If you're looking for a way to invest in your future, a gold IRA is one of the best options, and choosing a precious metals company is one of the most important decisions you'll make. A quick Google search will tell you that GoldCo has been listed by many as one of the best IRA companies on the market.
Reputable sites, such as Gold401k.com and InvestingInGold.com, have been raving about this precious metals IRA provider, so we took a closer look at GoldCo to determine whether it truly is as reputable as people believe it to be.
Before investing in a precious metals IRA, here's everything you need to know about GoldCo.
About GoldCo
GoldCo is a premier, award-winning precious metals brokerage service provider that was founded in 2006. It assists clients in the rollover of funds from an existing 457, 401(k), or 403(b), Thrift Savings Plan (TSP), or pension account to a self-directed gold IRA. The company also helps with Roth IRA conversions and rollovers.
According to GoldCo, its mission is to educate and safeguard clients' retirement funds through precious metals investments. If you're hoping to purchase gold and silver outside of a retirement account, GoldCo will sell you the metals you're interested in.
Find out why they are known for their incredible education by getting their free gold investing kit.
The Pros and Cons of Using GoldCo for Your Precious Metals IRA
Next, we’ll take a look at the pros and cons of using GoldCo to facilitate the rollover process.
Pros
- The company has 16 years of experience in the industry
- You get access to free retirement resources
- Annual fees are low compared to many competitors
- 1,000+ five-star customer ratings
- It is highly regarded by organizations like the Better Business Bureau (BBB) and the Business Consumer Alliance (BCA)
- Competitive buyback rates
- The company has an excellent customer service team
- It is a legitimate dealer and IRA provider that adheres to IRS rules
- Investors have a wide range of precious metal coins to choose from
- Easy account setup
- Great sign-up promotions, including free gold and silver for investments over a specified amount
- The company won the Stevie Award for the Company of the Year in 2021
Cons
- GoldCo doesn't always sell precious metals other than silver and gold
- Only offers gold and silver IRAs
- There is a high minimum investment
Why Invest in a Precious Metals IRA?
Precious metals IRAs are essentially retirement accounts that are backed by physical precious metals rather than paper assets. These IRAs are becoming increasingly popular among investors in the US, but why?
To begin with, current market conditions in the United States are leading to more Americans ending up in debt. These debts are also taking your 401(k) investments with them. Because of the high national debt, the inflation rate has already exceeded 8.5 percent!
Consequently, this implies that your 401(k) is now more vulnerable than ever before, which is why so many people are switching over to silver and gold IRAs.
Indeed, there is a real possibility that banking institutions could raid your savings and retirement funds. These entities may take money from certain accounts in order to remain solvent amid this economic crisis.
During these uncertain times, gold and other precious metals are the safe haven that many investors are looking for. They have proved to hold their value during economic turmoil, offering people a secure way to save for their retirement.
As one of the leading precious metals IRA providers, GoldCo has a lot to offer new investors, but just how much is it going to cost you to invest in precious metals with this company?
GoldCo Fee Structure
Firstly, to invest with GoldCo, you'll need to make a minimum investment of $20,000. However, for taxable accounts, the minimum investment is $3,500.
Admittedly, this is more than other precious metal IRA companies, but if you intend to transfer your retirement savings over to a GoldCo gold IRA, you should have no trouble meeting this requirement.
You will need to pay a $100 storage fee each year, and if you choose segregated storage, a fee of $150 will apply.
An $80 annual IRA management charge is also mandatory. This annual charge increases by $50 when your retirement account hits $100,000.
Moreover, there are one-time charges that you will have to pay when you set up your account in addition to the annual payments. A $50 setup fee applies to an IRA, and a $30 fee applies to bank wire deposits.
If there are no additional wires, a GoldCo precious metals IRA with regular non-segregated storage will cost you a total of $260 during the first year. This includes the wire, setup, annual, and once-off fees. After that, you'll pay $180 annually for each subsequent year.
Ordinary taxable accounts at GoldCo do not have any fees, unlike gold IRAs. There are no yearly fees, initial expenses, and storage expenditures.
What New Customer Promotions Does GoldCo Offer for Precious Metals IRAs?
Unlike many of its competitors, GoldCo offers new customers impressive promotions. You can expect some of the following when signing up for precious metal IRAs:
- Earn five percent back in the form of precious metals when you place an initial minimum order of $50,000
- Some offers include free silver coins and bars when opening a qualifying retirement account
- With an initial order of $50,000, the first year of annual fees will be waived, and you can receive up to $2,500 worth of free precious metals, depending on which gold and silver coins or bars you choose
How to Setup a GoldCo Precious Metals IRA
Because you'll have all the help you need, setting up precious metals IRAs with GoldCo is easy. You can follow the steps below to create your retirement account with this reputable provider quickly and easily:
1. Learn More and Choose a Plan
As we've mentioned before, GoldCo is focused on educating investors so that they can make the best decisions to secure their financial futures. Before you set up your account, we recommend learning all you can about precious metals IRAs using the company's free educational resources.
You can also chat with a consultant who will walk you through your options. Once you have made your choice and are ready to begin investing in precious metals, you must first open a self-directed IRA.
Investors can open a new retirement account if it's their first time investing in a retirement fund, or they can roll over a current retirement fund.
To confirm that you follow requirements and that any retirement funds you presently own are qualified for a gold IRA conversion or rollover, consult a tax consultant and a precious metals specialist at GoldCo.
2. Select a Custodian
According to IRS laws, gold IRA funds must be held by an approved custodian. Dealing with precious metals investing specialists, such as those at GoldCo, will assist you in finding a custodian who is familiar with gold IRAs. This will guarantee that your self-directed IRA is set up correctly.
GoldCo also gives its investors the freedom to choose their storage facility. You could choose to have the company store your precious metals for you or choose an external, IRS-approved storage facility.
3. Choose Precious Metals for the IRA
To prevent making mistakes when saving for your retirement, keep in mind that precious metals must adhere to particular IRS laws and regulations. Consulting a precious metals expert at GoldCo will ensure that you select the appropriate silver or gold coins and bars.
4. Make the Purchase
Once you've chosen the products for your precious metals IRA, a consultant will help you purchase the precious metals. You can then work with your custodian to finalize details about storage.
That's it! It really is that easy to set up your silver or gold IRA with GoldCo!
GoldCo Reviews from Customers
Most customers appear to love GoldCo's services. Consumers have expressed such enthusiasm that the Better Business Bureau has given it an A+ rating.
The Business Consumer Alliance also gave the company an AAA rating, which proves how well the company has done in executing its services and offering support to its clients.
Trustpilot users scored the company 4.8 out of 5 stars, and Google Reviews users have also given it their approval with 4.7 out of 5 stars. Moreover, it also earned a 4.8-star rating on ConsumerAffairs.
Moreover, the majority of these reviews focus on their interactions with GoldCo personnel, especially their customer care and sales teams.
Many investors reported that rolling over 401(k) plans to precious metals IRAs was rather simple with or without the help of GoldCo staff and that the procedure was made even easier with the assistance of a consultant.
Regrettably, not everyone was pleased with their experiences with GoldCo. Some customers were perplexed by the costs and unclear about gold and silver storage facilities.
Others became upset by their repeated daily calls to acquire an IRA, even though the customer care crew seemed to be polite. Those who intended to spend less money on their precious metal IRAs were put off by the hefty minimum deposit required.
However, the truth is that there were more positive customer reviews than there were negative reviews, and GoldCo seemed to act fast to resolve any customer complaints.
What Are Some of the Alternatives to GoldCo?
If you would like to weigh your options, you can read other reviews on our website to determine which company is a better fit for you. The top GoldCo alternatives are:
- Augusta Precious Metals
- Birch Gold Group
- Regal Assets
- BullionVault
Does GoldCo Live Up to Its Reputation as a Leader in the Precious Metals Industry?
The goal of this article is to determine whether GoldCo really is a leading precious metals IRA company. After doing our research, we were happy to find that it is!
Here are a few reasons why we consider GoldCo one of the best dealers on the market:
- Reputable companies such as the BBB and BCA have given GoldCo the highest possible ratings
- Review sites, such as InvestingInGold.com and Gold401k.com hold GoldCo in high esteem
- Reports from real customers indicate that the company places a great emphasis on educating investors and offering the care and support they need when making one of the most important financial decisions they'll ever make
- The company won the 2021 Stevie Award for the Company of the Year
- GoldCo is regarded highly by others in the industry
It isn't hard to see that GoldCo has undoubtedly earned its reputation and deserves recognition as a leader in its field!
Who Are the Best Candidates for a GoldCo Retirement Account?
GoldCo is a good investment for a number of people. Among these are investors concerned about the stock market's unpredictability and its effect on their retirement savings.
If you're concerned about the stock market, precious metals are a terrific way to reduce your risk. This is because the value of precious metals usually moves in the opposite direction to stocks.
Previously, many investors used silver and gold to ride out significant stock market declines until market circumstances improved.
The truth is that many businesses are vulnerable to financial risks and the advantage of precious metals is that they will always be available and hold their value, so if you're hoping to secure your wealth, investing in a precious metals IRA is ideal.
Moreover, if you're close to retirement but are worried about the current economic crisis and its effect on your retirement fund, you can secure your funds in a gold or silver IRA.
Final Thoughts
The reality is that you will not be able to work one day, and when you reach your retirement, you must have a reserve that can allow you to maintain your standard of living. Despite the economic uncertainty, you can ensure that you are ready for your retirement by investing in a precious metal IRA.
Choosing an IRA service provider is never easy, but it is necessary. GoldCo has an excellent reputation, and rightly so! It has proved to be a dependable service provider that has helped thousands of people secure their financial future.
We hope you found this review helpful!