What Fees Should Retirees Expect in a Gold IRA?

Gold IRA fees are one of the first things retirees search for, and for good reason.

With ordinary IRAs, fees can be easy to overlook. With physical precious metals, they matter more because there are more moving parts.

A Gold IRA usually involves a custodian, a metals dealer, and a depository. Each may charge in a different way.

First, there may be an account setup fee. This is the cost to open the self-directed IRA.

Second, there may be an annual custodian fee. The custodian handles account administration and reporting.

Third, there is usually a storage fee. IRA metals generally must be stored in an approved facility, not at home. Storage may be charged as a flat amount or as a percentage of the account value.

Fourth, watch the dealer spread. This is the difference between what you pay to buy the metal and what the dealer would pay to buy it back. For retirees, this can be one of the biggest hidden costs.

Retirees often have less time to recover from avoidable costs. A large spread, high storage fee, or expensive account structure can reduce the benefit of owning gold.

The CFTC warns investors to be careful with precious-metals promotions, especially when costs and risks are not clearly explained.

Before opening a Gold IRA, ask for a complete fee schedule in writing.

Ask what it costs to buy, store, insure, sell, transfer, and distribute the metals. Also ask what price the dealer would pay if you sold the same metals back tomorrow.

If a provider cannot explain the full cost clearly, keep shopping.

Wishing you a secure and prosperous retirement,

—

John E.
Wealth Money Catalyst

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