Question about storage fees for Gold IRA - is this normal?

Robert Thompson

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Question about storage fees for Gold IRA - is this normal?

robert_thompson💰Established (100-250k)

about 2 hours ago

Key Takeaways

•Morning folks, hoping to get some input here.
•I've been in my Gold IRA for a while now, probably close to 15 years since I first opened it after getting burned in '08 with my teaching pension.
•My question is about storage fees.

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Morning folks, hoping to get some input here. I've been in my Gold IRA for a while now, probably close to 15 years since I first opened it after getting burned in '08 with my teaching pension. I'm sitting on a decent amount, probably around $180k now, mostly in physical gold within the IRA account, which is a big chunk of my retirement nest egg as a retired Phoenix teacher.

My question is about storage fees. My custodian charges a flat annual fee, not a percentage, which I've always preferred. It's been pretty consistent, but I was talking to a friend yesterday who has a different setup and she mentioned her fees fluctuate based on the value of her holdings. Mine's always been a flat rate, which I like because I know exactly what to budget for. Is having a flat fee more common, or are percentage-based fees becoming the norm? I’m happy with my current arrangement, but I always like to make sure I’m not missing something better out there.

Also, I’m constantly looking at different comparisons. I was just checking out the "Silver vs Stocks" tool on goldirablueprint.com – pretty neat for seeing how things stack up over time, even if I'm pretty set on gold. Anyway, just curious about others' experiences with storage fees. Flat rate vs. percentage – what do you all have and why do you prefer it?

4 comments

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Best Answer▲ 8 upvotes

jennifer_martinez💰Established (100-250k)

Hey, good question! Storage fees can definitely vary quite a bit, and 15 years is a long time for those to add up. One thing to keep in mind is whether your custodian charges a flat fee or a percentage of your assets. A percentage-based fee can really start to sting once your portfolio grows, like yours has!

You might want to check out Forbes Advisor's comparison of Gold IRA companies. They often break down fee structures and storage options, which could give you a good benchmark to see if your current fees are in line with others or if it's worth exploring other custodians. Sometimes a small difference in fees can save you a lot over time. Good luck!

Comments (4)

joyce_cooper📊Growing (50-100k)✓ Verified•less than a minute ago

Hey, I hear you on this. I actually had a super similar situation with my silver IRA a few years back. The storage fees felt like they were creeping up without much explanation. Ended up doing some digging and switching providers, which definitely helped. It's worth looking into if you haven't already. Good luck!

helen_turner💰Established (100-250k)Real Investor•less than a minute ago

Hey there, interesting post. You mentioned you've held mostly physical gold within the IRA account for 15 years. Is that physical gold you actually possess, or is it held in a depository by the IRA custodian? I'm curious about the storage fees you're questioning because that detail could make a big difference.

christopher_young🌟Ultra (5m+)Real Investor✓ Verified•less than a minute ago

Hey, interesting post. While it's true that storage fees are a thing with physical gold IRAs, 1% annually on $180k, or $1800, does seem a bit steep to me, especially if you've been with the same custodian for 15 years. Some companies offer tiered pricing or even flat fees that might work out to be less, especially for larger accounts. Might be worth shopping around a little, even if just to use as leverage with your current provider.