Storage fees for my new Gold IRA - are these typical?
- •Just rolled over a chunk of my old 403b into a Gold IRA recently and I'm staring at these storage fees.
- •I opted for segregated storage, just felt more comfortable knowing my specific bars are accounted for, even if it costs a little more.
- •My portfolio is sitting right around the $75k mark, predominantly in American Gold Eagles and some Canadian Maples.
Just rolled over a chunk of my old 403b into a Gold IRA recently and I'm staring at these storage fees. I opted for segregated storage, just felt more comfortable knowing my specific bars are accounted for, even if it costs a little more. My portfolio is sitting right around the $75k mark, predominantly in American Gold Eagles and some Canadian Maples. The annual fee they quoted me for segregated storage is 0.75% of the total asset value. I'm in Little Rock, AR, and went with a company based out of Delaware for the custodian, with the actual vault in Salt Lake City.
Now, I'm a principal, and I teach financial literacy to my students, so I like to think I'm pretty good with numbers and spotting a bad deal. But this is my first rodeo with a Gold IRA. I'm questioning if this 0.75% is standard for segregated storage? It felt a little steep, honestly, especially when it's an ongoing cost. I know it's a small percentage, but over years, it adds up, right?
My main goal with this Gold IRA was long-term diversification and a hedge against inflation. My retirement is still a ways off, maybe 15 years, so I'm hoping to see some solid growth without excessive fees eating into it. I mean, for $75k, that's $562.50 a year just for storage. I can think of a lot of ways that money could be better spent, or even just stay invested!
Is anyone else paying similar rates for segregated storage on a portfolio of this size? Or did I potentially just sign up for something a bit on the high side? Any advice on negotiating these fees, or perhaps if there are better options out there that I should have explored? I'm open to critical feedback here, just want to make sure I'm making the smartest moves for my future.