Company Name: Goldco Precious Metals
Owners: Trevor Gerszt (CEO)
Location: Woodland Hills, CA 91367
Better Business Bureau: Accredited Business since 05/22/2012. Click Here to Read the BBB Report.
BBB Rating: A+ (as of Feb 2016)
Business Consumer Alliance: Business started: 10/7/2006 Click Here to Read the BCA Report.
BCA Rating: AAA (as of Feb 2016)
Trustlink: 160 reviews as of Feb 2016. Click Here to Read the Trustlink Report.
Trustlink Star Rating: 5 of 5 stars (as of Feb 2016)
Yelp: 5 review as of Feb 2016. Read the Company Review Here.
Yelp Rating: 5 of 5 stars (as of Fed 2016)
The Ripoff Report: No Reports. Click Here to Visit the Ripoff Report site.
0 complaints with BBB for Goldco over past 3 years, as of Feb 2016.
- 0 complaints with the BCA over past 3 years, as of Feb 2016.
BBB: Rating of A+, 0 complaints
Check out our review of Regal Assets here.
See the other online reviews of gold companies.
Editor’s note: If any information shown here is inaccurate please notify us.
How to Open An IRA
Whether you have a 401(k) savings plan or any other retirement plan at work, it is important to consider investing in an IRA to augment your retirement savings. There are two main types of IRA that you can invest in; a traditional IRA and a Roth IRA. The two accounts have tax advantages that can allow your savings to grow.
How To Open a Roth IRA
What you need to consider when opening an IRA
The first thing that you should consider is the amount of money that you will need to place in your retirement account. Most financial experts argue that you need around 85% of your annual pre-retirement earnings to live well after retirement. That amount can be enough if you will have cleared debts such as mortgages before leaving work. Secondly, you need to figure out how you will meet those expenses. There are three main sources of retirement income; your savings, pensions from your employers and social security. You also need to consider other sources of income that can help you save more for your retirement. With this information, you know your savings needs and goal before you open an IRA.
Where should I open an IRA
Most financial institutions allow their clients to open an IRA. These institutions include banks, brokerage firms and mutual fund companies. Most IRA providers offer a range of investment options including money market funds, CDs, individual stocks, bonds and mutual funds. This means that you can put together a diversified retirement package within your IRA. The only difference that you will find between these financial institutions is the fee structure. You need to compare the fees before choosing where to open your account.
Steps to open your IRA
The process of opening an IRA is relatively easy. In most institutions, you will be required to follow three steps to set up your account.
First, you will be required to open a Traditional or Roth account. Each of these accounts has its own requirements that need to be met. For a Traditional account, you can either choose a deductible or non-deductible account. These qualifications are mainly related to your income, filing status and whether you have an employee-sponsored retirement plan, among other factors. If you don’t meet these requirements, it is advisable that you open a Roth account. This account is funded with after-tax dollars. This means that the amount that you save in your IRA is already taxed. As a result, you will not be required to pay tax again when withdrawing your money after retirement. Most institutions have professionals who are experienced in these IRAs. They will assist you in the process. Some institutions will also allow you to open your IRA online.
Secondly, you need to fund your account. You can fund your account through several ways. One of the most common ways is through annual contributions. You should maximize your contributions each year to increase your savings. You can also transfer or roll over other IRA assets to your account. To transfer your assets to your IRA, you will need a statement from your current firm. Your financial institutions should be able to tell you everything you need to know about this process. It is pretty simple.
Lastly, you will need to choose your investments. You can invest in stock, gold and silver, bonds/treasuries, ETFs and CDs, among others choices for investment. Make sure you are conversant with each investment before committing yourself. You can ask your financial adviser to help you in choosing the best investment.
Setting up a Self-Directed IRA to hold Gold or Silver
A self-directed IRA is a type of IRA that allows the owner of the account to direct the account trustee to make a wide range of investments, even more so than other IRAs. According to IRS regulations, the assets of a self-directed IRA should be held by a custodian or a qualified trustee on behalf of the owner. There are assets that you cannot hold in your self-directed IRA. These include life insurance and collectables like antiques, rugs, artwork, alcoholic beverages, stamps and gems. Coins that are not approved by the IRS are also prohibited. Investors are also prohibited from investing in metals except for certain kinds of precious metal bullion be that in bar or coin form.
A self-directed IRA can hold precious metals such as silver, gold, platinum and palladium. The regulations governing these transactions are found in the Internal Revenue Code section 408(m)(3). The code sets standards of gold, silver and other precious metals. Some of the precious metal products permissible to be held by IRAs include Canadian Maple Leaf, the American Buffalo, the American Eagle and the Australian Kookaburra among others.
To learn more about investing in gold or another precious metal and holding that physical precious metal in your IRA get the free investment guide. It answers all the questions about how to do this.