Question about storage fees for gold IRA - am I doing this right?
- •I'm sitting on about $75k in physical gold right now, all stored in Delaware.
- •My custodian charges me 0.15% annually for storage, which works out to about $112.50 a year based on my current holdings.
- •On top of that, there's a flat $100 annual administrative fee.
Hey, so I've been seeing a lot of posts lately about Gold IRAs and it's making me wonder if I'm getting the best deal or if there's something I should be looking out for. I set up my Gold IRA about two and a half years ago, mostly as a hedge against inflation and to supplement my government pension when I eventually retire. I'm sitting on about $75k in physical gold right now, all stored in Delaware. I'm based here in Albuquerque and picked Delaware because it felt like a good, solid option for security, but now I'm starting to second-guess the fees.
My custodian charges me 0.15% annually for storage, which works out to about $112.50 a year based on my current holdings. On top of that, there's a flat $100 annual administrative fee. So I'm looking at roughly $212.50 a year just to keep my gold in a vault and manage the account. It doesn't sound like a ton of money, especially compared to the gains I've seen, but the percentage-based storage fee is what's starting to bug me. As my portfolio grows (and I plan to keep adding to it), that percentage will obviously mean more money out of my pocket, while a flat fee would stay the same.
I know some places charge flat fees for storage, not percentages. Is it worth looking into switching custodians or even just finding a different storage solution within my current setup? I'm trying to be smart about this long-term. My priority is security, absolutely, but if I can get similar security for a lower, more predictable cost, I'd obviously prefer that. I'm aiming for this account to hit six figures in the next 5-7 years, so these fees will only get higher.
What are others paying for their Gold IRA storage? Especially if you have a similar portfolio size or a government/pension background and understand the need for extra stability. Any thoughts on whether 0.15% for storage is standard, or if I should be pushing for a flat fee option? Thanks for any insights!