WEBVTT 00:00:00.000 --> 00:00:02.620 thinking about retirement, right? I bet a lot 00:00:02.620 --> 00:00:05.000 of our listeners are, and maybe thinking beyond 00:00:05.000 --> 00:00:07.740 the typical stocks and bonds too. Gold often 00:00:07.740 --> 00:00:10.580 comes up, it's shiny, it's that stable asset, 00:00:10.880 --> 00:00:13.619 historically at least, and can seem like, well, 00:00:13.679 --> 00:00:16.760 a safe bet in uncertain times. But before you 00:00:16.760 --> 00:00:20.260 picture your golden years, backed by actual gold 00:00:20.260 --> 00:00:23.000 bars, there's something really crucial we need 00:00:23.000 --> 00:00:26.760 to dive into. Fees. The fees. Yes. Involved in 00:00:26.760 --> 00:00:30.850 a gold IRA. Uh -huh. You share some great sources 00:00:30.850 --> 00:00:33.359 on this, and it turns out... understanding these 00:00:33.359 --> 00:00:36.320 costs is absolutely key to making a smart decision. 00:00:37.100 --> 00:00:39.380 Absolutely. Gold IRAs are kind of a specialized 00:00:39.380 --> 00:00:42.060 thing. Like any specialized investment, it's 00:00:42.060 --> 00:00:44.179 going to have its own, well, kind of quirks and 00:00:44.179 --> 00:00:46.939 rules, and importantly, costs. Right. So, you 00:00:46.939 --> 00:00:48.659 know, we have all this great material here that 00:00:48.659 --> 00:00:51.500 breaks down these expenses. And well, our goal 00:00:51.500 --> 00:00:53.259 today is to make sure that you're not caught 00:00:53.259 --> 00:00:55.380 off guard by anything. Exactly. We'll give you 00:00:55.380 --> 00:00:58.000 the insider look at what it really takes to hold 00:00:58.000 --> 00:01:01.149 physical gold in a retirement account. So our 00:01:01.149 --> 00:01:04.150 mission today is to really demystify these fees. 00:01:04.569 --> 00:01:06.709 Yeah. We're going to start with the common ones. 00:01:06.730 --> 00:01:08.650 You're definitely going to see. Then we'll get 00:01:08.650 --> 00:01:11.329 into the less obvious and sometimes even hidden 00:01:11.329 --> 00:01:14.590 costs that can really add up. Oh, yeah. And then, 00:01:14.670 --> 00:01:16.829 crucially, we'll explore some practical ways 00:01:16.829 --> 00:01:19.209 you can potentially keep these expenses down. 00:01:19.909 --> 00:01:23.310 OK. So by the end of this deep dive, you should 00:01:23.310 --> 00:01:26.090 have a much clearer picture of whether a gold 00:01:26.090 --> 00:01:29.040 IRA with all its associated fees aligns with 00:01:29.040 --> 00:01:31.719 your own personal financial strategy. All right. 00:01:31.900 --> 00:01:34.400 Sounds good. Let's get into it. What are the 00:01:34.400 --> 00:01:36.359 fundamental costs, the things you should just 00:01:36.359 --> 00:01:37.840 expect right off the bat when you're setting 00:01:37.840 --> 00:01:41.099 up a gold IRA? OK, the first hurdle is the setup 00:01:41.099 --> 00:01:43.400 fee. This is essentially the price of admission, 00:01:43.799 --> 00:01:45.920 what it costs to open the account. Right. From 00:01:45.920 --> 00:01:47.879 what we've gathered, you're typically looking 00:01:47.879 --> 00:01:50.219 at somewhere between 50 and 100 dollars. OK, 00:01:50.540 --> 00:01:52.680 it's a one time charge to get the ball rolling 00:01:52.680 --> 00:01:55.719 with your chosen gold IRA provider and custodian. 00:01:55.950 --> 00:01:57.930 Now, what's interesting about this is that it's 00:01:57.930 --> 00:02:00.709 not a fixed cost across the board. Different 00:02:00.709 --> 00:02:02.750 companies will have different rates, different 00:02:02.750 --> 00:02:05.549 promotions. You might even find that they waive 00:02:05.549 --> 00:02:08.069 the fee entirely. So doing a little research 00:02:08.069 --> 00:02:10.270 could save you money right off the bat. Good 00:02:10.270 --> 00:02:13.090 point. So once you're past that initial setup, 00:02:13.430 --> 00:02:15.509 then you're going to encounter annual maintenance 00:02:15.509 --> 00:02:18.789 fees. Think of this as just the cost of keeping 00:02:18.789 --> 00:02:21.590 your account active, being managed, kind of like 00:02:21.590 --> 00:02:24.330 the administrative overhead. And our sources 00:02:24.330 --> 00:02:27.990 indicate kind of a general range of $75 to $250 00:02:27.990 --> 00:02:30.500 per year. And that's going to vary, too, depending 00:02:30.500 --> 00:02:34.500 on, well, the size of your gold IRA, and the 00:02:34.500 --> 00:02:36.599 fee structure of the company that's holding your 00:02:36.599 --> 00:02:39.680 assets. So again, really stresses the need to 00:02:39.680 --> 00:02:41.360 compare not just what are the main features, 00:02:41.439 --> 00:02:44.280 but also what are these recurring costs. Because 00:02:44.280 --> 00:02:46.520 over the long term, even a small difference in 00:02:46.520 --> 00:02:48.860 your annual fees can really add up. Yeah, absolutely. 00:02:49.379 --> 00:02:51.840 Now, and this is a big one, because we're talking 00:02:51.840 --> 00:02:54.419 about physical gold. There are storage fees. 00:02:54.639 --> 00:02:57.020 You can't just keep gold bars under your mattress, 00:02:57.360 --> 00:03:00.590 not in an IRA. It has to be held in an approved 00:03:00.590 --> 00:03:03.210 depository, and that secure storage comes with 00:03:03.210 --> 00:03:05.650 an annual cost. We're seeing figures ranging 00:03:05.650 --> 00:03:08.610 from $100 to $300 a year. Yeah, and that makes 00:03:08.610 --> 00:03:10.729 sense, right? I mean, we're talking about a physical 00:03:10.729 --> 00:03:13.669 asset here. Yeah. So that cost, it's going to 00:03:13.669 --> 00:03:15.949 vary, too, depending on how much gold you're 00:03:15.949 --> 00:03:17.990 storing and the security level of the facility. 00:03:18.389 --> 00:03:20.909 And you might even see options for things like 00:03:20.909 --> 00:03:23.669 segregated storage. Interesting. Where your specific 00:03:23.669 --> 00:03:27.139 holdings are kept separate. OK. Now that can 00:03:27.139 --> 00:03:29.860 well it offers more peace of mind but often it 00:03:29.860 --> 00:03:33.340 comes at a premium sure So it raises the question 00:03:33.340 --> 00:03:36.060 doesn't it is that extra layer of security worth 00:03:36.060 --> 00:03:38.300 the additional cost for you? It's definitely 00:03:38.300 --> 00:03:41.400 something to weigh Then we have transaction fees 00:03:41.400 --> 00:03:45.050 these kick in whenever you buy or sell gold within 00:03:45.050 --> 00:03:47.650 your IRA. And our sources suggest that these 00:03:47.650 --> 00:03:50.509 are typically around 1 % to 2 % of the transaction 00:03:50.509 --> 00:03:52.789 value. And that's where I think it's really important 00:03:52.789 --> 00:03:55.030 to be mindful of your investment strategy. If 00:03:55.030 --> 00:03:56.969 you think you're going to be actively trading 00:03:56.969 --> 00:03:59.370 within your gold IRA, those 1 % to 2 % fees, 00:03:59.569 --> 00:04:02.150 those can add up. And it can really make a difference. 00:04:02.650 --> 00:04:05.789 So it's not only about finding a provider with 00:04:05.789 --> 00:04:08.610 competitive transaction fees, but also thinking, 00:04:09.189 --> 00:04:11.789 is a buy and hold strategy more cost effective 00:04:11.789 --> 00:04:14.819 in the long run? Okay, so those are the main 00:04:14.819 --> 00:04:16.680 fees, the more obvious ones, I guess you could 00:04:16.680 --> 00:04:19.759 say. But our sources also point to some additional 00:04:19.759 --> 00:04:21.939 costs that might not be immediately apparent. 00:04:22.740 --> 00:04:26.100 What are some of those less obvious, even hidden, 00:04:26.600 --> 00:04:29.680 expenses that we should be looking out for? Well, 00:04:29.680 --> 00:04:31.959 you might see things like wire transfer fees. 00:04:32.319 --> 00:04:35.560 So if you need to move funds in or out of your 00:04:35.560 --> 00:04:39.339 gold IRA electronically, that can cost you maybe 00:04:39.339 --> 00:04:43.209 $25 to $50 per transfer. And similarly, when 00:04:43.209 --> 00:04:45.990 you take distributions from your IRA, there could 00:04:45.990 --> 00:04:48.689 be distribution fees $25 to $100 per withdrawal. 00:04:49.029 --> 00:04:51.110 It's those smaller transactional fees, I think, 00:04:51.209 --> 00:04:53.209 that sometimes get overlooked. Yeah. But definitely 00:04:53.209 --> 00:04:55.829 can chip away. Makes you wonder if consolidating 00:04:55.829 --> 00:04:57.810 transactions or planning them very strategically 00:04:57.810 --> 00:04:59.970 could save you some money. Absolutely. And there 00:04:59.970 --> 00:05:02.230 are others, like leap payment fees, for example. 00:05:02.470 --> 00:05:05.089 If you miss a deadline paying your custodial 00:05:05.089 --> 00:05:07.470 fees or storage fees, you could get hit with 00:05:07.470 --> 00:05:10.730 a penalty. Just another reminder that even with 00:05:10.730 --> 00:05:13.589 alternative investments, you know, the details 00:05:13.589 --> 00:05:16.410 matter. And then there are partial distribution 00:05:16.410 --> 00:05:19.470 fees. So if you decide to withdraw only part 00:05:19.470 --> 00:05:22.129 of your holdings instead of liquidating the whole 00:05:22.129 --> 00:05:24.529 account, some providers might charge a fee for 00:05:24.529 --> 00:05:28.029 that, maybe $25 to $50 per partial withdrawal. 00:05:28.529 --> 00:05:30.810 Right. So, I mean, all these less common fees 00:05:30.810 --> 00:05:32.990 really highlight the importance of thoroughly 00:05:32.990 --> 00:05:35.509 reviewing that fee schedule, you know, really 00:05:35.509 --> 00:05:38.170 going through it and asking, clarifying questions 00:05:38.170 --> 00:05:40.470 before you choose that provider. You want to 00:05:40.470 --> 00:05:42.670 understand every potential cost. Okay. So we 00:05:42.670 --> 00:05:45.180 have a good handle on what the... fees are. Now 00:05:45.180 --> 00:05:47.819 for the big question, what can you actually do 00:05:47.819 --> 00:05:50.579 to keep these costs down? Well, as we said before, 00:05:50.800 --> 00:05:53.420 comparison is key. Do your research. Compare 00:05:53.420 --> 00:05:56.060 the fees across different gold IRA companies. 00:05:56.259 --> 00:05:58.199 You know, how much is the setup, the maintenance, 00:05:58.360 --> 00:06:00.519 the storage costs, the transaction fees. Don't 00:06:00.519 --> 00:06:02.399 just go with the first one you see. A little 00:06:02.399 --> 00:06:05.240 due diligence can go a long way. So put in the 00:06:05.240 --> 00:06:07.540 time up front. Are there any other strategies 00:06:07.540 --> 00:06:10.740 that we can use to minimize these expenses? Well, 00:06:10.819 --> 00:06:12.879 one of the articles you shared mentioned low 00:06:12.879 --> 00:06:15.379 -cost index funds, and in general, that's good 00:06:15.379 --> 00:06:17.600 advice for investing. But when we're talking 00:06:17.600 --> 00:06:20.279 about a physical gold IRA, that's a little different, 00:06:20.439 --> 00:06:22.120 right? Because you're dealing with the costs 00:06:22.120 --> 00:06:25.920 of holding and storing this physical asset, there's 00:06:25.920 --> 00:06:28.339 not going to be a low -cost index fund for gold 00:06:28.339 --> 00:06:31.819 bars. Makes sense. But the idea of seeking out 00:06:31.819 --> 00:06:34.600 the most cost -effective provider That still 00:06:34.600 --> 00:06:37.660 holds true. Look for competitive fees. Ask about 00:06:37.660 --> 00:06:39.939 any discounts or promotions they might have. 00:06:40.060 --> 00:06:42.680 So find those efficient and transparent providers, 00:06:43.019 --> 00:06:45.319 specifically in the Gold IRA niche. Exactly. 00:06:45.660 --> 00:06:47.899 What about getting professional financial advice? 00:06:48.160 --> 00:06:50.839 Yeah, that can be really helpful. A financial 00:06:50.839 --> 00:06:52.920 advisor who knows about gold IRAs can really 00:06:52.920 --> 00:06:55.259 guide you through the process, help you compare 00:06:55.259 --> 00:06:57.560 different providers, and more importantly, help 00:06:57.560 --> 00:06:59.980 you decide, is this even right for you? Right. 00:07:00.259 --> 00:07:02.480 Because there are higher fees with a gold IRA 00:07:02.480 --> 00:07:05.019 compared to traditional IRAs. So you want to 00:07:05.019 --> 00:07:07.139 make sure it aligns with your overall goals and 00:07:07.139 --> 00:07:10.199 your risk tolerance. to be fair, and present 00:07:10.199 --> 00:07:12.779 a well -rounded view, we should touch on the 00:07:12.779 --> 00:07:15.579 pros and cons of a gold IRA, which our sources 00:07:15.579 --> 00:07:17.740 briefly discussed. Sure. Can we highlight those 00:07:17.740 --> 00:07:21.459 for the listeners? OK. So on the plus side, a 00:07:21.459 --> 00:07:24.579 gold IRA can be a good hedge against inflation. 00:07:25.100 --> 00:07:28.319 Gold has historically done well in times of uncertainty 00:07:28.319 --> 00:07:31.420 and can offer the potential for long -term growth. 00:07:31.639 --> 00:07:34.139 And it's a way to diversify your portfolio, right? 00:07:34.220 --> 00:07:36.240 OK. And what are the main drawbacks to keep in 00:07:36.240 --> 00:07:38.850 mind? Well, like we've been talking about, fees. 00:07:39.470 --> 00:07:42.610 Right. Higher fees compared to traditional IRAs. 00:07:42.769 --> 00:07:45.589 That's mainly because you have to store and ensure 00:07:45.589 --> 00:07:48.269 this physical gold. And just to reiterate, how 00:07:48.269 --> 00:07:51.050 do those gold IRA fees generally compare to what 00:07:51.050 --> 00:07:53.410 you'd expect with a standard IRA? You should 00:07:53.410 --> 00:07:55.879 expect to pay more. OK. It's just the nature 00:07:55.879 --> 00:07:57.980 of having to deal with the physical storage and 00:07:57.980 --> 00:07:59.899 insurance. It's a big factor to consider. For 00:07:59.899 --> 00:08:02.939 sure. So if someone does decide to go for a gold 00:08:02.939 --> 00:08:05.939 IRA, what are some best practices for managing 00:08:05.939 --> 00:08:08.800 these fees once the account is open? Well, make 00:08:08.800 --> 00:08:11.139 sure you regularly review your whole portfolio, 00:08:11.300 --> 00:08:14.180 see how your gold is doing, and also stay informed 00:08:14.180 --> 00:08:17.220 about any changes to your provider's fees. Companies 00:08:17.220 --> 00:08:19.639 can adjust those, and you need to be in the loop. 00:08:19.879 --> 00:08:23.019 So stay vigilant. Good advice. We've covered 00:08:23.019 --> 00:08:25.360 a lot of ground here. Yeah, we have. So let's 00:08:25.360 --> 00:08:27.240 address some key questions that listeners might 00:08:27.240 --> 00:08:29.740 have. What's that typical range for those setup 00:08:29.740 --> 00:08:32.820 fees again? $50 to $100. And again, always ask 00:08:32.820 --> 00:08:36.639 about promotions. OK. And the sneakier, less 00:08:36.639 --> 00:08:39.519 obvious fees, the ones to watch out for? Wire 00:08:39.519 --> 00:08:43.379 transfers, late payment fees, and those partial 00:08:43.379 --> 00:08:45.840 distribution fees if you only want to take out 00:08:45.840 --> 00:08:48.679 some of your gold later on. OK. For someone who 00:08:48.679 --> 00:08:51.519 wants to keep those transaction fees down, what 00:08:51.519 --> 00:08:54.000 are the best strategies? Look for providers with 00:08:54.000 --> 00:08:56.960 competitive rates. Don't trade too often. And 00:08:56.960 --> 00:08:59.700 you can always try negotiating the fees, especially 00:08:59.700 --> 00:09:01.759 when you're setting up the account. OK, last 00:09:01.759 --> 00:09:04.399 question. This is an important one. Can you move 00:09:04.399 --> 00:09:07.360 an existing IRA into a gold IRA without getting 00:09:07.360 --> 00:09:10.100 slammed with all these extra fees? Yes, usually. 00:09:10.820 --> 00:09:13.840 You can transfer funds from a traditional IRA 00:09:13.840 --> 00:09:17.039 or a 401k into a gold IRA through what's called 00:09:17.039 --> 00:09:20.389 a direct rollover. or a trustee to trustee transfer. 00:09:20.850 --> 00:09:22.809 And if you do it right, you can avoid those taxes 00:09:22.809 --> 00:09:25.309 and penalties. It's best to work closely with 00:09:25.309 --> 00:09:27.730 your current and your new custodian though, just 00:09:27.730 --> 00:09:29.889 to make sure it's done correctly. So it seems 00:09:29.889 --> 00:09:31.929 like the big takeaway here is that while gold 00:09:31.929 --> 00:09:34.230 can be an attractive part of your retirement 00:09:34.230 --> 00:09:37.710 portfolio, understanding and managing the fees 00:09:37.710 --> 00:09:40.399 of a gold IRA, that's crucial. Yeah, you really 00:09:40.399 --> 00:09:42.720 have to weigh those potential benefits against 00:09:42.720 --> 00:09:45.120 the actual costs. Right. If you're proactive 00:09:45.120 --> 00:09:47.159 and you understand the fees involved, you can 00:09:47.159 --> 00:09:49.440 make the best choice for your future. So for 00:09:49.440 --> 00:09:51.409 you listening... If you're intrigued by a gold 00:09:51.409 --> 00:09:54.529 IRA, start comparing those fee structures. Look 00:09:54.529 --> 00:09:57.129 at those setup costs, maintenance charges, storage 00:09:57.129 --> 00:09:59.809 fees, transaction fees. Go in with your eyes 00:09:59.809 --> 00:10:02.309 wide open. And remember, retirement planning, 00:10:02.669 --> 00:10:05.570 wealth diversification, it's a journey. And there's 00:10:05.570 --> 00:10:07.809 always something new to explore, more to learn. 00:10:07.870 --> 00:10:10.529 That's right. Keep learning, stay informed, and 00:10:10.529 --> 00:10:12.169 keep building that brighter future. Exactly. 00:10:12.490 --> 00:10:14.610 We'll see you at our next deep dive. See you 00:10:14.610 --> 00:10:14.809 then.