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When it comes to securing your retirement savings through the stability and growth potential of precious metals, TIAA Bank stands out as a reputable institution offering a Gold IRA solution.
With a long-standing history in the financial industry and a commitment to providing comprehensive investment options, TIAA Bank may be a viable choice for individuals looking to diversify their retirement portfolios.
In this review, we will explore the key features and offerings of TIAA Bank, examining factors such as account setup, investment options, fees, customer support, and overall reputation.
Whether you're an experienced investor or new to the world of precious metals, continue reading to gain valuable insights into TIAA Bank and determine if it aligns with your retirement investment goals.
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 TIAA Bank passed our strict customer service standards to become one of our top recommendations.
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About TIAA Bank Gold IRA
Unlike traditional investment choices, precious metals aren't impacted by the US dollar or inflation rates. Many investors build considerable wealth by retirement by opening a gold IRA and contributing annually.
Before investors start, they need to find the best company to help them create the self-directed gold IRA and precious metals. By reviewing TIAA Bank IRAs, investors may find the company a sound choice for venturing into precious metals and securing their golden years.
Company History and Ratings
TIAA Bank opened in 1977 in Jacksonville, Florida, and offers various financial services, including gold IRAs for investors. The Better Business Bureau does not accredit them as of 2023, but they have a 1.28-star rating on the BBB. There have been 39 customer complaints on the BBB's website within the last three years, with eight complaints filed within the previous twelve months.
To start an IRA account, TIAA Bank requires a minimum of $7,500, and they offer only IRA-eligible American Eagle Gold coins for a gold IRA. The service provider doesn't need storage fees for the precious metals or an annual fee for existing accounts.
Creating a Self-Directed Gold IRA
The investor must hire an IRS-approved custodian to prepare the paperwork and manage their account. TIAA Bank offers custodians approved by the IRS and meets the federal agency's current guidelines and regulations. Their custodians can help transfer funds from an existing traditional or ROTH account to a new IRA.
Once they complete the documentation, the custodian contacts the customer's IRA provider to arrange the transfer from the existing account into the self-directed gold IRA. Since TIAA Bank has a minimum investment requirement, the investor must transfer at least $7,500 from the IRA into the new account.
Since TIAA Bank has many years of experience managing accounts, they are familiar with the 60-day deadline by which they must deposit the funds into the account, or the customer faces early withdrawal and tax penalties.
Once the funds are deposited into the account, the custodian sets up the gold purchase for the investor. Since the bank limits customers to gold American Eagle coins, the investor gets at least $7,500 worth of the coins deposited into their self-directed gold IRA. Next, the gold coins are sent to a depository for storage until the account holder reaches 65.
Custodians and Depositories
Unfortunately, customers who choose TIAA Bank to set up their gold IRA cannot select an outside custodian, and the bank determines where the precious metals are stored. If the investor chooses another business to start their IRA, they can select their custodians and depositories for their IRA or precious metals investments.
Top 3 Companies Choosing Over TIAA Bank
If you don't want to purchase your precious metals through TIAA Bank, there are several options from which to choose. Investors should do their due diligence to find the best gold seller for their investment needs. Reviewing the top three companies offers insight into what investors can expect when purchasing precious metals for their gold IRAs.
Our Top Pick - Unmatched Customer Service
Goldco
Goldco started selling precious metals over a decade ago in Los Angeles, California. The business offers physical precious metals sales via phone, and online for investors and collectors.
They provide self-directed gold IRAs and are accredited by the Better Business Bureau with an A+ rating.
The company has 5-star ratings on Trustpilot, Trustlink, Google, and the Better Business Bureau. Chuck Norris and Sean Hannity endorse them, and the company has a ton of positive reviews left by customers on Consumer Affairs.
Goldco provides precious metals for IRAs and separate investments. They offer a variety of IRA-approved precious metals for starting an IRA and adding more value to it later. As of 2023, they do not charge high fees for creating IRAs, and investors can choose their custodians or depository.
Augusta Precious Metals
Augusta Precious Metals opened in 2012 in California and offers affordable fees for starting an IRA, and according to clients, they offer excellent customer service. They don't require additional commissions for workers based on how much the clients buy in precious metals.
Many positive reviews for the company appear on the Better Business Bureau and Google. The business doesn't require management fees for customer accounts, including the gold IRA.
There is a seven-day price protection program for customers, and they get lifetime support for their accounts. The business offers a buyback opportunity for customers who have previously purchased precious metals from them. There isn't a minimum purchase amount for buying precious metals; however, they only sell gold and silver.
American Hartford Gold
American Hartford Gold was opened in Los Angeles, California, in 2015, and the company has two physical locations. As of 2023, Bill O'Reilly and Rudy Giuliani have endorsed the company, and it has many positive reviews posted on the Better Business Bureau and other customer review websites, including Trustpilot and Google.
Their accreditation with the Better Business Bureau makes it appealing to investors. Their website makes it easier for investors to find eligible precious metals by listing them under their "IRS-Approved" tab.
The gold seller has no minimum purchase requirement or fees for starting a gold IRA. Investors can find a modest inventory of precious metals for their IRA and aren't required to use their preferred custodians to set up their IRA.
Among the disadvantages are limited supplies, minted bullion, and coins at lower prices. Investors must check often to find the best deals based on the current supplies. Most of their products have a high resell value, and the investors can grow wealth by investing in the metals for an IRA or separately.
Beneficiaries and Heirs
When creating a self-directed IRA, the TIAA Bank custodian must add a beneficiary to the account. If the account holder doesn't use all the funds in their lifetime, the custodian creates an inherited self-directed gold IRA for the heir and sets up distributions according to the heir's wishes.
However, the heir must set up distributions within five years of the owner's death. If not, the IRS requires the custodian to liquidate the account and send the payment to the heir. Unfortunately, if they receive a lump sum from a traditional IRA, the heir must pay the total taxes for the lump sum amount instead of smaller payments.
Tax Implications for Gold IRAs
Taxes are calculated according to two factors. If it is a traditional gold IRA, the funds deposited into the account are tax-deferred, and the owner must pay taxes when they receive the money. If it is a ROTH account, they paid taxes on it previously and aren't required to pay taxes when they withdraw the funds.
Contributions to Add Value
According to IRS regulations, all account holders can increase the value of their self-directed gold IRA each year by adding more precious metals to the account. As of 2023, the total annual contribution is $6,500 if the account holder is 59 and younger and $7,000 if they are at least 60.
The account holder must disclose to their TIAA Bank custodian details about their contributions to separate IRAs. They cannot exceed the total annual contribution limit or face penalties.
Distributions During Retirement
Precious metals investments present a terrific way to invest in the owner's golden years and achieve any lifestyle they prefer. However, when planning out their distributions, the account holder must consider how much they will be required to pay in taxes.
If the investor has a traditional IRA, the distributions are considered income, and income taxes apply to these payments. ROTH accounts do not have this drawback; the holder paid all required taxes earlier in life.
Comparing their preferences to what is affordable helps the retiree avoid excessive taxes and remain comfortable during retirement. Their custodian allows investors to calculate tax implications each year and helps them make sound choices.
Estate Planning for Gold IRAs
While the custodian can set up an inherited IRA for the heirs, account holders have other options when estate planning. They can set up an irrevocable or revocable trust and transfer the IRA into the trust. With a trust, the owner chooses a successor who takes over the trust when the owner dies. These options allow the owner to leave the amount to several heirs together.
The trust owns the IRA and other assets transferred into it, so these assets do not go through probate. Heirs can get assets faster if the assets don't go through probate, and the assets are protected against creditors who apply a lien on the estate to collect outstanding balances. Heirs can get distributions through the trust, decrease tax implications, and avoid inheritance taxes on assets left to them.
Investing in Precious Metals Outside the IRA
TIAA Bank offers several precious metals for investors who want to buy the metals outside an IRA. They offer bars, bullion, and coins for investors. Among their products are American Buffalos, American Eagle, Australian Kangaroos, British Britannia, Canadian Maple Leaf, South African Krugerrand, Vienna Philharmonic, and one or ten-ounce bars.
Tracking Market Prices for Precious Metals
Whenever the account holder is ready to sell any precious metals outside their IRA, they should check the latest market prices. While TIAA Bank can help them sell these metals, the investors don't have to sell them back to the bank; they can choose any gold company to sell the metals.
Additional TIAA Bank Services
Account holders can sign up for mobile banking services through TIAA Bank to track the progress of their IRA and checking or savings accounts. They can also set up CDs and other investment options through the bank. Their website provides several tools for making financial decisions. These tools can help customers determine the best time to start new investment ventures.
The bank also offers checking and savings accounts with high-interest opportunities for generating savings. Customers can also use Zelle to send money to their family and friends. Clients can also set up a money market account and gradually invest more.
TIAA Bank offers self-directed gold IRAs for investors who want to build wealth for retirement or support their families later. The bank requires customers to use their custodians and depository services, and clients cannot transfer the account to a new custodian or depository unless they liquidate or close the account. A minimum investment amount is required to open the account, and the investor must transfer at least $7,500 from an existing IRA.
Unlike other precious metals providers, IRAs are only restricted to American Gold Eagle coins. Even though investors can purchase other coins from the bank, they can only use these coins for funding their IRA. While the bank has a long history, investors should do their due diligence before committing to opening a self-directed gold IRA through TIAA Bank.
Remember to read out list of the Top Gold Companies to see if TIAA Bank Gold IRA made the cut.
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