Disclaimer: Some or all of the companies reported here may provide compensation to us, at no cost to our readers. This is how we keep our reporting free for readers. Compensation and detailed analysis are what determines how companies appear below.
Saving for retirement presents American workers with more financial freedom during their golden years.
However, many people aren’t sure what investments are best for generating adequate capital to sustain their preferred lifestyle.
An investment opportunity for these workers is to start a self-directed gold IRA.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if American IRA passed our strict customer service standards to become one of our top recommendations.
Or
Get a FREE Gold Information Kit from our #1 recommendation, by clicking the button below:
Get the FREE Gold Kit smart investors are using to protect their retirement savings.
About American Gold IRA
With a self-directed gold IRA, traders can purchase gold to fund retirement based on the value of the precious metals when they stop working. Like other individual retirement accounts, these investors must wait until they are 65 to get the full benefit of the IRA without tax and early withdrawal penalties.
When comparing companies that offer a self-directed gold IRA, clients must assess everything involved in starting, managing, and processing the account and distributions.
American IRA, LLC is a company that offers individual retirement accounts funded with precious metals. Read on to learn more about this organization and determine if it is the best choice for generating retirement funds.
Company Information and Ratings
American IRA, LLC opened its doors in 2005 in Asheville, North Carolina. The company has been accredited with the Better Business Bureau since 2009 and has maintained a 4.97-star and an A+ rating on the BBB. As of 2023, the organization has no customer complaints on the Better Business Bureau’s website.
American IRA, LLC offers various individual retirement accounts and helps clients save for their golden years. Among these IRAs is a self-directed IRA funded by gold and other precious metals. Investors who want further insight into the business can read through customer reviews on the Better Business Bureau website.
Related Fees and Charges
On the American IRA, LLC website, visitors can review all fees associated with the company’s IRAs. While the company offers full disclosure of these fees, there are several fees to consider committing to these financial and savings services.
To set up a self-directed gold IRA, customers pay an initial $50 fee. There is a $175 annual recordkeeping fee, and customers pay $35 per transaction. So, remember that clients pay the transaction fee each time they add to the IRA.
Additionally, if, for any reason, the client chooses an alternative payment method instead of the option connected to their account, American IRA, LLC charges a $50 fee.
Next, American IRA, LLC charges processing fees based on how clients pay American IRA, LLC. These fees are $30 for wire transfers, $50 for cashier’s checks, and $10 for ACH. Whenever American IRA, LLC ships precious metals or documentation, there is a $10 fee for certified and $20 for overnight shipping.
Lastly, a $5 payment is required each time notary services are needed. American IRA, LLC has fees for miscellaneous services, including $95 for any exchanges, re-characterizations of assets, re-registration, and liability or leveraged assets.
Clients pay $95 for expedited reviews and $75 for every half-hour needed for researching closed accounts, processing foreclosures, and tax issues related to the account. Additionally, they’ll pay $25 for each distribution and $25 per month if their account balance decreases below the minimum balance requirements.
If American IRA, LLC manages federal or state tax withholdings, there is a $10 fee.
Clients pay 0.5% of the account balance to terminate the account entirely or partially. These fees apply to balance transfers and lump-sum distributions from the IRA, which range between $150 to $250. The clients also pay processing fees for these services.
Under any circumstances that customers return precious metals, stop their payments, or their credit card is declined, they face a $30 fee for each transaction. Reviewing related fees helps customers avoid significant losses for errors or mistakes. Committing to an account without all the information could lead to these losses.
Clients can choose the precious metals starter IRA option to avoid most fees initially. However, according to the information on the company’s website, specialists may expect clients to transfer to a flat-fee IRA after their initial investment.
Setting Up Your Gold IRA
Starting an individual retirement account requires customers to complete the form on the American IRA, LLC website. If they are new to investing in IRAs, they can request the free guide via the website and learn more about what to do next.
After receiving the web form, a specialist contacts the customer to establish the account, and the client pays the account establishment fee. The specialist completes all documentation for setting up the account, but the investor can hire an IRS-approved custodian to manage their IRA.
American IRA, LLC won’t provide recommendations for gold companies or brokers who sell precious metals. The customer must choose the gold company themselves and inform the specialist or their custodian what precious metals they want for their IRA.
They can expect to sign all documentation for the IRA and pay fees for document creation, notary services, and transferring balances from other retirement accounts. American IRA, LLC coordinates the shipment to the designated depository once they’ve selected the depository they want, such as bullion or bars.
When setting up an individual retirement account, the customer cannot ship the metals to their home. They must have the precious metals shipped to a depository until they get distributions during retirement or cash out the entire account.
What Gold Is Available for These IRAs?
While American IRA, LLC doesn’t sell gold or recommend gold companies, they can provide details about what gold products are eligible for self-directed gold IRAs. Investors can purchase American Eagles that are either uncirculated or proofs for the IRA.
These selections must be one-tenth of an ounce, one-quarter of an ounce, one-half ounce, or one ounce. Each gold product must have a purity level of at least 0.995%.
According to IRS guidelines for individual retirement accounts, traders can fund the account by using Canadian Maple Leaf, British Britannia, South African Krugerrand, and gold bars. Gold companies can work with the custodian or American IRA, LLC’s specialists to inform customers about selecting the appropriate gold for the IRA.
Understanding Tax Benefits and Requirements for the IRAs
American IRA, LLC offers both traditional and Roth individual retirement accounts. When choosing a traditional IRA, the investor uses pre-taxed income to open the account and add contributions later.
By selecting the traditional accounts, the customer can deduct their contributions when filing their tax returns.However, remember that with a traditional IRA, account owners pay taxes when they receive distributions during retirement.
The amount they receive in distributions determines how much they pay each year in taxes and their tax bracket.A Roth account involves using income for which the person has paid income taxes already.
The funds aren’t tax-deferred, and the customer won’t pay any taxes when they get payments from the IRA. Additionally, they can withdraw funds from a Roth account if they are at least six months from turning 60. They can also withdraw up to $10,000 from the IRA if they are a first-time home buyer.
How Much Control Do You Have?
American IRA, LLC doesn’t endorse any gold brokers or depositories. While clients speak to a specialist when setting up their account, they can hire their preferred custodian and choose a depository for storing their precious metals.
Traders should do their homework when selecting professionals and service providers to assist them with an IRA. They should compare American IRA, LLC, to other companies before they set up an account and become responsible for the fees listed above.
Can You Add Other Precious Metals or Assets to the IRA?
When funding an individual retirement account with gold, account owners can add other precious metals to the account to increase its value. They can also add more gold or even real estate to the IRA. According to investment professionals, traders add assets like real estate to these IRAs to avoid capital gains taxes when selling the assets.
Investors need a custodian to add to their individual retirement accounts. While they can discuss these options with a specialist at American IRA, LLC, a custodian can fulfill all IRS requirements for contributions and asset additions for these accounts.
What is a Prohibited Investment Related to Self-Directed IRAs?
According to the American IRA, LLC website, there are prohibited investments related to the assets customers can add to their self-directed IRA set up through the company. These prohibited assets include collectibles, art, alcoholic beverages, life insurance, and any precious metals inappropriate for these accounts, such as rhodium and palladium.
Clients cannot use the balance of their IRA as collateral when securing money from a financial institution or bank. While they can withdraw $10,000 for their first home purchase, the withdrawal isn’t used to secure their mortgage.
Further restrictions prevent account holders or their families from lending money to the IRA. If they contribute money to the IRA, they cannot withdraw it whenever they wish. The accounts aren’t the same as a savings account, and the customers face early withdrawal and tax penalties if they remove money early.
If the account holder has added assets to the IRA, such as real estate, there are restrictions on who can buy the property from the IRA. Before selling real estate held by an IRA, the customer should consult their custodian.
Furthermore, the account holder and their family cannot live in any real property in their individual retirement account. Even if they stay in the property briefly, it violates IRS guidelines and could lead to prohibited transactions tax. Understanding who is considered a disqualified person helps investors avoid these tax penalties.
According to IRS guidelines, a disqualified person is anyone related to the account holder. These individuals include the owner’s spouse, children, extended relatives, descendants, and ancestors. Prohibited actions that lead to tax penalties are linked to these individuals and can generate significant losses for the individual.
Understanding the Company’s Disclaimer
American IRA, LLC has a disclaimer on their website that protects them from certain liabilities related to their IRA services. Before visitors become American IRA, LLC customers, they must sign the disclaimer and the form via the website.
Essentially, the disclaimer informs visitors that all American IRA, LLC professionals do not provide advice about the individual retirement accounts. They can provide information about setting up and managing the accounts for informational or educational reasons.
However, by signing the disclaimer, the customer cannot hold the company accountable if their IRA doesn’t perform as the customer expects. Most IRA providers do not publish disclaimers like this on their company websites or require visitors to sign a webform to protect against liabilities, so proceed with caution.
The 15-Minute Consultation
American IRA, LLC offers a free 15-minute consultation for anyone interested in discovering more about self-directed gold IRAs. They are under no obligation to start an account through the company and aren’t required to provide any payments.
However, if the customer commits to opening an account, they will become responsible for fees based on what services they receive. As listed above in the fees section, there is also a fee for any cancelations or canceled payments.
American IRA, LLC offers various individual retirement accounts to help clients generate funds for when they stop working. The company provides self-directed gold IRAs but doesn’t sell gold or recommend gold companies to their investors.
There isn’t a minimum investment for precious metals IRAs, but customers should inquire about minimum balance requirements, which do not appear on the company’s website. The company offers specialists to set up IRAs, but it is recommended that customers hire a custodian and choose a depository for storing their gold.
Final Thoughts
When reviewing information on the website, customers find a free IRA guide they can get, a list of fees related to opening and managing an IRA, and details about investing in other retirement account opportunities.
While the organization discloses its fees, investors should compare these fees and the services to other IRA providers before opening an account, as there are several fees beyond the precious metals starter IRA options.
Remember to read out list of the Top Gold Companies to see if American IRA made the cut.
>> Click HERE to read our Best Precious Metals Investment Companies list <<
Or, if you like what you read about American IRA, you can visit their website below.
At Digital Financing Task Force, we provide research and analysis for people that want to take control of their financial future and protect the savings that they have.
