Investing More Than $250,000 in Your IRA? Here’s What You Should Know
Posted By Ziga Breznik, Last updated: February 27, 2020
If you currently have more than $250,000 in your retirement account and you are considering a gold IRA rollover, read on. You can also read: “Behind on Your Retirement Savings? Here’s 5 Tips To Fix It!” or our full guide on rollovers here.
There are 5 very important factors you should consider before rolling over your existing retirement account:
- Account Fees
- Flat vs. Scaled Fees
- Storage
- Collectables vs. Bullion
- Company Reputation
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Account Fees
One thing you should be very careful about when choosing a IRA custodian is the fees that they charge. This could as well be the MOST important factor on which you base your decision.
When it comes to account fees, there are usually 2 main fee structures:
- Flat Fees
- Scaled Fees
Retirement Savings Annual Flat Fees Annual Scaled Fees ( .1%)
$150,000 $150 $150
$300,000 $150 $300
$1,000,000 $150 $1000
$10,000,000 $150 $10,000
Bullion vs. Collectables
If you are an uninformed investor, this is where most custodians will try to take advantage of you. If they sell you collectable or numismatic coins instead of the regular bullion eagles they get a higher commission.
If a company tries to sell you these coins to put into your retirement account, consider it a warning signal. Not only are these coins very hard to liquidate, you will end up selling them at a significantly lower value than you purchased them.
The government currently only allows certain precious metals that can be held in a retirement account. For your convenience, here is a chart of IRA approved precious metals:
Storage Options
Another critical consideration is storage. When the time comes to liquidate your metals, you want to make it as easy as possible.
There are two main types of storage:
- Co-mingled
- Segregated
Co-mingled storage means that your precious metals are mixed with others in the vault. This might not be the ideal situation. When you want to liquidate your precious metals, a co-mingled storage could make the process difficult and confusing.
Segregated storage on the other hand is a much better option. It means your precious metals won’t be mixed with others – safely stored in their own area.
Company Reputation
This is another important factor to consider when choosing your gold IRA company.
Here is what we look for:
- Lots of Customer Reviews
- BBB Rating
- TrustLink Rating
- Featured in Authority Websites and Magazines link INC. and Forbes
- Approved by 3rd party consumer protection agencies
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