Are you worried that your retirement savings may not be as valuable when you retire because of inflation? If so, you may want to consider investing in gold IRAs (individual retirement accounts). A precious metals IRA allows you to fund your retirement savings with a tangible, valuable asset, like physical gold or silver.
Many companies provide retirement accounts for gold and other precious metals, so picking the right provider for your financial goals is challenging. At Learn About Gold, we want to help you make wise decisions with your wealth. Below, we review Goldco IRA products and all the company information you should consider before you invest in gold with Goldco.
Is Goldco a Legit Precious Metals IRA Company?
Many scamming companies exist online, providing fake gold bars, impure gold coins, and other counterfeit products. In contrast, Goldco is a legitimate precious metal IRA provider that lets you purchase investments without such risks. The company received Better Business Bureau accreditation in 2011 with an A+ rating and an average of 4.83 stars from customers.
Goldco’s organizational and customer-based scores reflect its legitimacy. Here are the company’s scores across some popular review sites:
- BCA Rating (comprehensive customer feedback): AAA
- BCA complaints in the last three years: Zero
- TrustLink Community: 4.9 out of 5 stars
- Google Reviews: 4.9 out of 5 stars
Goldco Company Background
Goldco began in 2006 and has since gone by a few different names, including “Goldco Direct” and “Goldco Precious Metals.” The company’s founder, Trevor Gerszt, and CEO, Brenda Whitman, both have ample experience in the precious metals IRA industry.
Trevor Gerszt founded the company in Woodland Hills, California, after spending his childhood and young adult life in South Africa, the world’s second-largest gold producer. His family collected and sold gold and other precious metals, teaching Gerszt the ways of the industry.
Brenda Whitman worked her way up to CEO after starting with the company as an IRA services director. With experience working at Capital Gold Group and teaching the National Affiliate Program to financial specialists, she provides ample knowledge on how to protect your hard-earned savings.
Today, the company sells physical gold coins, other precious metals, and various retirement products, including 401(k) accounts and precious metal IRAs.
How Much Is the Minimum Investment for Goldco IRA?
The main downside with Goldco IRA products is the minimum investment amount that may deter some investor groups. All the precious metals IRAs, 401(k), and other services require a minimum initial contribution of at least $20,000 to $25,000 (depending on the specific product).
If the above figure is too high for your investment portfolio, you could consider non-IRA transactions, like coins. Goldco sells gold and silver coin products with a minimum entry price of $3,500, which is more realistic for many novice investors.
Goldco Gold IRA Fees
All self-directed IRA providers have fees, Goldco included. When investing, you must consider these fees to make informed decisions and protect your wealth. Goldco’s self-directed IRA fees include initial payments, annual costs, and storage fees.
Initial One-Time Fees
To open an account with Goldco, you must pay the setup and wire costs.
- Setup fee: $50
- Wire fee: $30
You will only pay this $80 once. You may need to pay the fees again if you wish to set up an additional account or perform multiple wires. High-paying customers may receive discounts.
Each year, Goldco charges IRA customers maintenance and storage fees. The company offers benefits to customers investing in higher amounts. For example, if you have over $50,000 in your account in the first year, you may receive a maintenance fee waiver and 5% back in precious metals.
- Annual maintenance costs: $80
- Annual storage fees: $100 to $150, depending on the method
The Internal Revenue Service (IRS) requires that all IRA products be stored in an authorized storage facility. If you purchase coins, you can deliver them to your house and secure them as you please. However, with a 401(k) or IRA, you must pay for authorized storage. The providers offer high-security vaults that protect your investments from risk factors like theft and damage.
Goldco offers a few storage options at various price points. Non-segregated storage means your precious metals will share a vault with other investing customers. Segregated storage allows you to keep your gold IRA in a private vault, separate from anyone else’s precious metals.
The costs for various facilities are as follows:
- Delaware Depository (DDSC) (non-segregated): $100
- Brink’s Salt Lake City (non-segregated): $100
- IDS Texas (segregated): $150
Each of these facilities meets IRS standards. If you purchase non-IRA products, you can choose between various delivery options that offer discreet and safe packaging.
Goldco includes insurance on all deliveries, and you can track the shipment process online.
Popular Goldco Products and Services
From precious metals to traditional IRA products, Goldco offers many investment options to help you achieve your retirement goals. You can start from scratch or use your existing 401(k) to fund your new retirement account. Learn more about Goldco IRA and bullion options below.
A gold coin investment allows you to capitalize on the precious metal’s value and the coin’s rarity. Many types of gold coins exist, varying in value.
Two popular gold coin options from Goldco include the Gold Australia Saltwater Crocodile and the Lunar Dog British Gold Coin.
The Perth Mint in Australia produces the Gold Australia Saltwater Crocodile. The gold coin is 99.99% pure gold and comes in a 1/4 ounce size. You can use the Gold Australia Saltwater Crocodile as an IRA contribution.
The Lunar Dog British Gold Coin by the Royal Mint is one of the most sought-after gold products available. At 99.9999% pure, this gold coin is IRA eligible and quite valuable.
More gold bullion products include:
- Gold American Eagle Proof
- Gold American Eagle 1 and 2
- Gold Liberty Coin
- Gold Lucky Dragon
- Gold Freedom Coin
- Gold Australian Striped Marlin
- Gold bars
For a lower entry price, you can also purchase silver coins. Silver is a high-demand precious metal because of its real-life use cases in jewelry and industry.
The most popular silver coins from Goldco include the Silver Australian Saltwater Croc and the Canadian Silver Lucky Dragon Coin. The Silver Australian Saltwater Croc also comes from The Perth Mint, offering a U.S. currency alternative or IRA-eligible contribution method. The coin boasts 99.99% purity at a 1/2 ounce weight.
The Canadian Silver Lucky Dragon Coin comes from The Mint of Canada. You can use this silver product for IRA investing or United States trading. A one-ounce coin is 99.9999% pure.
Self-Directed Gold IRA
A traditional IRA allows you to save for retirement while enjoying tax benefits. Each year that you contribute, you may be able to enjoy tax deductions. You won’t have to pay taxes until you withdraw your money when you retire.
Goldco’s self-directed gold IRAs offer the same tax opportunities, though you can invest in a more valuable and tangible asset: gold. While paper money typically loses value over time due to inflation, gold maintains its status and provides long-term gains. Gold values won’t substantially fluctuate from the economy.
You can open a gold IRA with Goldco from scratch or fund it using your existing retirement accounts. For example, if you already have a 401(k), 403(b), IRA, or TSP, you can roll your assets over to the gold IRA without tax penalties. If you don’t already have any retirement accounts, you can still open a gold IRA, though you’ll need the $25,000 minimum initial contribution.
Self-Directed Silver IRA
Silver may seem less valuable than gold, but many predict it will gain more traction in the near future due to its industrial use cases. As demand for silver increases, so will its value. Purchasing a silver IRA while the costs are relatively low could offer incredible benefits when you retire.
Goldco offers silver IRA investment opportunities for anyone seeking affordable entry prices, low risks, and stable investments. You can purchase more silver (in weight) than gold at the same initial $25,000 contribution price. By owning more of the commodity, you may enjoy increased benefits when you retire.
401(k) to Gold IRA Rollover
401(k)s are employer-sponsored retirement accounts that don’t offer much control over the funds. With unstable economic times, many people prefer the stability and control that IRAs offer. The United States government allows you to roll over funds from a 401(k) to an IRA without any early withdrawal penalties (because you won’t receive access to the funds).
Goldco IRA services let you roll over 401(k) contributions to either Roth or traditional gold and silver IRAs.
A Savings Incentive Match Plan for Employees (SIMPLE) IRA is a retirement account that allows employees and companies to contribute to a traditional IRA. Small employers who can’t afford larger company-based benefit plans often prefer SIMPLE IRAs. Goldco allows you to invest in a SIMPLE IRA using gold or silver.
Simplified Employee Pension IRA
Simplified Employee Pension (SEP) IRAs are financial institution plans that help companies provide employee benefits. Goldco allows you to open SEP IRAs with gold and silver contributions so that you can protect the value of your earnings.
The Goldco Buyback Program
When you’re ready to retire, you’ll need to sell your precious metals for cash. You can sell gold and silver to many companies, though you may receive lowball offers. Goldco urges customers to sell their precious metal investments back to them to receive the best possible value.
When you’re ready to liquidate your gold IRA, you can easily sell to Goldco for a great value and a convenient transaction. The company wants to continue selling gold, so this sale benefits each party.
How To Start a Gold IRA With Goldco
If you decide to open a gold IRA with Goldco, you can get started in a few easy steps:
- Create the gold IRA: First, you can select the type of investment account you wish to open. You will need to sign various company agreements and provide your information.
- Select a custodian: The IRS requires custodians on any type of IRA, including gold IRAs. The custodian helps you manage and track your gold assets or other precious metals.
- Add your savings to the gold IRA: Next, you will either roll over your existing IRA or 401(k) savings or add the minimum contribution amount. Your first investment can be a standard currency that you’ll use to purchase precious metals.
- Purchase precious metals with your money: You can use your investment to purchase whatever precious metals you choose, including gold and silver. A gold IRA may be the most popular, though silver also boasts many benefits.
- Continue contributing to the gold IRA: After setting up your gold IRA account, you can continue contributing to it as much as you please (within IRS limitations).
Goldco Customer Support
Customer support is critical when selecting the right gold IRA provider for your investment goals. If you have any questions or issues, you need a team of helpful and experienced gold experts to help. You’re potentially investing upwards of $25,000, so the service quality should match this price.
Goldco’s customer support team is friendly, helpful, and attentive. You can enjoy total transparency and accountability during all interactions.
Sometimes gold IRA investment companies help you set up but ignore your needs afterwards. Some shady businesses may charge you additional annual fees you didn’t sign up for. You don’t need to worry about hidden fees or shady practices with Goldco.
Does Goldco Have Any Complaints?
No, Goldco currently has zero customer complaints from the past three years on the Better Business Bureau and Business Consumer Alliance websites. When you invest in gold, you want a company you can trust. Customer complaints speak volumes, so we always recommend choosing gold IRA providers with few to no issues from consumers.
Goldco Contact Options
Goldco offers various convenient contact methods, so you can easily get in touch with customer service. The options include:
- Live chat
- Online request form
- General phone number: (855) 450-1394
- General email: firstname.lastname@example.org
- Customer care phone number: (855) 450-1394
- Customer care email: email@example.com
Things We Don’t Like About Goldco
Selecting a gold IRA provider is a huge decision. While Goldco has many things to love, it’s also important to consider the cons. The biggest negative with Goldco involves its gold IRA minimum contribution requirements.
To open a gold IRA at Goldco, you need at least $25,000 in cash or in an existing retirement account. For some investors, this requirement may not be an issue. However, for beginners, this could be a huge turn-off.
Other gold IRA providers offer lower entry points that may work better for novice investors. Unfortunately, many companies don’t boast the same excellent ratings, products, services, and customer support channels as Goldco. You can read more about the pros and cons of each top company with our comprehensive gold IRA review list.
Goldco is an excellent gold IRA choice with few negatives, assuming you can afford the entry price. If you don’t have the investment requirements now, consider another option from the list.
Comparing Goldco to the Competition
Every gold IRA provider has a different minimum contribution requirement. While Goldco’s IRA minimums may be on the higher end of the spectrum, some companies still require even more savings to open an account. Luckily, other providers let you invest in a gold IRA with any amount you choose.
Here are the minimum contribution requirements for some of the top precious metal IRA providers in the United States:
- Augusta Precious Metals: $50,000
- Patriot Gold Group: $25,000
- Birch Gold Group: $10,000
- Regal Assets CA: $5,000
- Noble Gold: $2,000
- Advantage Gold: $0
While Advantage Gold has zero requirements, we usually recommend starting your account with at least $5,000. Precious metals are more valuable in larger quantities. If you can’t afford a lot of gold now, consider starting with another precious metal, like silver.
If you still have questions, don’t fret; we have answers! Continue reading below to learn the answers to Goldco’s most frequently asked questions.
How Long Does It Take To Open an Account?
Opening an investment account with Goldco typically takes around two to three weeks. You may need to wait on asset transfers and other approvals, which contribute to this time frame.
How Long Does It Take Goldco To Convert an Existing IRA to a Gold IRA?
If you want to roll over your existing retirement savings into a precious metals IRA, you should expect the process to take around two weeks. Some applications require more complexities that could increase this time frame. After the savings enter your new account, you can purchase the precious metals.
When Can I Liquidate My Assets?
Gold IRAs adhere to the same IRS mandates as any other IRAs. You cannot withdraw your earnings until you reach age 59.5. You’ll suffer penalty fees if you need your assets sooner.
Note that you must be under 70.5 years old to open a precious metals IRA. This rule prevents people from opening accounts and immediately liquidating assets.
Can I Keep the Precious Metals at Home?
You can store precious metals at home, though not if they’re part of your IRA. The IRS requires that all tangible IRA assets meet certified storage requirements. Goldco offers a few storage options that all adhere to these mandates.
If you want to keep your gold at home, consider a non-IRA transaction. You order coins or bullion from Goldco delivered directly to your home with discreet and secure shipping. Be sure to store the items in a safe to prevent theft.
Most people would advise against keeping large quantities of precious metals at your house. For example, if you own $50,000 worth of gold coins, a simple house break-in could destroy your savings. Home storage may be more practical if you only own a couple of coins.
Does Goldco Guarantee Values?
No, Goldco cannot guarantee your precious metals’ potential values, nor can any other IRA provider. You can check recent value fluctuation trends and statistics to make an educated prediction, though companies typically won’t guarantee this promise. Luckily, gold, silver, and other precious metals are all stable and reliable investment opportunities that tend to gain value over long time periods.
What Happens When I Retire?
When you retire or decide to withdraw your IRA assets, you have a few options. You can take physical possession of your gold and use it as you please or sell it. Goldco will purchase your precious metals for a fair rate, though you may also sell the assets to other organizations.
For Traditional IRAs, you’ll have to pay taxes upon withdrawal. If you opened a Roth IRA, you already paid the taxes, so you can enjoy the savings tax-free.
Do You Still Need Help Finding an Investment Provider?
If you’re unsure about Goldco IRA products, don’t fret. Many precious metal investment providers exist, with varying advantages and disadvantages. At Learn About Gold, we aim to pair you with an organization that can help you fulfill your financial goals and diversify your portfolio.
Check out our full gold IRA review list to learn more about all your top options. Find a Gold IRA partner using our interactive quiz or contact Learn About Gold for more information by filling out our online form.