Question about storage fees for gold IRA - am I overpaying?
- •Portfolio's sitting comfortably between $700k and $800k, mostly in various gold rounds.
- •As a lawyer here in Philly, my primary focus has always been downside protection, especially with all the market volatility we've seen lately.
- •It's been a relief knowing that a good chunk of my assets isn't tied directly to the whims of the stock market.
I've been holding a substantial portion of my retirement in a Gold IRA for the past seven years now, mainly focusing on wealth preservation rather than aggressive growth. Portfolio's sitting comfortably between $700k and $800k, mostly in various gold rounds. As a lawyer here in Philly, my primary focus has always been downside protection, especially with all the market volatility we've seen lately. It's been a relief knowing that a good chunk of my assets isn't tied directly to the whims of the stock market.
My current custodian has been charging me around $2,500 annually for segregated storage. For context, that’s about 0.3% of my current holdings. When I first set this up back in 2017, it seemed like a reasonable number, and honestly, with work and everything else, I haven't really shopped around since. But lately, after seeing a few posts here and hearing some whispers from colleagues, I'm starting to wonder if I’m getting a fair deal. I always valued segregated storage for the peace of mind, but at what point does that peace of mind become excessively expensive?
I'm curious to hear from others in similar situations. What are you guys paying for segregated storage on Gold IRAs, especially for portfolios in the $500k-$1M range? Are there custodians out there offering better rates without compromising security or service? I'm not looking to cut corners on safety, but if there's a significant difference in fees, I'd certainly consider exploring other options. This isn't play money; it's a critical part of my retirement strategy, so every dollar counts.