Gold IRA Fees & Cost: What You Need to Know

As economic uncertainty rises in the United States, investors are moving away from traditional financial assets and exploring alternatives, such as gold IRA investing.

In this comprehensive guide, we will explore gold IRA storage fees and the other costs associated with it. Keep reading until the end, as we will also answer the question, “How much money do you need to start a gold IRA?”

What Makes Up the Gold IRA Costs?

Before answering the question, “How much does it cost to start a gold IRA?” let’s have a look at what the gold IRA costs include.

Typically, there is an initial set-up fee, which includes storage and account opening costs. Some gold IRA companies may charge management fees and other charges.

Gold IRA Costs

How Much Are the Gold IRA Storage Fees?

The storage fees for a gold IRA vary from one depository to another. Typically, investors can expect to pay between $50 and $300 annually, depending on the amount of gold they want to store.

Some depositories charge different fees for storing gold, depending on whether you want to store it with other investors or require separate storage.

Goldco, for example, charges $150 for storing your gold in a separate vault and $100 for sharing the storage area with other people.

precious metals storage

How Much Does It Cost to Start a Gold IRA?

The actual cost of setting up a gold IRA varies from one custodian to another. Generally, it can cost investors between $100 and $300 to open up a precious metals retirement account.

It’s important to note that the initial fees do not include the purchase, storage, and insurance of gold, silver, platinum, and palladium.

How Much Does a Gold IRA Cost?

When investors want to open a gold IRA, they must pay the initial costs that cover the set-up fees and annual custodial or administrative fees.

If you’re wondering, “How much to start a gold IRA?” the answer depends on the type of account and the amount of investment made in the gold IRA.

On average, investors must pay between $50 and $150 for the set-up fees and another $50 to $150 for annual custodial or administrative charges. These often depend on the type of account and the amount of investment made in the gold IRA.

Also Read:  Gold IRA vs. Physical Gold.

How Much Money Do You Need to Start a Gold IRA?

Investors must fulfill the minimum investment requirement if they wish to maintain their precious metals retirement account. This varies from one custodian to another.

Goldco, for example, requires account holders to deposit $25,000 as a minimum investment in a gold IRA.

Let’s go to the next section, where we will explore the answer to “How much to start investing in a gold IRA?”

How Much of Your Portfolio Should You Allocate to Investing in a Gold IRA?

To protect your savings from uncertain economic conditions, experts recommend allocating 5% to 10% of your retirement portfolio into a gold IRA.

If you are looking for other retirement investing options, you can look at alternatives to gold IRA, but personally I feel the gold IRA is the safest idea right now.

Final Thoughts: Is Gold IRA Investing the Right Investment Option for You?

Gold IRA investing is a great way to diversify your retirement portfolio, hedge against inflation, and safely grow your investments. However, they’re much more expensive than a traditional IRA.

It’s best to speak to a financial consultant to learn more about gold IRA investing and whether or not it is the right option for you.

Tim Schmidt

About 

Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.