If you have decided to rollover your existing IRA into a gold-backed IRA, you need to find the best gold IRA company to act as your trustee. Generally, the trustee company can do three things for you:
• Buy the gold on your behalf
• Set up a self-directed IRA for you
• Store the gold in a safe place
In addition, there are some companies who will help you rollover your existing IRA into a gold-backed IRA based on the guidelines of the IRS to ensure you can avoid tax penalties in the process.
Here are some criteria to look at that can help you select the best gold IRA company:
• Check their ratings on the Better Business Bureau site. The BBB grades a company from A+ to F based on information it has on file about them, which includes its complaint history (the number of complaints filed with the BBB that it has successfully resolved or made a good-faith attempt to address) as well as other information such as advertising issues and regulatory and licensing actions against them.
• Check-out other authority bureaus such as Trustlink and the Business Consumer Alliance (BCA). Their ratings will help confirm the BBB’s as well as give you more insight into possible issues the company may have.
• Look at customer feedback on companies at sites such as Yelp or the Complaint Board. In particular, look at any recurring complaints that are constantly mentioned.
• Fee structure. These companies will naturally charge you for their services. However, their fee schedules and structures can vary widely. To save money, choose a company that charges flat annual fees rather than one that uses a scaled fee schedule where the amount of the fee grows as the account increases in size.
• Efficiency in delivery of services. The company should set up your self-directed IRA as well as deliver your gold and other precious metals in a timely fashion without undue delays.
• Range of services offered. Determine if the company offers the services that you need. For example, if you have an existing IRA, they should be able to help you roll it over into a gold-backed IRA. If you don’t have the capability of storing your gold, they should have secure storage facilities for your use.
• Good guarantee policy. This is for your protection in case something goes wrong and the company cannot provide the services they promised.
• Avoid overly aggressive customer support. You should avoid using any company whose agents pressure you to purchase numismatic coins or collectible coins for your gold-backed IRA. These coins are not approved by the IRS for IRAs and might cause you to lose your tax benefits. Customer service agents should be genuinely helpful and not act as salespeople. Try calling the customer support line of companies that you are interested in and talking to their agents to see if they are knowledgeable and genuinely helpful.
Finding Gold IRA Companies
Now that you know what criteria to use to assess gold IRA companies, how can you find them? The most reliable way is to ask for recommendations from friends, family and other people you trust. Ask them for the names of companies they have actually dealt with and whose services they are satisfied with.
If you don’t know anybody who uses a gold IRA company, you can go online and check out review sites that rate them based on these criteria. Review sites present their recommended companies so that you can conveniently review them quickly for yourself. Using these online review sites is a convenient way to find the best gold IRA companies. You can then pick-out the one whose services you want to use. Don’t take the review sites recommendations for granted. Review and consider the reviewed companies for yourself by contacting them to see if the services they offer and their business style meets your needs.