Are you appealed by the idea of setting up a precious metal IRA? If so, you’ll be joining the trend of investing in alternative retirement assets. There are plenty of precious metal dealers eager to assist you in your investment journey, including Patriot Gold Group. This company has extensive experience in the field of precious metal dealing, given it has existed for more than three decades. It assists in the process of account setup or rollover, alongside managing transactions on behalf of investors.
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The following review of Patriot Gold will introduce you to its services, products, and fees.
About the company
The focus of Patriot Gold is making the process of creating and funding a precious metal IRA convenient for their clients. Individuals enjoy the same tax deferrals and benefits as they would with a traditional IRA. While most people are skeptical about investing all their retirement savings in gold, self-directed IRAs offer incredible security in a highly volatile market. Find out more about the advantages of investing in alternative assets for retirement through a self-directed IRA.
The job of this company is to simplify the process of setting up such an account and maintaining it. Their representatives communicate with the IRS on your behalf, as well as work with custodians on setting the account up. The custodian can be a bank, trust, or another financial institution approved by the IRS. Transactions are usually made with a single phone call, after which a customer service representative handles the rest of the procedure.
Patriot Gold not only communicates with custodians but also with shipping and vault companies. Their main goal as brokers is to ensure the entire process goes according to plan without any financial or legal obstacles. Such companies strive to make self-directed IRAs much more accessible to potential investors.
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Another thing for individuals to check prior to teaming up with a precious metal broker like Patriot Gold is the investing costs. Certain dealers calculate the consumer fees based on the quantity of assets their clients purchase, which accounts for a huge percentage of their purchase. Nevertheless, Patriot Gold requires investors to pay a single fee of $225 for the account setup.
Furthermore, this fee may be higher when compared to the fees of their competitors, but customers are provided with access to all the convenience and expertise offered by the company. By investing over $30,000, the setup fee becomes entirely eliminated. Individuals investing large sums of money might not even be required to pay storage fees for as long as three years.
Individuals who decide to invest at least $250,000 are eligible for the “no fee for life IRA.” It means all the fees will be waived by Patriot Gold during the lifetime of your account. Other fees to consider are the expenses for the custodian and storage facility, which are determined by your choice of custodian and facility. This site, https://en.wikipedia.org/wiki/Custodian_bank, provides an insight into the exact role of custodian banks.
Some investors look for extra security measures, such as a sectioned vault, so as to be the only people with access to the vault. The contents inside the vault are expected to be insured. The custodial fees are charged annually to cover the costs for storage and insurance. There might be other fees charged by custodians that cover the task of processing documents, fund transfers, distributions, and closing accounts. Additionally, there might be penalties for certain actions, including early distribution.
By deciding to collaborate with Patriot Gold, you’ll have to make an investment of at least $15,000. Any investment below $30,000 requires investors to pay a setup fee of $225. As already mentioned, the custodian will most likely require you to pay fees for every transaction, which vary across different custodians. You’ll also be asked to pay annual fees for storage and insurance.
Patriot Gold offers not only IRS-approved precious metals but other products that customers can purchase outside of their IRAs. There is a multitude of Patriot Gold Group reviews to read before investing in precious metal products. Individuals interested in funding an IRA should only purchase products that comply with the purity requirements imposed by the IRS. Collectibles aren’t considered valid for such accounts.
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The purity requirements state that the fineness of silver has to be at least .999. In contrast, the fineness of gold has to be at least .995. The only exception to this rule is the American Gold Eagle coins. Palladium and platinum are both required to have .9995 fineness. Probably the most challenging task for investors would be finding palladium and platinum that comply with these strict standards.
Patriot Gold sells precious metals through its marketplace in the form of bullion bars and coins. Nevertheless, investors can purchase some bars and coins as part of personal investment. In the case of personal investments, investors aren’t required to pay for the same maintenance and storage fees. It’s still a wise idea to arrange storage for them.
There are many investors who decide to switch to Patriot Gold after opening a self-directed IRA with another broker. Those who aren’t satisfied with the customer service of their current brokers can easily transfer their accounts by contacting one of the representatives at Patriot Gold. The representative you get in touch with will send you the necessary documents you need to sign for the account to be released. The transfer process is completed in only 48 hours.
Individuals who haven’t opened an account yet will go through a similar process. The procedure for setting up a new account might take longer because of the paperwork and all the questions you’ll need to respond. Anyhow, the process can be expedited by filling out the application form on their website. Patriot Gold helps clients set up an entirely new IRA or rollover their funds from the account they have already.
Always strive to team up with a reliable partner on your investment journey!