A silver IRA allows you to buy physical silver approved by the IRS within a tax-advantaged Individual Retirement Account (IRA).
(You can also invest into other precious metal IRAs or Gold IRAs as well)
Our team has extensive experience researching and investing in various precious metals, including silver.
If you want to open a silver IRA account, it is essential to choose a company that’s an expert in its field, has incredible security, and is approved by the IRS.
Let’s look at the top companies that can protect your silver investments!
Best Silver IRA Companies in the World
After countless hours researching IRA accounts and investing in silver IRA companies, we’ve compiled a detailed list of the best precious metals IRA companies!
In this blog post, we’ll cover the following companies that can protect your physical precious metals:
- Augusta Precious Metals
- Goldco
- Noble Gold Investments
- Birch Gold Group
We’ll cover the pros and cons of each precious metals IRA account and why these companies are worth looking into!
Discover why storing precious metals is critical and find the right dealer for you.
Why We Picked It
Augusta Precious Metals is one of the best precious metals investors available.
This precious metal company excels in its customer service and education opportunities.
That said, customers note that the Augusta team made selling and buying precious metals easy and were there every step of the process.
Numerous customers note whether you are a beginner or an advanced investor, Augusta’s team is patient and won’t force you to decide before you are ready.
Additionally, Augusta offers a free webinar to explain how a silver IRA works versus traditional IRAs.
This free webinar details all your investment opportunities and explains which decisions are best for your circumstances.
Augusta’s services are best for people of retirement age interested in adding precious metals to their investment portfolio.
Pros
- Competitive pricing for gold and silver investments
- Extensive precious metals IRA accounts (gold, silver, and platinum)
- A comprehensive list of gold coins, platinum coins, and collector's coins
- Excellent customer support
Cons
- High minimum investment amount (must be at least $50,000)
Why We Picked It
One area where Goldco separates itself from other companies is its account set-up process, which is straightforward for investors.
The account set-up process is entirely online, allowing you to create and invest in silver without leaving your home.
Although Goldco’s set-up process is entirely online, it is still very secure and safe.
Further, customer service representatives are always available to help beginners or investment experts via online chat or over the phone.
Several of Goldco’s services are unmatched and come with several free features.
For instance, Goldco provides free retirement resources and free rollovers for existing IRA accounts.
Lastly, Goldco gives you 10% back on any silver coins you purchase!
This buy-back program is a lot better than other companies, and it is a guarantee with each plan.
Pros
- Experience with a silver IRA rollover and a gold IRA rollover
- Streamlined silver IRA account set-up
- Free retirement resources
Cons
- The minimum investment for IRA purchases is $25,000
- No opportunity for adding precious metals like palladium or platinum
- High storage fees
Why We Picked It
Noble Gold Investments is another great option to open an account for silver assets.
A gold and silver IRA rollover involves moving your retirement account to a self-directed IRA.
The IRS-approved depository with Noble Gold is proven to protect your physical precious metals.
Safety and protection of your assets are critical when buying silver and other metals.
Therefore, Noble Gold Investments has partnerships with the International Depository Services and insurance protection through Lloyd’s of London, so you know your retirement savings and precious metal IRA are safe.
Also, Noble Gold makes it simple to create and manage a precious metals IRA account with the help of a designated representative.
You can always count on Noble Gold’s customer support to exceed your expectations.
Pros
- Wide variety of precious metal IRAs
- Upfront about IRA fees
- Gold IRA set-up is straightforward
Cons
- You can't roll over an existing IRA account.
- It doesn't offer international physical gold storage.
Why We Picked It
Precious metals IRA accounts through Birch Gold Group are consistently strong and secure.
One detail that customers love about Birch Gold Group is the buy-back program.
If you buy gold, silver, platinum, or other precious metals from the company, they will always repurchase them based on the current value.
A buy-back program is an excellent feature to consider because you can always rely on the company if you need money in a pinch.
Also, when you purchase precious metals through Birch Gold Group, the company ensures every shipment against any losses or damages to the package.
You can ensure your assets are protected with Birch Gold Group.
Some companies do not offer as comprehensive insurance as Birch Gold Group, so this is a critical bonus feature to consider when selecting an investment company.
Pros
- No fees for the first year of investments over $50,000
- Plenty of educational resources
- Strong buy-back program
- Low $10,000 minimum for the IRA funds
Cons
- It only caters to investors from the United States.
- Limited physical gold bars and coins compared to other companies.
What is a Silver IRA?
A silver IRA is a self-directed Individual Retirement Account (IRA) in which precious metals like silver bullion or silver coins are held as investments.
It allows silver investors to own physical silver and add it to their retirement savings plan while still receiving the tax benefits associated with traditional IRA accounts.
A precious metals IRA can be purchased from any approved silver IRA custodian, typically in silver bars or silver coins.
Investing silver through an IRS-approved account is an easy and secure way to diversify your retirement portfolio.
With this type of IRA, investors can buy silver from reputable dealers and have the silver bullion bars and other physical silver shipped directly to their IRA custodian for safekeeping.
How to Open a Silver IRA
Choose an IRA Custodian
The first step to opening an account from a silver IRA company is to choose an approved IRA custodian.
Several companies specialize in precious metals IRAs and will be able to help you with this process.
Fortunately, most companies have designated personnel to help you with mutual funds, transfers of tangible assets, Roth IRAs, and more!
Make sure that the IRA custodian you select has experience dealing with silver assets, offers excellent customer service, and is IRS-approved.
Buy Your Precious Metals
Once you have chosen a silver IRA custodian, it’s time to purchase your silver.
You can choose from gold and silver products, depending on what kind of assets you prefer.
Or, you can select other precious metals and products like an American gold eagle, bullion bars, or platinum bullion.
The price of silver and other metals can vary, so make sure you research the current silver and gold prices before buying.
IRA custodians will advise you to purchase gold, silver, platinum, and other metals from reputable buyers.
Scams are one of the most essential details to be aware of when purchasing any precious metal.
Some sellers may try and overcharge you for one ounce silver coins or silver bars.
So, always take your time before investing in a precious metals IRA like a silver or gold IRA.
Choose a Depository
Once you’ve browsed through self-directed IRA custodians and purchased your silver, the next step is to choose a depository.
A self-directed IRA custodian will likely advise a depository to add silver.
Your silver will be stored at this location, and it’s vital to ensure that your chosen depository is secure and reputable.
The IRA custodians should have a list of approved depositories and can help you choose a suitable one.
IRA funds must be protected, so it is essential to take time when choosing a depository.
You can always count on an IRS-approved depository to protect your IRA purchase or IRA transfer.
Complete the Process
Funding the account is the last step to opening a silver or gold IRA.
Funding is similar to an account with paper assets and can be done via direct transfer, rollover, or Roth conversion.
Depending on what type of new silver IRA account you have chosen and the silver assets you’ve purchased, specific requirements may need to be met when funding the account.
For instance, some companies require an initial investment of $25,000.
Others have higher rates, reaching up to $50,000.
Considering the initial investment amount is vital to ensure you have enough money to start an account.
Types of Gold IRAs to Consider
Roth Silver IRAs
A Roth silver account allows silver investors to buy silver with after-tax dollars, enabling them to withdraw the silver tax-free in retirement.
This type of IRA account is especially popular among younger investors who are planning for their retirement and want to benefit from the tax advantages associated with silver assets.
Tax-free retirement accounts are an excellent choice because you can ensure your entire investment is yours when you withdraw your money.
Traditional Silver IRAs
With a traditional silver IRA, investors can buy silver with pre-tax dollars.
Buying silver with pre-tax dollars means that the investments can be deducted from your taxable income and help you save on taxes in the long run.
These IRAs are best suited for silver investors close to retirement who want to maximize their tax savings.
Saving money on taxes is helpful because you will have more money to spend during your retirement years.
Also, if you are still determining what type of self-directed IRA account you need for your bullion bars and precious metals, a consultant can always help with that decision.
Silver IRA Benefits
Tax Benefits
One of the most significant advantages of IRAs specializing in silver is the tax benefits of silver assets.
Silver investors can deduct silver assets from their taxable income, helping them save on taxes in retirement.
The same benefits occur with other metals, too.
Sometimes, retirement accounts with paper assets have different tax benefits.
Therefore, a silver IRA rollover is a desirable feature.
Long Term Holdings
This type of IRA account is an excellent way for silver investors to build long-term wealth.
Silver assets tend to increase in value over time, giving silver investors the potential for significant returns.
With these types of IRAs, silver investors can benefit from the long-term holding benefits of silver assets while still receiving the tax advantages associated with traditional IRA accounts.
Therefore, it is best to purchase silver early in life and carefully watch price fluctuations.
Also, it is essential to be patient when buying silver because one year, the price may be lower than the next!
Growth Potential
When it comes to silver Individual Retirement Accounts, the growth potential is significant and unpredictable.
Silver prices have risen significantly in recent years, and silver assets are expected to continue to increase in value over time.
With silver Individual Retirement Accounts, silver investors can benefit from the long-term growth potential of silver assets while protecting their retirement savings from inflation and market volatility.
Most people invest in silver and other metals because they are protected from inflation better than other forms of money.
Heavily Used in Tech
Silver Individual Retirement Accounts are becoming increasingly popular among tech investors.
Tech startups often use silver assets to help fund their operations, and silver Individual Retirement Accounts allow tech investors to benefit from the tax advantages associated with silver assets.
Silver Individual Retirement Accounts also provide tech investors a way to diversify their portfolios, helping them protect themselves against market volatility and inflation.
Portfolio diversification is crucial because the more places your money can live in multiple places.
Silver IRA Risks
Silver Volatility
One of the silver Individual Retirement Account risks to be aware of is silver volatility.
Silver prices can fluctuate significantly, and silver investors may experience losses if silver prices suddenly drop.
It’s crucial to research silver assets before making decisions, as silver prices can change quickly.
Further, another silver Individual Retirement Account risk is the risk of theft.
It is crucial to store your silver in a secure place because individuals will go to extreme lengths to steal valuable assets.
Silver assets are often stored in silver depositories, and silver investors should ensure that the silver depository they choose is secure and reputable.
The companies listed above are a much safer option than simply keeping silver in your home.
Conclusion
I hope this article helped you uncover the nuances of Silver IRA’s, and possible helped you decipher the best Silver IRA company for you.
Let us know in the comments below if this helped!
Silver IRA FAQ
A silver Individual Retirement Account works like a traditional IRA, except silver investments are used to fund the account. Silver investors can choose from various silver assets, such as silver coins and bars, that can be used to fund the silver IRA. Silver Individual Retirement Accounts also provide silver investors with the tax advantages of traditional Individual Retirement Accounts.
Yes, silver investors can hold the silver in their IRA. Silver assets are allowed within silver Individual Retirement Accounts, and silver investors can use silver coins and bars to fund the account. Silver Individual Retirement Accounts also provide silver investors the potential for long-term growth and tax advantages associated with traditional Individual Retirement Accounts.
Silver investors can purchase silver with pre-tax dollars and use silver investments to fund a Roth IRA. Silver Individual Retirement Accounts provide silver investors with the potential for long-term growth while also providing them with tax advantages associated with traditional Individual Retirement Accounts. Silver investors should research silver investments before making any decisions, as silver prices can fluctuate significantly, and silver investors may experience losses if silver prices suddenly drop.
Adding silver to an IRA is simple. Silver investors must open a silver Individual Retirement Account account with a financial institution or silver depository. Once the silver Individual Retirement Account account is opened, silver investors can purchase silver coins and bars that can be used to fund the silver Individual Retirement Account. Silver assets should be held in a silver depository for safekeeping, as silver investors will be responsible for the silver investments in their silver IRA.
Silver Individual Retirement Accounts can be a good investment for silver investors. Silver investments provide silver investors with the potential for long-term growth and silver Individual Retirement Accounts also provide silver investors with the tax advantages associated with traditional IRAs. However, silver investors should research silver investments before making any decisions, as silver prices can fluctuate significantly, and silver investors may experience losses if silver prices suddenly drop. Silver investors should also make sure that the silver depository they choose is secure and reputable to avoid the risk of theft. Silver IRAs can be a good investment for silver investors willing to take on some risk.
