Goldco Account Setup Checklist
Setting up a precious metals account through Goldco goes faster when you gather a handful of items before your first call: photo ID, recent statements for the accounts you plan to move, beneficiary details, and a decision on how you will fund the account. This checklist groups everything by stage so you can work through it in order.
Before You Start: Decide Which Path
Your checklist depends on whether you want metals inside a self-directed IRA or as a direct purchase outside any retirement account.
- IRA path: you will open an account with a custodian and fund it by transfer, rollover, or contribution. Use every section below.
- Direct purchase path: no custodian is involved. Skip to the identification, payment, and delivery sections. Goldco's website lists a $10,000 minimum for direct purchases, according to Goldco's website at the time of writing; confirm current terms.
If you are undecided, our first-time buyer guide compares the two.
Checklist 1: Identity and Contact Details
- Government-issued photo ID (driver's license or passport), current and legible.
- Social Security number, which custodians need for tax reporting.
- Current residential address and, if different, mailing address.
- Phone number and email you check regularly for account notices.
- Employment information, which some custodian applications request.
Checklist 2: Accounts You Plan to Move
- Most recent statement for each IRA or employer plan you are considering.
- Account numbers and the exact name of each current custodian or plan administrator.
- Account type for each: traditional, Roth, SEP, SIMPLE, 401(k), 403(b), 457(b), TSP, or other.
- Whether each employer plan allows rollovers while you are still employed there.
- Any outgoing transfer or closing fee your current provider charges.
- Whether you plan to move the full balance or only part of it.
Matching account types matters: traditional money normally moves to a traditional IRA, Roth to Roth. The IRS rollover chart shows allowed combinations. See rollover paperwork and forms.
Checklist 3: Beneficiary Information
- Full legal name of each primary and contingent beneficiary.
- Relationship to you and dates of birth.
- Social Security numbers, if the custodian's form asks for them.
- Percentage share for each beneficiary, totaling 100% at each level.
- If naming a trust, the trust's name, date, and trustee details.
Beneficiary designations on an IRA generally control who inherits it, regardless of what a will says. A licensed estate attorney can help coordinate them. See beneficiaries and inheriting a metals IRA and the IRS beneficiary guidance.
Checklist 4: Custodian Forms
- Custodian's account application for a self-directed IRA.
- Transfer request form (for IRA-to-IRA moves) or direct rollover instructions (for employer plans).
- Fee acknowledgement or fee schedule, signed if required.
- Precious metals purchase direction or authorization form.
- Storage selection: segregated or non-segregated, if a choice is offered.
Goldco says it works with all major self-directed IRA custodians, and its FAQ references Equity Trust. Specialists generally help you complete these forms. Review the fees on the custodian's paperwork against Goldco's published fee statement:
Gold IRA Fees
The required minimum purchase at Goldco to start a gold IRA is $25,000. Goldco’s preferred Custodian charges a flat annual account service fee which includes a one-time IRA account set-up fee of $50. as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually.
Checklist 5: Funding Method
- Trustee-to-trustee transfer from another IRA: not a distribution, no withholding.
- Direct rollover from an employer plan: no 20% mandatory withholding.
- Indirect rollover: must be completed within 60 days, limited to one IRA-to-IRA rollover per 12 months, and employer-plan payments are subject to 20% withholding.
- New contribution: subject to annual IRS limits, which change; check the IRS contribution-limits page.
Details are in the Goldco rollover and transfer process.
Checklist 6: Your Purchase Decision
- A written quote listing each product, quantity, and price per unit.
- The premium over spot for each product.
- Written confirmation that each product is IRA eligible (for IRA purchases).
- A copy of the advertised buyback program's written terms.
- For direct purchases: delivery method, insurance in transit, and where you will store the metals.
Common Setup Snags
Most delays come from small mismatches. A name spelled differently on the new application than on the old account, an unsigned page, an expired ID, or a transfer form addressed to the wrong department can each send paperwork back. Before submitting, check that names, addresses, and account numbers match your statements exactly, and keep a copy of everything you sign.
Checklist 7: Records to Keep
- Signed copies of every form and agreement.
- Order confirmations and invoices.
- Form 1099-R from any plan you rolled over from, and Form 5498 from the new custodian.
- Custodian statements, compared against your order confirmations.
See record-keeping for precious metals and how Goldco works for what comes next.
Frequently Asked Questions
Do I need all of this before calling Goldco?
No, but having your ID and current account statements ready makes the first conversation much more specific.
Can I change beneficiaries later?
Generally yes, by submitting a new designation form to the custodian.
Who submits the transfer paperwork?
Usually the new custodian sends the request to your current provider after you sign it. Ask Goldco how it coordinates this.