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How to Set Up a Gold IRA

Gold IRA’s are self-directed retirement accounts that allow you to invest in precious metals and store them in an IRS-approved depository. They offer a way to diversify your savings portfolio, as precious metals can be a better hedge against inflation and market volatility than currencies or stocks.

There are three types of gold IRAs: traditional, Roth and SEP, each with its own tax advantages and drawbacks. A financial advisor can help you determine which one is best for your personal situation.

Selecting a Custodian and Depository

The first step in setting up your gold IRA is to select an account custodian that will oversee the paperwork associated with your account. Then, you’ll need to find a depository, which is where the physical precious metals are stored in a vault. This can be a time-consuming process, so you might want to consider working with a gold IRA company that offers both services as a single package.

Once you’ve chosen your custodian and depository, you’ll need to deposit funds into your gold IRA. Some gold IRA companies will handle this for you, while others require you to work with a gold dealer who can then transfer the money into your account.

Precious Metals Selection and Pricing

Some gold IRA companies offer a broad range of precious metal products, ranging from silver coins to bullion bars. However, you should be aware that not all of them are IRA-compatible or IRS-approved. Buying the wrong types of gold can cause your IRA to lose its tax-deferred status and lead to tax penalties.

Many gold IRA companies also tack on seller fees that can make your purchases cost more than they should. Check out the website of each company you’re considering and compare the markups to those charged by other dealers.

Online Reviews and Reputation

The best gold IRA companies will offer free starter packs on their websites, so you can get a feel for the service they provide before you sign up. They will also have online customer reviews, so you can get a sense of how satisfied their customers are.

These reviews can be found on review sites like Facebook, Google Business, Consumer Affairs and the Better Business Bureau. You can also check out whether a company has had any legal action taken against it.

Choosing the Right Gold IRA Company

The key to selecting the right gold IRA company is to choose one that provides excellent customer service, offers a comprehensive selection of IRA-compatible bullion and has an experienced team. Birch Gold Group, for example, has a great reputation as a trusted precious metals dealer and has an A+ rating with the Better Business Bureau.

Another excellent option is Augusta Precious Metals, which boasts a stellar reputation as an industry leader. Their free information pack includes a booklet that describes how to use precious metals to build a diversified investment portfolio.

The best gold IRA companies offer a simple, flat annual fee that covers a wide range of services, including sourcing the gold you need and storing it in an IRS-approved depository. Some also offer a free starter pack that makes the whole process quick and easy.