Having an IRA is a great way to secure your future, but it can be a bit daunting for those who are new to the process. Typical IRAs focus on stocks and paper assets, whereas silver IRAs deal with precious metals.
If you are interested in investing in a silver IRA, it’s important to do your research and find the best silver IRA companies and choose the option most suitable for you. Here are a few companies you should consider. They offer reliable knowledge, experience, and excellent support when it comes to helping you make the right investments.
Best Silver IRAs
When considering the best silver IRA companies, it’s crucial to weigh various factors, including fees, reputation, customer service, and investment options. Research and compare silver IRA reviews for multiple companies, paying close attention to their ratings and any filed complaints. It’s also essential to assess the costs and fees associated with opening and maintaining a silver IRA account, as well as the types of investment options available.
If you’re looking to transfer IRA to silver, it’s especially important to make sure that the company offers this option and has experience with the process.
Ultimately, the best silver IRA company for you will depend on your unique financial goals and investment strategy. By carefully evaluating your options and considering your individual needs, you can make an informed decision and choose a company that will help you achieve your retirement goals. Here are our recommendations to get you started.
Goldco
- Promotions for new customers
- Educational services
- Lower than average fees
was founded in 2006 and is based in Woodland Hills, California. Goldco specializes in helping individuals roll over their existing retirement savings accounts, such as an IRA, 401(k), and 403(b), into a Precious Metals IRA.
The minimum investment amount for a silver IRA is $25,000. This account also comes with an annual fee of $175.
The company has an A+ rating from the Better Business Bureau (BBB) and a Triple-A rating from the Business Consumer Alliance (BCA). Moreover, Goldco was announced as the winner of the Gold Stevie Award as the company of the year in 2021 at the Annual American Business Awards.
American Hartford Gold
- Shipping in nondescript packaging
- Buyback commitment
- 24/7 customer service
is a family-owned and operated company established in 2015 in Los Angeles. American Hartford Gold offers three investment options: physical assets, gold IRAs, and silver IRAs.
The minimum investment amount for a silver IRA is $10,000. There is an additional annual fee of $180 for account maintenance. Additionally, the physical assets can be stored with Brink’s Global Services in Utah and California or Delaware’s Depository Service.
As a bonus, their BuyBack Commitment encourages clients to go to American Hartford Gold first when they want to sell their metals.
Augusta Precious Metals
- Accepts several payment options
- Up-to-date price charts
Augusta Precious Metals is a family-owned business in Tarzana, CA, that has been in operation for over 50 years. It is a trusted provider of precious metal IRAs along with gold and silver physical assets. Augusta partners with Canada’s Royal Mint and offers IRA-approved precious metals.
Augusta Precious Metals requires a $50,000 minimum investment for precious metal IRAs. Additionally, the company charges a $ 50 one-time setup fee. Lastly, investors will be charged an annual $ 80 maintenance fee and a $100 storage fee.
Types of silver IRAs
To be considered IRA-approved, silver products must meet minimum fineness requirements, meaning they must contain a certain percentage of pure silver. For example, American Silver Eagles, which are a popular IRA-approved silver coin, must contain at least 99.9% pure silver.
IRA-approved silver products include silver coins and bars from government mints and private refiners that meet the IRS requirements.
When choosing the best silver IRA for you it is important to know what options are available. Precious metal IRAs are similar to traditional IRAs, meaning that there are several different types of IRAs that you can choose from:
- Traditional Silver IRA
This type of IRA is a tax-deferred retirement account that allows you to invest in silver bullion and coins, which are held in a custodian-approved depository until you reach retirement age. Once you reach retirement age, you can either withdraw your silver or sell it for cash.
- Roth Silver IRA
Similar to a traditional IRA, a Roth IRA also allows you to invest in silver bullion and coins, but with the key difference that contributions are made with after-tax dollars. This means that any withdrawals made during retirement are tax-free.
- SEP Silver IRA
A Simplified Employee Pension (SEP) IRA allows self-employed individuals and small business owners to set aside funds for retirement. You can invest in silver bullion and coins through a SEP IRA, which provides tax benefits and potential investment growth.
- Solo 401(k) Silver IRA
This type of IRA is designed for self-employed individuals and small business owners who don’t have any employees other than themselves or their spouse. With a Solo 401(k) Silver IRA, you can invest in silver bullion and coins, with contributions made pre-tax.
- Simple Silver IRA
A Savings Incentive Match Plan for Employees (SIMPLE) IRA allows small businesses to offer a retirement plan to their employees. While not all SIMPLE IRA plans allow for investment in silver bullion and coins, some custodians may offer this option.
It’s important to note that not all custodians offer all of these types of silver IRAs. Be sure to do your research and choose a reputable custodian that offers the type of IRA that best fits your retirement goals and investment preferences.
Why Invest in a Silver IRA?
The demand for precious metals only continues to rise. As technology evolves, silver may be needed more and more to keep up with it. Here are the advantages of investing in a silver IRA:
- Private Purchases – When purchasing a silver IRA, your purchases are delivered right to your door. All your investments are private and your financial decisions are your own.
- Growth Potential – Silver is a limited source, so it has the potential to grow exponentially over time.
- Liquid Assets – Silver is one of the most sought-after assets due to its versatility. It is one of the most liquid assets you can own because of its flexibility when it comes to trading.
Silver IRA Pros and Cons
Pros
- Wealth Protection
In such a volatile economy, many Americans are worried about losing their hard-earned wealth. That’s why financial advisors recommend allocating between 5% to 25% of your portfolio for liquid assets like precious metals. In an economic collapse, silver and other precious metals can be easily liquefiable, reducing the stress of wondering how your stocks will perform in a market crash. In a way, you can think of a silver IRA as disaster insurance.
- Tax Benefits
The same tax laws apply to silver IRAs as regular IRAs. There are some lesser-known tax benefits as well, such as relief from inheritance tax and saver’s tax credit.
- Flexibility and Self-direction
Unlike regular IRAs, which are usually employer-directed, a silver IRA lets you choose what you want to invest in.
Cons
- No Interest, Dividends, or Yields
Most investors are obsessed with the dividends or interest payments that stocks and bonds provide. A silver IRA will not yield you either of these.
- Fees and Expenses
There are several expenses you will incur from setting up and maintaining a silver IRA. You may be charged to set up the account initially. You will certainly be charged an annual custodial and storage fee.
Silver IRA FAQ
How Can You Withdraw Money From a Silver IRA?
Money can be withdrawn from your silver IRA at your convenience. However, if the money is withdrawn from your account before you have turned 59 and a half, you will face a federal penalty charge of 10%.
How Do You Fund a Silver IRA?
Silver IRA rollover is a common way to fund an IRA. With the rollover program, any amount of funds that are in another IRA account can be withdrawn and used to fund your silver IRA, usually within 60 days of arrival. It is the most common way to fund your silver IRA account when you have an employee-sponsored retirement plan such as a 401(k). One thing to note is that this method can only be used once a year and once per account.
What Are The Steps Involved to Set Up Your Silver IRA Account?
The steps are simple and are as follows:
- Open a Precious Metals IRA Account
- Transfer Your Funds
- Select a Silver IRA Account
- Metals Will Be Shipped Directly Into Your Account
Is it Better to Invest in Silver or Gold?
Most analysts agree that investing in silver is a better and safer option than investing in gold. Some experts predict that silver can provide a better return compared to gold. Silver is also more stable than gold and performs well in the short and medium term. It is essential to the jewelry industry and industrial manufacturing. No investment comes without risks, but silver might be a safer bet than other options. If you want greater peace of mind and a good retirement savings plan, investing in silver may be the way to go.
What is IRA-Approved Silver?
IRA-approved silver refers to silver coins, bars, and rounds that meet the fineness criteria set by the Internal Revenue Service (IRS) and are produced by a recognized refiner or a government mint. To be IRA-approved, a silver bar must be at least 99.9% pure silver and produced by an accredited manufacturer. Additionally, it must be produced in a specific weight, typically ranging from 1 oz to 100 oz. The same goes for coins, although instead of weight requirements, they must have a legal tender status in their country of origin, which means that they can be used as a form of currency.