is a crucial step that allows you to enjoy your retirement without worry. However, knowing how to invest your money is often a challenge. Many people believe investing in a precious metal IRA is a solid retirement strategy. One of the best companies to consider is Goldco for a gold or silver IRA account. Read on to discover more about Goldco and its benefits and drawbacks.
What is Goldco?
Goldco is a privately held precious metals IRA company based in California. Every customer of Goldco has a specialist assigned to them to answer questions and help them make the best decisions for their circumstances. Investors have the option to open a precious metals IRA or to buy quality silver and gold directly.
Silver or gold IRAs function the same as either a traditional IRA or a Roth IRA in that they provide an opportunity for investors to save funds for their retirement in a tax-advantaged account. Goldco acts as the account broker and administrator, purchasing your chosen precious metals on your behalf and then shipping them to a safe depository for storage. Then, when it’s time to cash out your IRA, you have the option to sell the precious metals back to Goldco or to a third party.
Choosing how to invest your money for your future is a big task. Diversifying your retirement investments with a gold Individual Retirement Account is often a low-risk decision because gold and silver are some of the most secure assets available.
Who Should Consider Goldco?
Goldco offers the opportunity to purchase precious metals or open a self-directed precious metals IRA as part of a retirement plan. The IRA accounts are ideal for those investors who want to diversify their portfolio but prefer a hands-off approach. Goldco IRAs require significantly less time to manage as you don’t need to conduct market research to select your investments as you would when purchasing stocks or bonds. All you need to do is fund your account and choose your gold or silver from the Goldco catalog.
What Can You Buy Through Goldco?
The following types of gold are available for purchase:
- Gold bars
- American Eagle
- Buffalo
- Maple Leaf
- Freedom
- Lucky Dragon
- Royal Mint Gold Lunar Series coins
- Australian Saltwater Crocodile
Available silver includes the following:
- Silver bars
- American Eagle
- Maple Leaf
- Bald Eagle
- Silver World War I
- Silver World War II Victory
- Royal Mint Silver Britannia Lunar Series coins
Check the Goldco catalog to learn about the products you can purchase.
Benefits of Goldco
When searching for an investment company, you’ll want to choose one that is trustworthy and knowledgeable. Goldco’s precious metal IRA has several advantages:
- The buyback guarantee is the highest around
- Gold and silver are secure assets that hold their value
- Competitive fees
- Goldco provides excellent customer service
- A high number of great reviews
- The BBB gives Goldco an A+ rating
- No sales pressure
- Educational gold IRA kit
- Goldco offers big promotions
Over the course of its 16 years in business, Goldco has earned a positive reputation amongst customers. Not only do you benefit from its long experience, but Goldco steers clear of the pushy sales tactics of other companies.
Whether you are new to gold IRAs or have some knowledge of this type of investment, enjoy excellent customer service customized to your needs. Every customer gets treated as an individual, and the entire process is completely transparent, so you know exactly what your money gets you. Plus, Goldco provides educational resources to help you learn more about precious metals investments.
Goldco fees are low when compared to industry standards. The company also offers promotions for new members. While investing always carries some risk, gold and silver typically hold their value well. Goldco’s buyback guarantees are at the highest prices when you are ready to cash out.
Disadvantages of Goldco
Before you get started, you need to consider the cons of Goldco:
- Unable to set up an account online
- IRAs have a $25,000 minimum to open an account
- Prices of products not listed on the website
- Can only add gold and silver purchased through Goldco to your account
Despite a simple setup process, Goldco has a high minimum to open an account and restricts purchases to gold and silver.
Goldco Fees
The fees charged by Goldco are straightforward. The initial cost of setting up an IRA is $50, which is lower than the industry standard of $100 to $200. If you choose to wire money to fund your account, you also need to pay a one-time fee of $30 for the transfer. IRA account holders then get charged a single flat fee for maintenance yearly, typically $80. There is no percentage fee based on the value of your assets.
Other storage fees apply, depending on how your account is set up. They average between $100 for non-segregated storage and $150 for segregated storage. The storage fee rises to around $225 once you pass $100,000 in investment value.
How to Get Started with Goldco
Goldco has a quick and seamless process, no matter which service you choose. Opening a precious metals IRA is fast and simple. The process involves just three easy steps:
- Open the IRA by signing an agreement. You’ll have access to a representative assigned to your account to answer your questions and help you through the process. Signing secures your purchase, so review the agreement’s terms carefully before committing to it.
- Fund your IRA account with at least $25,000. You can roll over assets from a different retirement account without a tax penalty.
- Once funded, you can buy your preferred precious metals. Select coins and bars from the catalog and arrange to store them at a Goldco depository. Ask your representative for guidance if you need help deciding.
If you choose to purchase precious metals, the signup process is similar. Sign the agreement which states you understand Goldco’s business terms. Fund your account by bank wire or check. Then choose the precious metals you want to buy. A list of options is available on the inventory page. Once you select your coins, you can have them delivered to you or sent to an independent depository. In some cases, customers can opt for free storage through Goldco.
It’s never too early or late to begin considering your retirement. The sooner you act, the more time you have to build your investments and set yourself up for a comfortable future. Do your research and consider your current finances and your financial goals to determine if investing in precious metals or a gold or silver Goldco IRA is the right choice for you. Ultimately, Goldco is a trusted name with a solid reputation, making it a good choice if you want to diversify your investments with precious metals.
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