Individuals can use investment tactics to increase their wealth and save for retirement. Precious metals are a safe investment option that outperforms cash-based IRAs.
Even if the investors do not open an IRA, they can buy and stockpile precious metals to accumulate wealth over time.
Gold is the most popular of the precious metals, and investors should plan their purchases carefully.
When looking for strategies to increase wealth, investors should look for a gold company that provides clear purchasing at fair market pricing.
Strategic Wealth Preservation sells precious metals, and reviewing the firm can help investors assess whether the gold dealer is the best fit for their investment.
About the company
Strategic Wealth Preservation has opened its doors in Georgetown, Cayman Islands. The corporation provides investors and collectors with gold, silver, palladium, and platinum. They also provide IRAs, RRSPs, and TFSAs for long-term planning.
The company offers a wide range of IRS-approved products, and its customer care professionals assist clients with precious metal transactions.
Their Product Inventory:
Investing in gold, silver, platinum, and palladium at Strategic Wealth Presentation allows you to grow wealth and plan for the future.
Their gold products include the following:
- American Eagle
- Australian Kangaroo
- South African Krugerrand
- Canadian Maple Leaf
- American Buffalo
- British Britannia
- Royal Canadian Mint’s Suisse bars
Their silver items include the following:
- Silver rounds
- British Britannia
- Marlin Coins
Their Palladium items include:
- Canadian Maple Leaf
Their platinum items include the following:
- Austrian Philharmonic American Eagle
- Canadian Maple Leaf
Buying Precious Metals
When purchasing precious metals, visitors register an account on the company’s website.
After creating a user account, the buyer browses the product inventory and builds a wishlist of all the items they want. Next, the customer calls Strategic Wealth Preservation to place the order.
Finally, the customer care staff provide the consumer a price quote, and if the client accepts, the corporation offers a price lock.
Clients must complete their orders over the phone, and the company prepares them after receiving payment. All packages are delivered in inconspicuous packaging to prevent others from discovering what is inside the package.
Strategic Wealth Preservation provides insurance coverage for all shipments, and if the package is lost, stolen, or damaged, the company will file an insurance claim.
Clients can store precious metals purchased separately from an IRA wherever they want. Non-IRA precious metals are not need to be stored in an IRS-approved depository. The owner has full control over their precious metals and can sell them whenever they want.
Is the customer responsible for paying shipping fees and sales tax?
Yes, the purchaser can select their preferred shipping method from Strategic Wealth Preservation’s alternatives. Customer support representatives provide information on shipping methods and the whole cost, including freight.
International shipping to the Cayman Islands will cost more than sending precious metals within the United States. Strategic Wealth Preservation assesses if the customer must pay state income taxes based on where they live.
Some states mandate additional tax payments beyond the primary transaction for purchases made outside of their territory. The sales tax that the consumer pays directly to Strategic Wealth Preservation is based on the Cayman Islands’ current tax rate.
Check Out the Best Gold IRA Company of 2024
There are over 200+ gold IRA companies in the US and among all of them, I believe Augusta Precious Metals is the best one so far.
Augusta Precious Metals ranks as the #1 gold IRA company in the US. And that’s for good reason.
They have some of the best product catalogs with gold, silver, platinum, and palladium products to offer. But the main highlight is their dedicated web conference and the added focus on client education.
Augusta has an A+ rating on BBB, 1000+ client testimonials, and has been awarded “Most Transparent Company” in 2023 by Investopedia.
No other company puts as much focus on educating their clients about the different aspects of gold IRAs as they do.
My own experience with them was amazing to say the least.
However, their minimum investment requirement is $50,000 which limits the number of people who can open a gold IRA with them. Still, if you have the budget, you shouldn’t look elsewhere.
Precious Metal Loans
Investors can take out loans for precious metals of up to 75% of their entire value. These loans have an 8% interest rate, and customers repay them in installments. The minimum loan amount is $100,000.
Loans are offered to investors for any reason, and customer support personnel notify them of the total loan amount. Customers typically repay these loans within three months; however, lengthier installment plans are available based on the amount borrowed.
Acceptable Payment Methods
Strategic Wealth Presentation allows wire transfers, ACH, certified checks, cashier’s checks, and bank drafts. After creating an online user account, clients can save their chosen payment method for speedier purchase processing.
If the payment method fails, the customer is responsible for updating their account information with Strategic Wealth Preservation.
Setting up a Gold IRA account
Clients select an IRS-approved custodian to open and manage their gold IRA accounts. The consumer pays the custodian to open the account and complete the necessary documentation to move assets from an existing IRA to the new self-directed gold IRA account.
After contacting the IRA provider, the custodian transfers the preferred amount to the new account, and the client selects all precious metals to acquire from Strategic Wealth Preservation.
Finally, the custodian sends monies from the new IRA to Strategic Wealth Preservation, completing the transaction.
Once the company gets the full payment, Strategic Wealth Preservation arranges for shipment to the designated depository. Customers may keep their precious metals in the United States or the Cayman Islands. The custodian gets the deposit notification from the depository, as well as the IRA paperwork.
Increase the IRA’s value.
Account holders can boost the value of their gold IRAs by making further precious metal purchases. According to IRS guidelines and regulations, investors under the age of 59 can contribute up to $6,000 per year. If the investor is 60 or older, they can give up to $7,000 per year.
Distributions from Gold IRAs
When the account holder reaches 65, the custodian initiates distributions from the IRA account. The amount they receive each year impacts how much they pay in taxes. Their custodian can assist the owner in determining the appropriate annual distribution amount based on their preferred lifestyle and tax considerations.
Customers who liquidate their gold IRAs must pay taxes on the total amount received. However, the owner might transfer the cash to a separate IRA account. Talking with a financial consultant can assist investors decide what to do and how to limit tax effects.
Using precious metals to open RRSPs and TFSAs is a strategic way to preserve wealth.
Customers begin by opening a Questrade account on their website, and then they complete and sign Strategic Wealth Presentation’s dealer authorization form, which authorizes the company to sell precious metals for the account.
Next, the user transfers monies from a savings account to the Questrade account. After the funds are ready, the client places a precious metals order with Strategic Wealth Preservation directly.
Custodian and Depositories
Strategic Wealth Preservation does not have a recommended custodian, however it does recommend Preferred Trust Company for holding precious metals in a gold IRA.
However, investors are not required to use the depository for their precious metals IRA, and they may select a custodian and depository based on their preferences.
It is suggested that investors contact an IRS-approved custodian and depository to determine the entire cost of services. When establishing IRAs, RRSPs, and TFSAs, the client must have sufficient funds to pay service providers. They will also cover storage, maintenance, and management costs for these accounts and precious metals.
Estate Planning for your Accounts
Account holders can use any retirement plan to produce retirement income and live the lifestyle they want. Gold IRAs are more secure than ordinary IRAs, and their value has continuously risen.
Owners can amass significant wealth based on how many precious metals they purchase. Estate planning is an important step in protecting their fortune later in life.
Transferring a gold IRA account to a trust isolates the account and its proceeds from the estate, preventing the financial savings from being probated after the owner’s death. Furthermore, the transfer can give an heir with the riches earned by the gold IRA, as well as future financial help.
When establishing the trust, the owner selects a successor who will take management of the trust once the owner dies. The successor can then choose whether to receive distributions from the IRA account or liquidate it within the trust.
Speaking with a custodian assists account holders in determining the best course of action for protecting their assets and avoiding creditor seizures.
Inherited Gold IRAs
Working with their custodian, the IRA owner can make arrangements in case they do not spend all of the cash in the account before they die.
For example, an inherited gold IRA is a common way to move the remaining precious metals into a new account that an heir can receive. The custodian can arrange for the funds to be transferred on the account owner’s death date.
The successor who inherits the new IRA account must establish disbursements within five years of the account owner’s death. If they don’t, the custodian must liquidate the account and disperse the funds in accordance with the IRA documents.
Discovering Gold IRAs.
If the account owner does not have a surviving beneficiary, the custodian may have to determine which family member receives the money. The heir who receives the proceeds must pay taxes on the money during the tax year in which they receive it.
Strategic Wealth Preservation offers precious metals to investors and collectors. The company is based in the Cayman Islands and offers consumers IRAs, RRSPs, and TFSAs. They provide several precious metals products for customers that are IRS-approved and suitable for retirement accounts.
Final Thoughts
The company does not restrict custodians or depositories; nevertheless, consumers can receive suggestions for storing precious metals within or outside of the United States.
Customers can manage their investments using investment resources available on the company’s website. Overall, the company appears to be a good choice, but clients should compare its costs to those of other gold dealers before committing to purchasing precious metals.
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