We may earn money from our partners when you click a link, complete a form or call a phone number.
Goldco Review: Best Gold IRA For Retirees
Top precious metals IRA company for those planning for retirement
Extensive educational resources and step-by-step walkthrough videos
Low yearly fees and large selection of coins
Outstanding customer reviews
Are you searching for a reputable company that can help you get going with rolling over your 401(k) to a a gold IRA? There are dozens of companies in this competitive niche, with a pretty wide range of quality ratings.
The first two things to know are,
1) The term "gold IRA" is misleading, because these versatile accounts can actually hold four different precious metals, namely platinum, palladium, gold, and silver, and
2) Even though the field is rather crowded, only about a half-dozen companies dominate it, based on customer service and reputation.
One of the top players among the leadership of the gold IRA market segment is Goldco. The following data should be helpful for anyone who is considering using Goldco to open a precious metals IRA. As is the case with any kind of financial relationship you initiate, always perform your "due diligence" by checking out all the companies on your short list. We offer the following detailed information about Goldco to help you evaluate all your options:
In a Nutshell: Goldco is one of the leading companies to consider when looking into rolling over your 401k to a gold IRA account. They pride themselves in excellent customer service and will go all in to help you accomplish your retirement investment goals.
About Goldco Precious Metals
With their low fees and top-notch customer service, Goldco has been a leader in the gold IRA niche since opening their doors in 2006. Founded by Trevor Gerszt, it is headquartered in Woodland Hills California and they offer precious metals IRAs for gold and silver.
Their reps are known for being friendly, non-hard-sell types who specialize in helping people new to IRA investing, particularly metals IRAs. Their staff members can help you set up a brand-new IRA or roll one over, and they'll do it for any kind you currently have, whether it's a Roth, non-Roth, 401k, or SEP plan through your employer.
Goldco not only handles IRA accounts, they also sell precious metals on the open market. Recently, Goldco partnered with a company called CoinIRA that offers cryptocurrency IRA.
Gold Investment Options Offered By Goldco
Like all the major players in the gold IRA segment, Goldco offers several key services investors typically search for. That includes IRA planning assistance for simple, Roth, or precious metals (gold) IRAs. They'll even help you understand the limits and other unique factors about rolling over a 401k, SEP, Roth, or traditional IRA into a precious metals IRA.
Of course, their core business service is walking customers through the simple process of opening a gold IRA with any of the precious metals they offer. Their reps do the paperwork for you, explain every step, and fully answer any questions you have about the process.
When the time comes for you to receive distributions from your IRA, Goldco will sell the metals for you on the open market and send the proceeds directly to you. That way, you don't have to become your own metals seller just to take a simple IRA distribution.
Gold IRA Rollover
If you have a retirement account or investment portfolio and considering converting part of it to bullion coins or bars, then you may want to look into Goldco Precious Metals.
This process of rolling over your 401K to a gold IRA has been shown to have the same tax benefits as a traditional IRA. The main difference is that instead of investing your money in stocks and bonds, you're investing it in gold. In doing so, you might help protect your wealth against inflation, currency debasement, and economic uncertainty.
The Goldco team is always available and happy to guide you through the process of opening a self-directed IRA which you will need for the rollover. They're well-versed on the specific IRS regulations regarding self-directed IRAs and can work with you to ensure you follow the correct procedures to avoid any penalties or violations.
Once your account is funded, you'll be able to choose the gold or other precious metals you want to add to your IRA, then Goldco will take care of sending them to an IRS-approved storage facility until you reach the eligible age to hold or sell them. Once you retire, you can choose to take your disbursements in gold or cash.
Something to keep in mind as you determine which precious metal bars or coins you want to add to your account is that while gold bars may seem appealing, you may also want to make allowance for gold coins in your portfolio. The value of a gold bar will be purely based on the price of gold, whereas some gold coins may sell for higher prices due to demand for the coin or limited mintage.
IRA Gold 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
This 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
Why Choose A Self-Directed Gold IRA with Goldco?
As you may already know, self-directed IRAs are a great way to diversify your investment portfolio and protect your wealth from inflation and economic instability.
Money invested in precious metals is usually unaffected by the stock market crash and economic recession. In general, the price of gold and silver tend to rise when the stock market is down, which can offer additional security and benefits with a diversified portfolio. Gold holds its value well and often does better than other types of investments.
Gold is highly sought after and this is one of the reasons it is very valuable. In addition to being popular for jewelry, gold is also used for some technologies and other luxury items.
Silver, like gold, is equally popular and valuable as it is increasingly being used more and more for technological advancements. The consistent demand for gold and silver means that their value should continue to rise, not decrease.
Gold and silver are also easy to liquidate when you're ready to sell them but this is not the case with other investment types, such as real estate. When you retire and need to sell some or all of the gold or silver in your Precious Metals IRA, it will be easy since there are so many vendors that will purchase these metals from you.
Noteworthy is the fact that the value of gold has grown nearly twice as fast as the stock market in the past 20 years. Imagine what this would mean for your money that is invested in gold or other precious metals.
401K Rollover To IRA
Rolling over your 401(k) can be a very good way to gain tax benefits. Consumers can gain a greater level of control when they roll over 401(k) to IRA, because unlike a company-sponsored plan, an individual retirement account (IRA) allows for a wider field of investments, including stocks, bonds, precious metals, ETFs, etc.
One of the main reasons why soon-to-retire individuals go down this route is because rolling over existing funds and setting up a Gold IRA rather than simply purchasing gold to hold at your home is that the value of the precious metals in your account are tax-advantaged. Depending on the type of account you set up, you may not even be taxed on the gains on your investment.
Before rolling over or setting up a new self-directed IRA, take some time to read up on the IRS guidelines, rules, and penalties regarding IRAs. First, learn the contribution limits for an IRA based on your age. Exceeding these limits will result in a 6% fee each year until the mistake is corrected.
You also won't be able to withdraw any funds from your account before you reach at least 59 ½ years old. Removing funds before this will lead to a 10% fee, and you'll also owe income tax on the money you withdraw. There are a few exceptions to this rule, which include death or disability.
Goldco offers a simple and straightforward 4-step process to get you all ready to go. A team member is also available to answer any question you may have and offer assistance throughout the process.
The process looks like this:
- You open a new Goldco Precious Metals IRA
- Your Goldco specialist helps you fund your account with your old IRA
- Once the money transfers, your specialist helps you select precious metals that suit your goals and needs.
- Your IRA Specialist guides you through every step of the rollover process, which typically takes about 10 business days.
Goldco Fees And Account Minimums
Goldco does things differently than some of its competitors. Note, that doesn't necessarily mean "better" or "worse," just differently. Whether their particular way of doing business suits your needs or not depends on what kind of gold IRA company you're looking for.
For example, as noted above, there are no custodian fees (storage) charged by Goldco because they don't offer storage, but they do work frequently with Sterling Trust as a preferred custodian. You choose your own custodian.
However, Goldco will reimburse you the annual storage fee for whichever IRS-approved custodian you select, provided you invest a minimum of $25,000 into a precious metals IRA.
Then, for each additional $25,000 increment you invest, they'll reimburse your annual storage fees yet again. But, the reimbursement is not in dollars, but in market-value silver, which they ship directly to your home. The silver bullion you receive as a reimbursement is not part of your IRA. It's yours to keep, store, give away, or use however you wish.
Goldco Fees For Precious Metals IRAs
One - Time Fees
Set-up fee for IRA - $50
Wire fee - $30
Annual Fees
Maintenance fee - $80
Storage fees - $100 for non-segregated
or $150 for segregated
Goldco Fees For Non-IRA Investments Plus Goldco Investment Minimums
Fees
One time set-up fee- $0
Annual maintenance fee - $0
Storage fee - $0
Investment minimums
Precious Metal IRA - $25,000
Non- IRA Investment - $3,500
Here's a quick breakdown of Goldco's account fees and minimums:
• Annual Account Fee: $175, but increases to $225 once you invest more than $100,000
• Storage: Your annual storage (custodial) fees are reimbursed once per $25,000 you invest
• Custodian/Storage Fees: Not charged by Goldco. You pay annual storage fees to whichever IRS-approved custodian you select
• Account Minimum: Goldco reps "suggest" you invest at least $25,000 to start a gold IRA
Getting Started With Goldco
Getting started is probably the easiest part. You can either apply at their website, or phone one of their reps directly. Be sure to have all your pertinent ID data ready to go, like driver license number, SSN, legal name, etc.
The rep will explain everything to you about timing, how long it will take for a rollover to take effect (if you're doing a rollover), and how long it will be before the physical metals are delivered to your preferred storage location.
If you have no preferred location, they will recommend one from a short list of custodians they work with on a regular basis.
Goldco Features
Goldco can help you set up a self-direct Gold or Silver IRA and they can also help you rollover an existing 401(k).
Goldco offers an impressive mix of IRS-approved gold and silver coins and bars that individuals can purchase to add to a Precious Metals IRA.
A team member at Goldco is always available to walk you through the process of setting up a new Gold IRA or rolling over existing funds into a Precious Metals IRA.
Goldco offers a free self-direct IRA guide to help individuals learn more about the process for setting up a Precious Metals IRA.
Goldco's website offers useful resources for Gold IRA investments, retirement planning, 401(k) rollover, self-directed IRAs, how they all work, and why they are a good investment option.
Who is Goldco Best For?
Goldco is a great option for many types of investors, including those who:
Want to invest in physical gold or precious metals. Unlike companies that could go under at any moment, precious metals will be around forever. If you want a tried and tested investment in your portfolio that will never go out of style, precious metals may be a good choice.
Want to protect their wealth from the Instability of the stock market. For some of us who get uncomfortable with the volatility of the stock market, minimizing risk with precious metals is a good way to go. When the market is tanking, those with gold and silver in their portfolio can ride out the cycle until things start to swing back up.
Want to plan for retirement. Could you live a comfortable retirement lifestyle if another financial crisis hits like the one in 2008? If you’re retired or are nearing retirement, precious metals add stability when you need it most.
Want to rollover their 401(k) to a gold IRA. If your 401(k) does not offer ready access to investments in gold, you may still have some flexibility to invest in gold through mutual funds or exchange-traded funds (ETFs). Goldco will advise on how best to go about this.
Do Goldco's Services Meet Your Standards?
Here is a checklist which can help you decide if Goldco meets your personal investing criteria:
Pros
Their BBB rating is A+, the highest
The management team is highly experienced, with more than a century of combined time in the industry
For the past three years, there are zero BBB complaints on file, which is unusual in the precious metals IRA niche
Consumer reviews posted online are invariably positive
The company has a stellar reputation for helpful customer service reps who go out of their way to assist newcomers to IRA and precious metals investing
Their fees are industry-competitive and tend to be lower than many of other gold IRA companies' fees
Cons
Unlike some other gold investment companies, Goldco have minimums set to at least $50,000 in a qualified retirement account.
Fees are not spelled out clearly on the company's website
Final Thoughts on Goldco Precious Metals
Goldco is without a doubt one of the top three gold IRA companies currently in operation. If their fee structure on their website were as great as everything else they did, they'd have been the perfect company to invest in.
However, Goldco has over a decade of experience with gold IRAs. Their advisors are top notch and will help answer any questions you may have. We still give them our highest rating, a 4.9 out of 5.0. because Goldco gets all the big stuff right.
Frequently Asked Questions About Goldco Precious Metals Investment
Is Goldco a reputable company?
Yes, Goldco is a reputable company and one of the best in the industry. They are rated A+ by the Better Business Bureau and rated Triple A by the Business Consumer Alliance.
You should definitely speak with their gold IRA advisors If you're planning to invest in precious metals IRA or thinking about rolling over some of your retirement funds to physical gold and silver investment portfolio.
What is a gold IRA account?
A gold IRA account is a specialized individual retirement account (IRA) where instead of money or stocks you invest in precious metals like gold, silver, platinum and/or palladium. These physical precious metals are held in a IRS-approved secure storage facility or vault.
What are the benefits of investing in gold IRA?
Investing in a gold IRA will help you diversify your retirement portfolio on a tax-deferred basis. If and when you decide to transfer or rollover your existing retirement account into physical gold or silver IRA, there will not be tax implications.
Gold IRAs can help stabilize and protect your long-term wealth in a way that market-tied securities, even cash, simply can't. That's why there's so much interest in gold IRAs.
Who is Trevor Gerszt?
Trevor Gerszt is the Founder and CEO of Goldco. His main goal for Goldco is to help Americans plan ahead and well for retirement. To give Americans the ability to diversify and provide other investment options to avert stock market volatility, stock market crashes or economic downturn.
Goldco stands for exceptional customer service while providing the best educational resource for their clients. Their BBB rating and customer reviews speak highly of their solid reputation.
Why does a precious metals IRA account need a custodian?
An IRA is a custodial account, and requires a custodian to maintain its tax-advantaged status. The custodian ensures that all of the investments are approved by the Internal Revenue Service and also completes all of the required reporting and paperwork for the taxing authority.
Is Goldco a precious metals IRA custodian?
Goldco doesn’t offer IRA custodian services. However they have an excellent relationship with many third party IRA custodian providers.
What does an IRA consultant at Goldco do?
The IRA consultant or specialist will help you through the whole process. They will help you setup your precious metals accounts or rollover your existing IRA accounts as fast as possible. There is a choice of gold, silver, platinum and palladium precious metals or you can choose to hold all of them in your account.
How much of my IRA should I convert into precious metals IRA?
Always a good idea to talk to a professional investment adviser or seek legal counsel. However, it comes down to personal circumstances and personal preferences.
Goldco
