Saving for retirement is a laudable decision. However, several risk factors pose a major threat to your retirement nest egg. Some things like runaway inflation or unstable printing of money are just beyond your control. So it’s only natural to worry about your financial security in retirement.
People are now gravitating towards investing in precious metals and more specifically gold IRAs to protect their retirement value against stormy economic times ahead.
Well, you’re spoilt for choice when it comes to gold IRA companies. But we must say — no two companies are created equal. It is important to take time to do a background check on any company before getting involved with them. Not all have your best interest at heart. Some are created just to generate profits for the owners.
With that being said, if you’re looking for a thorough Goldco review, then you’ve come to the right place. We’ve covered everything you possibly need to know to decide if this company can help you achieve your investment goals and objectives.
About Goldco Precious Metals
Goldco is a precious metals IRA firm located in Woodland Hills, California. The company was founded in 2006 by Trevor Gerszt, a prominent American entrepreneur and businessman. This firm helps investors add one or several precious assets to new or existing self-directed IRA accounts while adhering to the IRS regulations. Clients can as well convert their current 401(k) or other qualified retirement accounts into precious metal IRAs.
Like most Gold IRA companies, Goldco Precious Metals works with self-directed IRA custodians. However, they prioritize Self Directed IRA Services Inc. and Equity Institutional. These two custodians are among the most preferred among dealers. But you still get to choose a custodian or storage facilities outside Goldco’s recommendations, as long as they meet the IRS guidelines.
The firm can deliver the metals directly to your home. But if they are purchased inside an SDIRA account, then the metals will be held by the IRA approved custodian. You cannot physically hold your purchase.
Goldco has established itself as one of the best rated gold IRA companies in the industry. They are accredited by various verified independent market watchdogs, such as Better Business Bureau (BBB), Better Consumer Alliance (BCA), Consumer Affairs, TrustPilot, and TrustLink. If you check out the Goldco’s record on these sites, you’ll notice that the company enjoys stellar ratings.
BBB: AAA Rating
BCA: AA Rating
Trustlink: 5 Star Rating
Consumer Affairs: 5 Star Rating
In 2015, Inc. 500 — an American business magazine ranked Goldco as the nation’s number one gold IRA provider. The former presidential candidate Ron Paul also endorsed the firm for diversifying retirement investments.
Having been in the business for over a decade, the company would have fetched several negative reviews and complaints if they were involved in unethical business practices. In fact, they would not have survived this far.
The few negative reviews are from people that didn’t understand how the precious metals market works. They probably invested without first seeking professional advice.
Goldco Products and Services
There’s a variety of precious metals available in the form of bullion and coins. Besides the popular gold and silver, Goldco provides investors with platinum and palladium to diversify their investment portfolio. To qualify for a self-directed IRA, each precious metal must adhere to the minimum purity standards set by the IRS as follows.
Gold — .995 pure
Silver — .999 pure
Platinum and Palladium — .9995 pure
Please note certain exceptions exist for specific coins. Goldco has experts that can walk you through the available options and help you find the right mix of precious metals.
Here’s also what Goldco has to offer clients.
• 401(k) Rollover
Goldco can assist you to rollover 401k or any other IRA to a Gold IRA without any fees or penalties. The amount of time taken to complete a roll over application varies, but it’s usually around 2 weeks. And once the funds have been successfully transferred to your Gold IRA account, you can start investing in precious metals.
• Simplified Employee Pension IRAs
With this product, employers can offer retirement benefits not only to employees but also themselves. The basic eligibility requirements allowed by IRS usually touch on employee’s age, working duration, and minimum salary earned in the current tax year. You’ll be provided with the necessary information on these, as well as the rules on SEP IRA contribution limits.
• SIMPLE IRAs
SIMPLE is an acronym for Savings Incentive Match Plan for Employees. This type of product offers a great tax advantage when you follow the stipulated requirements. Goldco Precious Metals Account Executive can help you set up the account and follow all the rules for a better ROI.
• Traditional IRA and Roth IRA planning
For traditional IRAs, your contributions are tax-deferred. You’ll be taxed particularly at the end of your investment when making withdrawals. Roth IRAs, on the other hand, are taxed after you make contributions to your account and not at the end of the investment period. It’s possible for clients to convert their traditional IRA to Roth IRA.
Creating an SDIRA account with Goldco will attract a one-time fee of $50. The recommended minimum purchase is $25,000, although purchases of as low as $3,500 can be allowed for non-IRA products or deals.
You’ll also need to factor in the storage, custodian, and shipping fees. The amount you pay will vary. Such information cannot be accessed on the dealer’s official site. You have to inquire about the actual costs directly from a company representative. Goldco will email you a comprehensive list of all the fees charged for you to review before making any investment.
If you’re going to invest $25, 000 or more, then Goldco will reimburse the storage fees for the first year. Well, you won’t receive the refunded money but instead, get a precious metal (silver) of a similar amount.
There are annual administrative costs set at $175 for investments worth at least $25, 000. These fees can increase up to $225 if your investments hit $100, 000.
Goldco usually rolls out promotions, which are designed to discount or waive the costs above.
When the time comes to liquidate your precious metals, Goldco has got you covered. You don’t have to worry about the hassle of finding a buyer for the assets. This dealer will buy back your metals fast. You will be able to resell them at the current spot market price, reducing the risk of missing out on any potential gains.
Gold Precious Metals has a friendly and knowledgeable customer support team to help you in every step of the way. If you have any questions or need advice, you can contact them using a toll-free telephone number. Also, you can email them or use the live chat feature.
Before you contact Goldco, however, make sure you visit their detailed FAQ section. You will get answers to many common questions often asked by interested investors like you.
Creating a Goldco Precious Metals Account
If you’re convinced Goldco can help you build a precious metal portfolio and reach your goals, it’s time to set up an account. You can fill out the online application form on their official site and the agents will surely get in touch within a short period.
Alternatively, try speaking to a company representative to complete the registration for you. In addition to helping you create an SDIRA account, they will provide the information and resource needed for you to make an informed decision on the ideal metals to add to your IRA account.
When establishing your account, the company staff will require you to send some paperwork with personal identifiable information like social security number. You will also be assisted to set up an account with one of Goldco’s preferred custodians.
• Trustworthy Gold IRA with the highest possible ratings across different reliable watchdog sites like BBB, BCA, and TrustLink
• Offers a wide range of precious metals to choose from
• Only works with IRS approved custodians that will administer and track the assets in your self-directed IRA
• Several types of existing accounts can qualify for a rollover to precious metal IRAs
• Excellent customer support at facilitating the purchase, holding, and selling of precious metals
• The live prices for the metals are displayed on the site
• Reimburses one year’s worth of storage fees
• Offer a generous buyback program for clients
• The minimum investment is set at $25,000, which may be high for most Americans
• Some of the information cannot be found on their website and, therefore, you will have to call and speak to a representative
Goldco is clearly a well trusted precious metal dealer. While the company may not have the largest product range in this niche, it thrives in delivering on its promises. The customers’ reviews say it all.
Maintaining high rankings for all those years they have been in the business is no small feat. As such, they can be trusted to have the experience to guide you through all the important decisions and let you know how certain rules and regulations affect your investments.
Goldco works together with IRA custodians and IRS approved storage facilities, taking away much of the stress associated with moving the physical investment.
We are happy to recommend Goldco to anyone looking to invest in gold and other precious metals.
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