Consider converting your current retirement plan to a silver IRA if you want to live life to the fullest without worrying about how financial changes like inflation may affect your funds. This method is currently widely used by many people to protect their future.
Diversification is a key component of any investment strategy. By distributing your investments, you can diversify your portfolio so that the failure of one company or industry won’t influence all of your holdings.
We selected the top silver IRA providers for 2022 in this guide based on their dependability, reputation, and silver IRA ratings.
The top way to safeguard your retirement is to open a precious metals IRA. Check out the below providers and request a free kit.
Best Overall Rating (Where I Invested)
#2 American Hartford Gold
Best Buyback Program
#3 Augusta Precious Metals
Most Educational ($50,000 Minimum)
#4 Noble Gold
Best Metals Selection
What Will I Learn?
- Goldco Precious Metals
- Augusta Precious Metals: Best Precious Metals IRA
- American Hartford Gold
- Birch Gold Group
- What Is Precious Metals IRA?
- Advantages of Precious Metals IRAs
- What Precious Metals Are Suitable for Retirement Investments?
- What Portion of Your IRA Should be Comprised of Precious Metals?
Goldco Precious Metals
Using Goldco is one of the easiest ways to set up an IRA. BBB and BCA have given it their approval. You can invest in individual metals like gold, silver, platinum, palladium, or any combination of these metals.
At Goldco, self-directed IRAs can be set up in just three easy steps. With recommendations tailored to each client’s future needs, its staff guides potential clients through the process. Goldco also offers a wonderful buy-back plan, so you won’t need to worry.
In addition to IRA rollovers and precious metals IRAs, Goldco also sells actual assets. It has a wide variety of bullion, including bars and coins. On the website, there is a live chat facility. Any questions you have can be answered by its customer service, and they will be happy to do so.
Goldco is recognized by the CAA and has Trustpilot reviews. If you want a company that does not have large maintenance costs, this is a fantastic choice.
However, when it comes to its costs, Goldco is not precisely as open. You must get in touch with them via the company hotline if you want to know the precise cost of its services and products, fees, and other costs.
Nevertheless, all other services provided by Goldco are seamless and may be completed in a matter of days. This covers 401(k) rollovers and other sources of funding.
Augusta Precious Metals: Best Precious Metals IRA
Augusta Precious Metals was founded by CEO and founder Isaac Nuriani in 2012. He has extensive experience assisting seniors with financial planning. The city of Augusta is well known for its outstanding services and has one of the highest ratings.
In contrast to some companies, Augusta Precious Metals invests time in building its customer loyalty. The importance of diversity and the efficiency of gold and silver IRAs as inflation hedges are also explained to clients.
Augusta firmly supports the values of openness, simplicity, and service in order to improve its relationship with its customers. It operates in complete transparency, appreciating the worth of IRAs and offering recommendations based on their advantages for clients.
The firm keeps the setup process easy to understand and simple for beginners.
Furthermore, the website provides live chat support around-the-clock to assist consumers with any questions.
A talented analytics staff with Harvard education, including Director of Education Devlyn Steele, is available to customers at all times. The depth of the website’s collection of educational tools demonstrates Devlyn’s enthusiasm.
Augusta’s professionals guide you through the paperwork process so you won’t feel lost and they help you choose the investments that will provide the highest returns.
All of your material goods are safe and secure in the well-protected Delaware Depositary, so you can relax. The metals are not available to workers and are officially verified.
American Hartford Gold
American Hartford is a well-known California company known for its speedy delivery and simple IRA setup.
One of the broadest selections of gold, silver, and other metal bullion is available from this business.
American Hartford Gold provides silver and gold IRAs in addition to IRA rollovers. To register and receive a free instructional manual, go to the company website.
After deciding which metal is best for you, you can purchase these physical items. The best thing about working with American Hartford is that you quickly receive secure delivery of your assets.
On its website, a live, always-on chat option is available. If you require more in-depth assistance, you can also reach a specialist by calling the helpline number listed on the website. On websites like Trustpilot, the firm has a lot of raving fans and high ratings.
This company offers a good assortment of silver coins, gold coins, gold bullion, and platinum coins, reasonable pricing, and other hallmarks of a respectable precious metals IRA supplier. The best thing about American Hartford Gold, though, is the way the company treats its customers.
Several reviews have noted that the company’s employees are not only extremely knowledgeable but also quite friendly.
This firm has a reputation for taking its time to thoughtfully consider consumer complaints before coming up with an answer that effectively addresses the issue.
The fact that its support line is open almost 24/7 also helps. Customers can transact with the company, regardless of their local time zone.
In addition to providing exceptional customer service, American Hartford Gold is well known for its investor education initiative. The staff would rather give you the knowledge you need to make a fairly informed investing decision than pressure you to do something like open an IRA or buy gold.
Furthermore, the final touch is a flexible fee structure. This means that the amount you pay American Hartford Gold each year will directly relate to how often you use your precious metal IRA.
Birch Gold Group
One of the biggest gold and silver dealers in the US is Birch Gold Group. It provides a wide range of services, including precious metals IRA, physical metal bullion, and IRA rollovers.
Birch Gold Group is renowned for offering excellent services and guiding customers through the procedure to ensure their comfort.
It has a straightforward setup process. Your advisors can help you decide how much money to set aside for investments and what sorts of metals to purchase with that money.
On the website, potential clients can sign up for a free information kit. The kit contains essential facts on gold and silver IRAs as well as IRA rollovers. Customers can call the helpline listed on the website to get their questions answered.
Silver, gold, palladium, platinum, and other metals are available for purchase from Birch Gold.
Also read: What is the Melt Value of Gold?
What Is Precious Metals IRA?
You must be aware that once you reach retirement age, there are several ways for you to protect your funds.
Essentially, you may be familiar with individual retirement accounts, where you can store some of your money while you’re employed and spend it when you retire. IRAs are similar to savings accounts that you can only open after you reach a specific age.
The same principle applies to precious metal IRAs, but they have the additional benefit of diversifying your portfolio of investments.
A gold IRA or any other specialized precious metal IRA is meant to hold “precious metals,” as opposed to the “paper” assets that retirement accounts are intended to hold, such as cash, stocks, bonds, transferable securities, and other valued contracts.
However, make no mistake. There is no actual gold in IRAs. That can only be done through the depositary facility associated with your preferred precious metals IRA company.
Moreover, the IRS has imposed tighter regulations and standards for precious metals IRAs. The government wouldn’t want this financial instrument to serve as a channel for tax-related abuse and fraud after all.
Furthermore, the management of IRAs is fairly expensive. The annual cost of account maintenance, storage, and management fees may reach $300.00. This excludes shipping and all transaction fees for each purchase you make.
Overall, having IRAs or physical precious metals is both a financial benefit and a financial burden.
Advantages of Precious Metals IRAs
Why should you bother making a lot of effort to set up an IRA? Here are some of the reasons.
Asset Diversification Is Made Possible with Precious Metals IRA Companies
You can keep at least four different kinds of precious metals in a precious metals IRA, which come in coin and bullion forms. Should that mean eight distinct asset types are stored in your IRA, right? The answer is no.
According to its purity rating, mint date, and other inherent characteristics, each precious metal product has a different market value. Additionally, each IRA company gets its coins from several mints located all over the world.
You can therefore store Canadian Maple Leaves, American Eagles, various collector’s coins, and bars with varying mint dates in your IRA if you know where to look. To further diversify your holdings, some IRA companies even include “digital” options like cryptocurrency.
Overall, your IRA can contain a rather varied asset base. Naturally, this is assuming that you time your investments properly.
A Precious Metals IRA Offers Opportunities Beyond Diversification
Essentially, you can also look into other options to further diversify your investment portfolio if you are innovative with your money. You could, for instance, invest in equities of companies that mine or sell precious metals.
As an alternative, you could “rent” some of your gold IRA to the government, who would then give you a bond. These are unique contracts that require the government to reimburse you for the gold together with interest after a specified amount of time.
Your IRA can generate passive income for you by diversifying your portfolio with these extra paper assets. The best thing is that, depending on which tax benefit the IRS allows you, this income is either tax-deferred or tax-free.
A Precious Metals IRA Offers Protection
There is no getting around the fact that the economy is now unstable. It’s impossible to predict whether your money’s buying power will remain the same in a few years. The quantity may stay the same, but what you can buy with that money may significantly decline.
All of this is a result of fiat currencies’ dependence on a highly unstable economy.
However, precious metals have their own intrinsic worth and are fully immune to this volatility. They can function effectively even under challenging economic circumstances.
You can cast a safety net wide enough to protect your funds from inflation and other economic downturns by investing a portion of your assets in these metals.
Other Retirement Options Do Not Provide the Kind of Control That a Precious Metal IRA Does
Although it might not surprise you, you actually have little to no input or control over your standard retirement plans. Regular contributions are already specified and deducted from your pay regularly.
Additionally, the amount you can usually withdraw is restricted once you are ready to use the money.
However, you have complete discretion over what you can contribute to and take from an IRA. There is nothing stopping you from limiting the quantity of gold you keep in your IRA.
Also, the majority of companies provide a simple buyback method if you wish to withdraw any of your wealth to sell it.
The amount you can contribute to an IRA each year is the only restriction. Essentially, the IRS would prefer that you refrain from contributing all of your yearly income to your IRA because doing so would amount to tax evasion.
What Precious Metals Are Suitable for Retirement Investments?
You can own gold, silver, platinum, and palladium coins and bullion from a variety of international sources with an IRA. In the past, US-based IRAs could only be used to hold American gold and silver eagle coins.
The IRS has now permitted the circulation of metals that were sourced elsewhere, as times have changed.
Today, you can add money to your IRA to buy a wide range of products made of precious metals. The IRS must first authorize these coins and bars, which is the only catch.
Essentially, the purity of these coins and bars is one of the tests they must pass. In essence, all products made of gold must be 99.95% pure, whereas products made of other metals must be 99.99% pure.
Naturally, the authorities would prefer that you avoid dealing with fake coins and bars. You can only prevent owning such by doing business with an authorized IRA provider.
Additionally, you can keep rare coins in your IRA. You should make sure that you get duplicates of these coins from genuinely reputable sources, though, as the IRS is unable to directly track the movements of these items.
What Portion of Your IRA Should be Comprised of Precious Metals?
Even though a precious metals IRA can hold gold, silver, platinum, and palladium, it would still be in your best interest to be cautious when making purchases.
The portion of your investment portfolio dedicated to precious metals should range from 5% to 10%, depending on your situation.
There are three reasons why you should remain within this range.
First, the best method for protecting your savings is still through asset diversification. This means that avoiding investing in just one kind of asset will be your best bet for surviving inflation.
Second, have a steady price trend such as paper assets like stocks, because they remain superior to precious metals in terms of performance. Unless you sell them to someone else, they won’t even generate income for you. You might underinvest for the rest of your retirement if your whole asset portfolio consists solely of precious metals.
Third, price drops do occasionally affect precious metals. There have been times in the past when their prices did fall below profitable levels. Whether the same might occur in the near future is unpredictable.
The point is that it’s never a smart idea to fill your IRA entirely with a single kind of asset, even if that asset was intended to be kept there.
Spreading your investments wisely over a range of asset classes and industry sectors is advised. It will be less likely for all of your investments to lose value if your safety net is larger.
Gold and silver bullion and other precious metals are still in great demand despite the instability in the world markets.
We hope you now have a better grasp of the top silver and precious metals IRA companies after reading this post. What is best for you ultimately depends on you and your family.
Keep in mind that precious metals investing offers investors the highest potential of any kind of portfolio diversification.