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Traditionally, individual retirement accounts (IRAs) have focused on investments in stocks and bonds. However, these options may not always provide the security or returns you seek.
Investing in a gold IRA could offer a more reliable strategy for safeguarding your future.
In this article, we will explore the benefits of a gold IRA and evaluate how Wells Fargo compares to other companies in the industry.
Keep reading to discover how this investment option could be a game-changer for your retirement portfolio.
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 Wells Fargo passed our strict customer service standards to become one of our top recommendations.
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Get a FREE Gold Information Kit from our #1 recommendation, by clicking the button below:
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About Wells Fargo Gold IRA
A precious metals IRA may be an ideal alternative for those who want to diversify their holdings while also providing themselves with an opportunity to protect against inflation.
Traditionally, the annual inflation rate has been about 2%, which means that the value of a dollar is reduced by 2% over a year.
However, gold tends to retain its value regardless of economic conditions, which means that your portfolio is worth more in both actual dollars and in terms of purchasing power when it comes time to retire.
One of the key reasons why gold is a hedge against inflation is because it is a tangible and finite product. Therefore, its value can't be manipulated by printing more of it or by changing the number on a computer.
Furthermore, it is a consistent store of value regardless of where it is being bought or sold. This means that it will retain its value even during periods of economic, social, or political unrest that might render a government obsolete or incapable of carrying out its duties.
Why Should You Invest In a Precious Metals IRA?
Another key reason why you should invest in a precious metals IRA is that it offers the same tax advantages as a traditional IRA. For example, if you have a traditional gold IRA, you can deposit up to $6,500 in a given year, and every dollar that you contribute is a dollar that won't be taxed until you retire.
A Roth IRA allows you to take money that has already been taxed and use it to save for retirement. The money grows in your account tax-free until you reach age 59 1/2. After that point, you can make distributions without incurring any additional income tax.
You can also choose to withdraw contributions at any time without incurring any type of early withdrawal penalty. Wells Fargo offers both types of IRA products, and their website has a variety of tools to help you choose which one is best for your needs.
However, unlike a typical IRA, you have the flexibility to invest in whatever you think will give you the greatest return on your investment. For instance, you could choose to invest in an American Eagle gold coin or several ounces of gold bullion.
As long as a given product meets IRS quality and storage standards, you can keep it in your account. It's worth noting that Wells Fargo doesn't offer gold IRA accounts. Fortunately, several others do.
Other Companies That You'll Want to Learn More About
#1 Goldco - Our Top Recommendation
Goldco has been around for over a decade and has quickly become a trusted source of information for investors. The company has received many reviews from investors stressing its commitment to customer service.
A precious metals specialist is with you from the moment you decide to open a new account and can help with the process of transferring funds from an existing IRA to your Goldco gold IRA.
If necessary, a precious metals specialist can work with you to choose a custodian and complete other steps related to becoming a Goldco customer. After creating your account, you can always reach someone by phone or email if you have questions about funding or completing a transaction.
However, it's important to note that the company does not provide investment or tax advice. You would need to talk to your financial adviser if you have questions about how a product fits into your portfolio or the potential tax consequences of a given transaction.
Customers can also get up to 5% back in FREE Silver when they invest $50,000 - $99,999.
As well as get up to 10% in FREE Silver when they invest $100,000 or more.
#2 American Hartford Gold - Best for Bullion
American Hartford Gold prides itself on its customer service as well as its balance sheet. According to the company's website, it has over $2 billion in assets under management.
Although you will likely pay custodial and other fees related to creating and maintaining your account, you may be able to avoid storage and shipping fees if an asset is held within your IRA.
In addition, your gold will be insured for free if it is held within your IRA, which means that you aren't liable if something happens to a coin or piece of bullion.
Like most other companies that offer gold IRAs, they strive to make opening an account as easy as possible. They will help you select a custodian and take care of any paperwork associated with creating or funding your gold IRA.
You can transfer funds from an existing IRA or other retirement account without incurring a taxable event assuming that money is moved from one account to the next within 60 days. A buyback policy is in place that allows you to sell any items that you no longer want or need in your portfolio.
According to the American Hartford Gold frequently asked questions (FAQs) section of its website, the minimum order price is $10,000. Therefore, working with this company may not be ideal if you are just starting to save for retirement.
#3 Augusta Precious Metals
Augusta Precious Metals places a heavy emphasis on educating consumers as opposed to marketing to them. The goal is to help clients decide for themselves whether a gold IRA is worth having as well as the types of products that they should include in their portfolios.
This approach has led to some glowing reviews about the firm from its customers. Therefore, if trust is something that you value most from a gold dealer or any other company that you might deal with, Augusta may be a strong candidate to earn your business.
Several of these reviews can be seen on the front page of their website in both text and video form. You will also see several articles pointing out the various scare or pressure tactics that other companies may try to use and how you can avoid or negate them.
Augusta also has some articles, videos, and other types of content aimed at teaching you how to invest and how to read the market. These insights may make it easier to understand how precious metals work and why they may be a good investment.
To open an account, you can contact a member of Augusta's customer service team online or by phone. A team member will be able to walk you through the process of choosing a custodian, funding your account, and making your first purchase.
A team member may also be able to answer any questions as it relates to reporting requirements or other issues that you might have.
Frequently Asked Questions
When Can You Contribute to an IRA?
You can make contributions to an IRA at any time during the year. However, if you want to reduce your taxable income in the current tax year, you must contribute before the filing deadline.
This deadline is typically April 15th for those who don't file an extension and October 15th for those who do. If the 15th falls on a Saturday or Sunday, the filing deadline is pushed back to the next business day.
What's the Process for Creating a Gold IRA?
A precious metals IRA is a self-directed account, which means that you control how your money is managed. After creating a self-directed IRA, you can open an account with your preferred precious metals dealer and then fund your account. You can fund an account with existing retirement money or by making a transfer from a personal savings or checking account.
What Can Be Held in a Gold IRA?
Gold coins and bullion that are at least 99.5% pure can be held in your gold IRA. Furthermore, the gold must be produced by miners or refiners that are affiliated with NYMEX/COMEX.
It's important to note that you cannot physically take delivery of gold that is held inside an IRA. Instead, it must be held either in a storage facility owned by your gold dealer or held in a bank deposit box.
How Many IRAs Can You Have?
You can have as many IRAs as you want, however, you cannot exceed the $6,500 contribution limit. If you are over the age of 50, you can contribute another $1,000 per year as a catchup contribution.
In addition, you can have both a Roth and a traditional IRA and you can also have both a typical and a gold IRA at the same time assuming that you stay within contribution limits.
Remember to read out list of the Top Gold Companies to see if Wells Fargo made the cut.
>> Click HERE to read our Best Precious Metals Investment Companies list <<
Or, if you like what you read about Wells Fargo, 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.
