Goldco Gold IRA Review 2022: Ratings, Options, Pros & Cons
Precious Metals IRAs are self-directed individual retirement accounts that hold physical gold, silver, platinum, and palladium, among other precious metals, on behalf of the investor. Because each account is invested in physical precious metals rather than paper assets, they effectively protect against inflation and stock market crashes.
Interest in the metals market for retirement investing is increasing, leaving more people wondering which investment company to work with. Goldco, also known as Goldco Direct, is a precious metals firm worth considering in your search.
Let’s take a closer look at Goldco reviews and complaints, explore what Goldco precious metals IRA options have to offer, and why they may or may not be the right company for you. We’ve updated this article in the Fall of 2023 to make sure you have the most accurate and timely information in this volatile global macro environment.
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Goldco’s Self-Directed IRAs
Unlike a traditional IRA, self-directed IRAs offer an alternative to customary stocks and bonds. Instead, you can invest in an array of assets, including precious metals like gold and silver. This allows you to have a more diverse portfolio, making it easier to manage risk. Goldco offers both Gold and Silver IRAs.
- Complete the application for a new Gold IRA by contacting their team
- Choose an approved non-bank trustee to store your investments
- Fund the account
- Tiered investment packages
- Choose the type of gold coins or bars that you want to invest in
Types of Gold IRA Coins
- Gold American Eagle Coin
- Gold American Eagle Proof
- Gold American Bald Eagle Coin
- Gold Buffalo Coin
- Gold Maple Leaf Coin
- Gold Lucky Dragon Coin
- Gold Australian Saltwater Crocodile Coin
- Royal Mint Gold Lunar Series: 2016-Year of the Monkey Coin
- Royal Mint Gold Lunar Series: 2017-Year of the Rooster Coin
- Royal Mint Gold Lunar Series: 2018-Year of the Dog Coin
- Royal Mint Gold Lunar Series: 2019-Year of the Pig Coin
Gold IRA Bars
Goldco’s gold bars are 99.99% pure and manufactured by some of the world’s leading producers, including Perth Mint and PAMP Suisse. This percentage exceeds the IRS’s standard of 99.5% purity. Bars are available in various sizes, including but not limited to 1oz, 5oz, 10oz, and 100oz bars.
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Much like the Goldco Gold IRA, Silver IRAs offer a level of security and diversity, yet at a far more affordable price than other metals. With this plan, you can easily add more silver coins and bars to your IRA than you would gold for the same price.
Additionally, silver was the first metal used as currency and, as such, has been in circulation much longer than gold and is still in high demand. The process for opening this type of IRA is the same as the gold, and Goldco offers 99.99% pure silver coins and bars.
Types of Silver IRA Coins
Just like gold coins, silver collectible coins tend to be more valuable than silver bars since they’re easier to trade and more easily recognizable. Goldco offers the following types of silver coins:
- Silver American Eagle Coin
- Silver American Eagle Proof Coin
- Silver Maple Leaf Coin
- Silver Australian Saltwater Crocodile Coin
- Silver Lucky Dragon Coin
- Silver World War I Coin
- Silver WWII Victory Coin
- Silver American Bald Eagle Coin
- Royal Mint Silver Britannia Lunar Series: 2015-Year of the Ram Coin
- Royal Mint Silver Britannia Lunar Series: 2016-Year of the Monkey Coin
- Royal Mint Silver Britannia Lunar Series: 2017-Year of the Rooster Coin
- Royal Mint Silver Britannia Lunar Series: 2018-Year of the Dog Coin
- Royal Mint Silver Britannia Lunar Series: 2019-Year of the Pig Coin
Silver IRA Bars
Goldco Fee Structure
The required minimum purchase at Goldco to start a gold IRA is $25,000.
Goldco’s preferred Custodian charges a flat annual account service fee which includes a one-time IRA account set-up fee of $50, as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually.
Goldco does not charge any storage fees for cash transactions over $25,000.
Is a Goldco Precious Metals IRA Right For You?
If you’re looking to diversify your retirement portfolio and grow your money steadily over time, then a self-directed precious metals IRA may be right for you. These accounts are more stable than the stock market, so you’ll have more peace of mind knowing that your investments will be there at retirement age.
Additionally, self-directed IRAs are easier to cash in than others, giving you more control and financial freedom. That way, when it’s time to retire, you’ll easily be able to liquidate your metals for cash or decide to hold onto them.
Time and again, precious metals have been shown to hold their value over the years. Because of their high demand, they have withstood stock market crashes and have even outpaced it.
Of all investment options, investing in precious metals has been revered as one of the most tried and true choices. If you’re looking for a sure method of investing for growing your retirement savings, you should consider a Goldco account.
Transferring and Rolling Over Existing IRAs
Are you looking to roll over an existing retirement account? Perhaps, if you’re currently changing jobs or retiring? In that case, the IRS’s deposit and disbursement laws mandate that you roll over the distribution from the existing IRA or other retirement accounts within 60 days.
Goldco makes it easy to do so by offering helpful guides to let you know whether your account is eligible to be rolled over into a Goldco precious metals IRA. Doing so would be more beneficial than purchasing precious metals outright because the IRA account investments are taxed less.
Additionally, the contributions you make to your precious metal IRAs may also be tax-deductible depending on your tax bracket. Not only will your investments be much more fruitful when it is time to withdraw, but they may also save you money in the present.
However, like many other forms of investing, rolling over your accounts into a precious metals IRA is subject to IRS rules and regulations. It’s important to be familiar with them before deciding to roll over your accounts.
For instance, there are regulations that control how much you can contribute based on your age as well as what age you will be allowed to begin withdrawing funds. By understanding these rules, you can save yourself a lot of time and money.
Fortunately, Goldco’s friendly staff is well-versed in the laws pertaining to precious metal IRAs and, according to customer reviews, is more than happy to answer questions. They make it easy to roll over your traditional retirement accounts into a precious metals IRA by offering a simple rollover process.
The first step is always to do your research. The Goldco team understands that no one knows your personal circumstances better than you do and promise never to recommend products that don’t fit your goals. If you decide that precious metals are right for you, you should start thinking about the types of Goldco precious metals you want in your portfolio.
Second, you will work closely with a Goldco specialist who will walk you through the steps of selecting the type of precious metals IRA and filling out the needed paperwork. During this step, the precious metals specialist will ensure that all guidelines are followed, and you can ask questions.
Next, you can expect to begin setting up the rollover by performing a direct or indirect transfer. The best way to do so is by transferring it directly from the previous servicer. Either way, a Goldco precious metals specialist can walk you through the transfer process, and once complete, you can officially select the precious metals you want to be included in your IRA investment account. After that, it’s smooth sailing, and you can watch your retirement funds grow steadily over the years.
Among Goldco services, Goldco reviews also rave about their valuable learning resources. Unlike some other Gold IRA companies, Goldco offers educational resources that help consumers learn about responsible retirement planning.
Planning for the future can be difficult when done alone. That’s why Goldco offers free resources to the public, including eBooks, videos, and blogs on a wide range of topics like SEP IRAs, Roth IRA planning, Simple IRA planning, Goldco investing, and more. Additionally, you can always view up-to-date pricing for precious metals right from their website.
Free Self-Directed IRA Guide
If you’re still not sure whether investing in precious metals is the right decision for you, you should consider downloading Goldco’s free self-directed IRA precious metals guide. This guide gives you more detailed information on the pros and cons of opening this type of account and informs you on the process of doing so. Goldco believes that the public should be well informed before making important investment decisions.
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Main Features of Goldco Info
- Goldco offers self-directed precious metals IRAs, including the Gold IRA and Silver IRA.
- Goldco representatives will help you set up your precious metals IRAs with a simple 5 -step process.
- Goldco precious metals IRAs diversify your investments and grow in value over time, making them a more sound investment for retirement than traditional and ROTH IRAs or other precious metal IRAs
- Self-directed precious metals IRAs allow more freedom and control
- Precious metals are easily converted to cash at retirement
- Goldco has an A+ rating from the Better Business Bureau and a Triple-A rating from Business Consumer Alliance which is based on high positive customer reviews and low negative reviews
- Goldco offers an extensive list of IRS approved precious metals options
- Knowledgeable team members are available to assist with account opening, transfers, and when you are ready to purchase precious metals
- Goldco provides free educational resources to inform your investment decision, including a self-directed IRA guide
- The process for establishing a new Gold IRA or rolling over an existing account to a Goldco precious metals account is simple
- Precious metals specialists are readily available to assist you through the entire process
- The Goldco IRA plans receive the same tax advantages as traditional IRAs
- Goldco requires a minimum investment amount
When scouring the precious metals market to find the right investment company, Goldco Gold and Silver IRAs are worth the consideration. It is obvious from Goldco reviews online and their listing on the Consumer Affairs website that they’re doing something right. If you’re ready to set yourself up for future financial success, contact the team at Goldco today for a consultation. If you found this Goldco review helpful but want to see more options, feel free to check out our article, The 5 Best Gold IRA Companies of 2021.