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 looking to invest in a silver IRA, here are a few companies you should consider when doing your research. They offer reliable knowledge, experience, and excellent support when it comes to helping you make the right investments.
- 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.
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
- 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.
- 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.