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If you're like many individuals, you like to do your due diligence and research before making any big financial decisions. If you've been thinking about opening a Gold IRA, one of your big questions may relate to how much you'll be charged in fees. Understanding exactly what is involved with setting up a Gold IRA is important before getting the process started.
Today, we're here to help you answer this question. We've put together some basic information on the types of fees associated with Gold IRAs. Additionally, we have some more specific information for the fees charged by our three favorite precious metals providers: Goldco, Augusta Precious Metals, and Birch Gold Group.
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What Fees are Associated with Gold IRAs
The fees associated with a Gold IRA can vary from one precious metals company to the next. There are a few main categories of fees to know about, and then you can check with the specific company you're looking at to learn more about what they charge for each of these categories (or continue reading below to learn about what Goldco, Augusta Precious Metals, and Birch Gold Group charge).
The main fee categories include initial set up and administration fees, commissions and/or marked up prices on coins, annual maintenance fees, storage fees, and other miscellaneous fees.
Initial Setup and Administration Fees
While not sanctioned by the government, you can expect to pay a fee to set up your account. This fee, which is typically around $50, covers the work that the precious metals provider and IRA custodian need to do to get your account opened and set up.
Commissions and Coin Markups
When you purchase coins from a precious metals provider, you should expect to pay a marked-up price to cover commissions and profit margins. These fees can vary based on the company and the total amount of each transaction.
Annual Maintenance Fees
As a Gold IRA account holder, you'll be receiving regular investment statements. The company you work with will be responsible for preparing these statements and taking care of other maintenance-related tasks for your account. The annual maintenance fees, which typically start around $75 per year, cover these services.
In addition to the fees that the precious metals company you work with will charge, there will also be storage fees for the depository where your precious metals are held. You will not have the option to store your precious metals at your home or a safety deposit box at a bank. IRS requirements mandate that precious metals be store in an IRS-approved depository. Storage fees differ slightly depending on the depository you choose. They will also be higher if you choose segregated storage, where your metals are stored in their own vault away from the holdings of others.
You may also be charged a variety of other smaller fees depending on the company you choose to work with. A common fee charged by most companies is a wire transfer fee, typically around $25 to $35. If you want to confirm that there are no additional miscellaneous fees, check the IRA setup paperwork or consult with a representative from the company you're thinking about working with.
Our Favorite Gold IRA Providers and their Fees
Below you'll find an explanation of the fees charged for setting up a Gold IRA with Goldco, Augusta Precious Metals, and Birch Gold Group, our three favorite Gold IRA providers.
In our opinion, Goldco is the absolute best precious metals provider out there. They offer an extensive selection of precious metals, top-notch customer service, stellar reviews from past customers, and reasonable fees. You must have a minimum of $25,000 in your current retirement account to set up a Gold IRA transfer or rollover with Goldco.
Here are the fees that you will be charged when you work with Goldco:
If you have at least $50,000 in your existing retirement account to transfer to your new Gold IRA, Goldco will waive the first year's fees. This is a savings of over $260.
In addition to the opportunity to save on your first year's fees, Goldco is also offering an impressive promotion for their customers. When you open a qualifying Gold IRA, you can receive up to $10,000 in free silver. Gold IRAs opened with a minimum of $25,000 will qualify to receive 10% back in free silver.
Here are the details for the promotion and how much you can receive:
The free silver you can earn can more than make up for the account fees that you'll be charged.
Augusta Precious Metals
Augusta Precious Metals can also help you open up a Gold IRA. The company has a decade of experience in the precious metals industry and has grown to become a trusted name. Augusta Precious Metals requires a $50,000 minimum investment to open a Gold IRA.
If you're interested in opening a Gold IRA with Augusta Precious Metals, below if a breakdown of the fees that you'll be charged.
Birch Gold Group
Birch Gold Group is another of our favorite precious metals providers. Their website is very transparent about the fees that their clients will be charged for setting up and maintaining a Gold IRA. Birch Gold Group requires that clients have a minimum of $10,000 to transfer to their Gold IRA.
Here is a breakdown of the fees you can expect to pay for a Gold IRA with Birch Gold Group:
The annual management and storage/insurance fees may vary if you choose to work with a different IRA custodian company. Some company's fees are based on a percentage of your total portfolio. However, when you work with Birch Gold Group's preferred IRA custodian company, you will simply pay the flat $100 management and $100 storage/insurance fees, for a total of $200 per year (after the first year).
Birch Gold Group is also running a promotion for Gold IRA clients that could help you negate the fees for this year and even many of the coming years. When you make a new precious metals purchase for an IRA, you may qualify to receive up to $10,000 in free precious metals.
In order to receive this promotion, you must buy at least $50,000 in eligible precious metals for your Gold IRA. Here is the exact breakdown of the bonus you could receive, depending on the amount of your Gold IRA transfer or rollover:
Is a Gold IRA Worth the Fees?
Ultimately, you'll have to weigh the fees charged by each precious metals provider to determine whether a Gold IRA is the right solution for you. That being said, however, numerous individuals and financial experts recommend Gold IRAs because of the many benefits they offer. These benefits include:
Gold IRA fees can vary from one company to the next, though they are typically pretty similar. The benefits of adding precious metals to your IRA should balance out these fees in most cases. Now that you've found the answers to your questions about Gold IRA fees, are you ready to contact Goldco, Augusta Precious Metals, or Birch Gold Group to open up a Gold IRA?
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