Edward Jones Gold IRA Review

Edward Jones Gold & Precious Metals IRA Review

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One of the most well-known financial companies in the US, Edward Jones provides financial, investment, and consulting services to both businesses and individual customers.

One of their most popular services that customers have been looking at is a Gold IRA from Edward Jones. Edward Jones was started in 1922 and they have more than 15,000 Edward Jones branches along with almost 19,000 financial advisors. 

Before we get started:

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Table of Contents

Edward Jones Gold IRA Review

While Edward Jones offers a wide variety of retirement products including Traditional IRAs, and Roth IRAs, investing in stocks, bonds, annuities, and other investment vehicles, they don’t currently offer a Gold IRA in their offerings.

What this means for potential or existing Edward Jones customers, is that you’ll have to go with another company if you want to open a gold IRA.

You may be wondering if opening a gold or precious metals IRA is worth it. In addition, if Edward Jones doesn’t offer a gold IRA, what companies can you go with that offer a good value and the resources you need?

What is a Gold IRA?

A gold IRA or precious metals IRA is a type of self-directed IRA that the IRS allows to hold approved physical gold and other precious metals. In addition to gold, a precious metals IRA can cold silver, platinum, and palladium within the IRA.

This can provide you with some added diversification options within the category. Gold and other precious metals within the account have to contain a minimum purity requirement to be held in a gold IRA. For gold, it has to be at least 99.5% pure, while silver has to be 99.9% pure. For platinum and palladium, they have to be 99.95% pure.

To open a gold IRA, you’ll have to find a custodian or trustee that specializes in this type of self-directed IRA. Even some large companies like Edwards Jones don’t work with these types of accounts, so it’s important to find the right company to work with.

Reasons to Invest in a Gold IRA

First and foremost, investing in a gold or precious metals IRA allows you to diversify your portfolio and can make sense for certain investment strategies. Gold and other precious metals provide a physical asset and tend to fluctuate in value less than a stock or similar investment vehicle.

Many gold and other precious metals investors choose these assets to help protect against inflation and the market.

Over time, the value of gold and other precious metals has increased, and by keeping them within a gold IRA, you get the same tax benefits that you would with a normal IRA account.

Short-term prices of gold and other precious metals can fluctuate, but historically these have shown to have a steady increase for the long term. This makes gold and other precious metals an attractive addition to your portfolio.

Diversification is another reason to invest a portion of your retirement portfolio in a gold IRA. Typically the price of gold and other precious metals don’t move in the same direction as stocks, bonds, and other similar investment vehicles.

By putting a portion of your IRA into gold, it can help cushion your portfolio against market volatility.

Liquidity is another good reason to have a portion of your portfolio in a gold IRA. If you had an unexpected financial need or emergency, you can typically sell your gold assets without a great loss in value. Depending on the gold IRA company, some offer a buy-back program to make the selling process even simpler.

How to Invest in a Gold IRA

The first step to investing in a gold IRA is to choose a reputable custodian. Custodians are a financial institution that manages the gold IRA and helps to make sure that it stays within compliance and is administered properly.

When searching for a custodian, you should look at its fee structure, and its experience in the industry, and check out its customer reviews. Some factors to consider when selecting a custodian includes:

  • Experience and expertise in managing gold IRAs
  • Available storage options and partnerships with reputable depositories
  • Insurance coverage for stored metals and security
  • Educational resources and customer support

Pricing and fee structure

Once you've chosen a custodian, the next step is to open your gold IRA account. This process typically involves filling out an application form with your personal and financial information. Your custodian will guide you through this process and help you decide whether a traditional or Roth gold IRA is best suited for your needs.

Keep in mind that opening a gold IRA may require you to pay an initial setup fee, as well as ongoing maintenance fees. Ensure you're aware of these costs and factor them into your investment decision.

After your gold IRA account is open, the next step is to fund it. You have several options for funding your gold IRA:

Cash Contributions: You can make annual cash contributions to your gold IRA, just like a traditional IRA. The contribution limits are the same for both types of accounts and are subject to change each year. As of 2021, the annual contribution limit is $6,000, or $7,000 if you're age 50 or older.

Rollovers: If you have an existing retirement account, such as a 401(k), 403(b), or another IRA, you can roll over those funds into your gold IRA without incurring taxes or penalties. This process allows you to transfer your existing retirement savings into gold and other precious metals, further diversifying your portfolio.

Transfers: You can also transfer funds between two IRAs, such as moving money from a traditional IRA to a gold IRA. This transfer is not considered a taxable event and can be an effective way to move existing IRA assets into a gold IRA.

With your gold IRA funded, it's now time to select and purchase the gold assets you want to include in your account. You'll want to work closely with your custodian to ensure you're purchasing IRS-approved gold bullion or coins that meet the minimum purity requirements (99.5% for gold).

When purchasing gold for your IRA, consider factors such as the reputation of the gold dealer, the premiums charged on gold products, and the specific types of gold products available. Remember that you're buying physical gold, so it's essential to choose high-quality, reputable products that will retain their value over time.

Once you've purchased your gold assets, your custodian will arrange for their storage in an IRS-approved depository. These depositories are highly secure facilities that specialize in the storage of precious metals, ensuring that your gold is safe and well-protected.

You'll typically have the option to choose between allocated and unallocated storage. Allocated storage means that your gold is stored separately from other investors' assets, while unallocated storage involves co-mingling your gold with other investors' metals. Allocated storage usually comes with higher fees but provides added security and peace of mind.

It's crucial to note that you cannot take physical possession of your gold while it's held in the IRA. Doing so would be considered a distribution and could result in taxes and penalties. Your gold must remain in the depository until you take a qualified distribution or perform an in-kind transfer.

After you've set up and funded your gold IRA, it's essential to monitor and manage your investments regularly. Keep an eye on the performance of your gold assets and consider rebalancing your portfolio if necessary.

As a self-directed IRA, your gold IRA allows you to make adjustments to your investments as you see fit.

Also, make sure you stay informed about any changes to IRA regulations or contribution limits, as these can impact your investment strategy. Regularly consult with your custodian and seek expert advice to ensure your gold IRA remains in compliance with IRS rules and regulations.

As you approach retirement age, it's crucial to have a plan in place for taking distributions from your gold IRA. Generally, you can start taking penalty-free distributions from your traditional gold IRA at the age of 59 ½. These distributions will be taxed at your ordinary income tax rate.

If you have a Roth gold IRA, you can take tax-free distributions after you've held the account for at least five years and have reached the age of 59 ½. Keep in mind that required minimum distributions (RMDs) apply to traditional gold IRAs, meaning you must start taking distributions at the age of 72, as per the current regulations.

When it's time to take a distribution, you have several options, including:

  • Selling your gold assets and taking a cash distribution
  • Taking an in-kind distribution, where you receive the physical gold and pay taxes on its value
  • Rolling over your gold IRA assets into another retirement account
  • It's essential to plan for distributions and consult with a financial advisor to determine the best strategy for your unique situation.

Top 3 Companies to Choose Over the Edward Jones Gold IRA

Since Edward Jones doesn’t offer a gold IRA, we’ve compared three of our favorite gold IRA companies for you to check out in your search for a company.

  • Goldco - Our Top Recommendation

Located in Los Angeles, Goldco was founded in 2011 and has grown to be one of the market leaders in the precious metal investment industry. They have an A+ rating from the Better Business Bureau along with 4.8 stars on Trustpilot and 4.9 stars on Google.

Feedback from customers talks about the knowledgeable, friendly, and professional customer service. Goldco also offers a wealth of resources with guides, articles, and other information to help investors learn about investing in gold and other precious metals.

If you have questions, there’s even a LiveChat feature available where support representatives can help you. 

  • Augusta Precious Metals

Augusta Precious Metals is another highly-rated company. They have 24-hour customer service available via email and phone. They also offer plenty of resources including articles to help you learn more about the precious metals industry.

Augusta Precious Metals has a competitive fee structure in place and is known for offering great prices regarding gold and silver bullion. When it comes to storing your investments, Augusta Precious Metals also offers a state-of-the-art facility to help keep your investments secure.

Regarding their products, Augusta Precious Metals sells gold and silver bullion, premium precious metals products, and IRA-eligible coins to provide you with different options.

Augusta precious metals homepage
  • American Hartford Gold

American Hartford Gold is a privately held company located in Southern California and specializes in gold IRAs. They offer a wide range of resources to help educate customers and have a team of precious metals experts to help you better understand this type of investment.

They have hundreds of reviews on sites such as Trustpilot. They can help you set up a gold IRA, transfer your funds from an existing retirement account, help you purchase gold, and have it sent to a depository.

Final Thoughts

Investing in a gold IRA can be a big step in your financial future and finding the right gold IRA company for your funds is an important first step. Depending on your investment goals and current investments, adding a gold IRA to your portfolio can be a great idea.

By following this guide, you can learn more about the investment process, learn more about some of the more popular gold IRA companies and make steps towards your investment future.

If you have an existing IRA with Edward Jones, you can check out these three companies or start the search on your own using the information from here to find a company that offers gold IRAs.

As with any investment, it's also a good idea to talk with a competent tax advisor and investment advisor to see if a gold IRA is the right fit for you.

Gold IRAs aren't the right option for every investor, but investing a portion of your funds can be a good way of diversifying your portfolio and physically owning gold assets can also be a unique benefit.

Remember to read our list of the Best Gold Investment Companies to work with, before investing your hard-earned savings!

>> CLICK HERE to read our list of the Top Gold Investment Companies. <<

Or, if you like what you read about Edward Jones Gold, continue to their website below.

Charles Turner

Hi, I'm Charles Turner, founder of Turner Investments.  I created Turner Investments to provide education and guidance to individuals interested in personal finance.

My goal is to make Turner Investments a valuable resource for anyone looking to learn more about personal finance and make smarter investment decisions.

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