There are so many benefits attached to having gold in your retirement portfolio. This includes retaining the value of your savings even during economic crises like inflation or political crises like war. The reason you can derive these benefits from having a gold retirement plan is that gold historically has been known to be a store of value.
Other valuable metals like silver and palladium have also proven they provide these benefits as well. Luckily, you can also have these other metals in your gold Individual Retirement Account. Hence, these accounts can also be called precious metal IRAs. But, getting these benefits may not be as easy as you think. This is because to own a precious metals IRA you need to get a reliable precious metals IRA Company.
The firm you choose to handle your account is very important because they will be in charge of almost every aspect of your investment. This includes buying and storing the asset in an equally reliable third-party IRS-approved depository.
Hence, you need to be as careful as possible with your selection process to avoid being swindled. Below are some of the things you need to do when looking for a reliable precious metal IRA Company.
1. Research Several Companies
The first thing you need to do is to get potential companies and then research each individually before you even contact any. When you make the research you will understand some key details about the firm and then find out how beneficial the firm will be to you.
The best place to conduct your research is the internet. The focus of your research should be what people have to say about the firm. This means you need to read reviews. This way you would know what to and what not to be expecting from the company.
The following are some warning signs to look out for as you do the research:
- Paid Reviews: If you type in “review about (the company you are researching)” on the query box, you would have several results. Some of these reviews may be paid ones. Because they are paid, their opinions might be biased, so you do not want to rely on them. Most affiliate websites (websites that receive a commission whenever people open an account via the articles on their site) would put on a disclaimer that they earn a commission from this.
Instead of reading paid reviews, we advise that you check reliable review sites that do not just highlight the good side of the company but also the cons.
- Fake Reviews: You most likely may come across fake reviews that would make you think the company is what it is not. To avoid this, you need to be as careful as possible as you do your research. Click here to learn how to spot fake reviews online.
- Unlicensed Companies: A very important thing to check while you research a company is whether or not they are licensed. The reviews typically should state whether the company has its license or not. Licensed companies usually have met the requirements the state has for them to operate their business.
2. Check the Firms Personally
Once you have checked their reputation online, you should be down to just a few companies. At this point, you would need to take a closer look at them to make sure that all that you found online is true.
Hence, you would need to ask the firm some very important questions.
Important Questions to Ask a Gold IRA Company before Choosing Them
Below are some of the important questions you need to ask the company before you choose them for the job:
Q: Can I sell my precious metals back to the firm when my investment is ready for withdrawal?
Once you are 59 and a half years old, you can start withdrawing your retirement savings without penalty. When this time comes, your precious metals can either be shipped down to you or can be sold and you’d the cash value for the investment.
Not all companies buy the asset back from their clients. So, if you don’t want to look for buyers when it is time to withdraw your money, find out if the firm offers this service. If they do, then you also need to ask if the asset will be bought at the market’s current rate so that you don’t end up selling lesser than what the market is selling.
Q: What fees would I be charged?
Knowing how you would be charged for the service is very important. Sometimes, the low prices you see on their website were only posted to attract customers. So, you need to ask this before you settle on a particular company.
Some of these companies have hidden charges that would end up making you pay more than you thought you would. Visit https://finance.yahoo.com/ to learn how to spot and avoid some common hidden charges.
Setup fees are usually paid just once. But, you may be charged some additional fees that have to be paid more than once. Some of these additional fees include miscellaneous, maintenance, and storage fees.
Conclusion
Getting a reliable gold IRA company is the first step to ensuring you reap all the benefits of having precious metals in your retirement portfolio. When looking for the company, you would need to be as meticulous as possible and do thorough research of the firm before you decide on them. Reading reviews about them online is a great way to go about this. You also need to consider their fees and ensure that you are getting the services at a fair price.