Most people are familiar with the array of retirements accounts available to them. They probably also know how to fund them. Consumers are used to funding their IRAs with income earned from their jobs. It is worth knowing that IRAs can also be funded with precious metals. For those who are interested in learning more, professionals from Gold Ira Companies are readily available to provide assistance.
With all financial instruments, it is a good idea to understand the fees associated with them. Here are three fees you can expect to pay on a Gold IRA.
Seller’s Fee
A one time fee on every gold purchase is assessed. Known as the seller’s fee, it covers the costs incurred by the person or company that sells the precious metal to you. Like many other things, the sale of gold has its share of regulations, so when it is transferred from one person to another through a sale, the fee is covering the costs incurred in the paperwork process more than anything else. The seller also hopes to make a little profit for himself, too.
Account Set-Up
When your account is set-up, you are also going to incur a one time fee. Again, this fee is mostly to cover the paperwork aspect. There are not too many financial institutions that deal with gold IRAs, so you are dealing with a unique situation. Then, there is the cost in the form of wages to cover the person’s time spent on setting up the account. Fee amounts vary by company.
Custodian Fees
Gold Ira Companies also charge custodian fees. This fee might be charged on a yearly basis. The company who sets up your account and holds the gold is simply charging you to store the metal. The fee amount charged varies, so ask ahead.
Do you need help about Gold Ira Companies or making other plans for your retirement? Visit the website to speak with a professional.
