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The rising cost of expenses today makes it important to diversify and guard your investments. With Silver IRA, this means choosing thebest Silver IRA companieswith a good track record and communication channels.
In this article, we’ll do our best to compare differentSilver IRA Companiesand give you a starting point on where to look so you can start saving for your retirement funds!
Top 3 Silver IRA Companies
#1Augusta Precious Metals (5/5 Rating)
August Precious Metals has been in the industry for more than a decade – managing to maintain an excellent reputation with the Better Business Bureau throughout. There are a lot of things to love about this Silver IRA firm but their most notable character is their transparency. The whole staff is dedicated in informing investors about precious metals and exactly how your investments will be handled.
The firm – which is endorsed by Joe Montana who uses the same services – has been voted as the most trusted firm when it comes to precious metals. Part of this is because of their analytics team that guides investors through the process of opening an account.
Other services of Augusta Precious Metals include current market news and free one-on-one web conferences with the help of professional economists.
Another plus of this firm is the fact that all their precious metals meet IRS requirements when it comes to fineness and quality. This ensures that each purchase comes under the Taxpayer Relief Act of 1997, which allows exception on taxes paid. Simply put – your IRA investment in precious metals is 100% yours and does not require tax payment as part of your income or estate.
If you’re still unsure about going through with the investment, August Precious Metals also offers non-IRA accounts just to get you started. While this doesn’t have the same security as IRA accounts, you can take this time to learn more about investing in precious metals.
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#2 Goldco (4.7/5 Rating)
Started in 2006, Goldco has a fairly good rating with the Better Business Bureau and the Business Consumer Alliance. With more than a decade of experience in the industry, Goldco managed to move and evolve with the times – earning the reputation of a stable firm.
Precious metals sold by the firm include gold and silver – and they specialize in facilitating transfer from your 401k to a Goldco account. If you’re holding other retirement accounts like 403b, then Goldco can also help you with the transfer.
#3 American Hartford Gold (4.5/5 Rating)
Another long-term dealer in precious metals, American Hartford is family-owned and deals with gold, platinum, and silver. They don’t require setup fees when you open your IRA – but they do charge on a percentage basis. This means that their depositary fees depend on how much you’re investing instead of a flat rate. As a result, you might have to make yearly adjustments to storage expenses.
On the plus side, American Hartford does not charge you the cost of shipping the precious metals, insurance, or even tracking of the package.
Silver IRA: What You Should Know
Silver IRA or Individual Retirement Account is a manner of diversifying your investments through precious metals. With this, you’re able to buy literal silver coins and bars, and have them stored for safekeeping. A lot of people are attracted to this investment type because precious metals have a fairly stable value in the market. They’re not heavily affected by shifts in the economy and tend to have an upward trend in value.
Fortunately, Silver IRA and other precious metals are regulated by the IRS in the same way bonds and stocks are regulated. However, few financial managers include this in their services – which is why most investors choose to set up an individual account on their own. This allows you to self-manage your account and have a more direct control on your investment.
Is Silver a Good Retirement Investment?
Silver and other precious metals are viewed as safe investments because they maintain their value even during uncertain times. In the past, silver and gold are used as literal legal tender and they continue to retain high value in the market. If you look at silver’s history over the years, its value is largely unaffected, even during the 2008 housing crisis or the 2020 economic problems brought by the pandemic.
What to Look For in a Silver IRA Company
Investing in precious metals is a good decision – but you should still vet the firm that would be handling your account. Here’s what to look for when making this decision:
Things to Consider When Choosing a Silver IRA Company
Once you’ve narrowed down your choices, it’s time to dig a little deeper with each firm. Here’s what to look for:
Track Record and Reputation of the Silver IRA Custodian Company
Go beyond the reviews left at the company’s website. The reliable sources are the Better Business Bureau, TrustLink, and Consumer Alliance. Your Silver IRA company should be listed in these three and have a good rating to go with it. The ratings come from consumers who availed of the company services in the past and want to provide a feedback for other potential users.
Better Business Bureau also provides information about any complaints launched against the company. Ideally, there should no complaints or if there are – it should be resolved. As state regulators, the Better Business Bureau will provide you with the most accurate insight aboutSilver IRA Custodian.
Finally, don’t forget to look into the people behind the business. You want managers and officials who have had extensive experience in the investment industry. We use all these factors when ranking the best silver IRA companies.
Upfront and Reasonable Individual Retirement Account Fees
Investment companies may charge yearly fees in two ways: flat fee or on a percentage based on your account balance. Of the two, it’s better to get a firm that charges a flat fee every year. This way, your account balance can increase without exorbitant costs on your part. A percentage rate can also be hurtful on your part, especially if the market doesn’t develop in your favor. Some even charge if you fail to make deposits or fail to meet a minimum balance.
In contrast, a flat fee gives you the chance to have a firm and predictable control on your expenses. You know exactly how much you pay and when. Some companies, like Augusts Precious Metals, go as far as shoulder some of the fees for specific accounts.
Silver Storage Safety
Unlike other investments – silver is tangible. It needs to be stored and secured by the depository for future use. Storage should be with a reputable company who can guarantee the safety of your silver. It can be local or international stowing and the rates may vary depending on the location of the storage.
The manner of keeping the silver is also crucial. There’s commingled storage where all the silver coins or bullions are placed together in one room. Commingled storage typically means that if you decide to physically withdraw the silver – you won’t be getting your actual metals back.
In contrast, there’s segregated storage where each account holder gets their personal vault within the vault. This guarantees that all silver deposits are separate and traceable back to the person who actually made the deposit. If you decide to withdraw the silver, you can be sure that you’re getting the same item you deposited.
Of the two storage methods, segregated storage is usually better. This gives you direct access to precious metals that you purchased yourself. As a result, you have knowledge of the exact weight, quality, and purity of the silver – making it easier to resell the item if necessary.
Generous Company Buyback Policies
Are you investing for long-term or short-term? In either case, it’s important to consider how quickly you can liquidate your investment. For this reason, you want to find a company with a buy back policy in place. Note that the law doesn’t require these companies to have a buy back policy in place. However – a good company will voluntarily have a buyback program just to give you that added sense of security.
A buyback program also means you may quickly sell the silver at current market price values. If the buyback program is too slow and inefficient, the value of silver may fluctuate before the company accepts your sell order.
Sincere “Trust Signals” From the Provider
Silver is just one of several precious metals that can be used as an investment. A good IRA company should be able to offer all kinds – silver, gold, and platinum. This helps create more diversification in your investments without having to utilize multiple companies. You might start off with silver, but there’s a good chance that you’ll expand to other precious metals as the market changes.
Other trust signals you should look for would be the ability of the IRA Company to offer insights about current market trends. For example, August Precious Metals offers access to market analytics generated by their own group of economists. This lets you gain access to useful data that you’re able to use to help generate decisions for your investments.
Final Thoughts - Best Silver IRA companies
Choosing the right silver IRA Company is crucial if you want to safeguard your future. It’s not enough to diversify your funds with silver – each investment must be reliable on its own.
After considering all factors, we recommend going with Augusta Precious Metals for your Silver IRA investments. Augusta has a long record of transparency, reliability, and competitive pricing. They also have strong ties with their clients which is easily seen through the ratings and reviews given by patrons of the investment firm. While we’re not saying that Augusta is perfect – it certainly performs better than other Silver IRA firms in the industry today.
For your own peace of mind, we strongly suggest that you do your own research about Augusta and contact their management for more information. At the end of the day, it’s never too much to do what you can to protect your own investments.
