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Last Updated on December 23, 2023
Navigating the landscape of precious metals investment and Individual Retirement Accounts (IRAs) can be challenging. One of the most notable companies in the field is Red Rock Secured.
This article aims to provide a thorough review of Red Rock Secured, its offerings, costs, and customer reviews.
Moreover, we will explore how to monitor your IRA performance, discuss storage options, evaluate its pros and cons, and guide you through opening a Precious Metals IRA with Red Rock Secured.
What is Red Rock Secured?
Red Rock Secured is a private distributor of Gold IRAs and precious metals. The company provides a platform for investors to diversify their retirement savings by investing in physical precious metals. Founded by individuals with decades of experience in the precious metals industry, the company focuses on customer service, secure storage, and competitive pricing.
What Does Red Rock Secured Offer?
Red Rock Secured offers a comprehensive suite of products and services tailored for investors seeking to diversify their retirement savings through precious metals. Their services are focused around the establishment and management of self-directed Precious Metals Individual Retirement Accounts (IRAs). Below is a more detailed look at what they offer:
Precious Metal IRAs
Red Rock Secured specializes in the following types of precious metals IRAs:
- Traditional IRAs: These are tax-deferred accounts where contributions may be tax-deductible, and taxes are paid on distributions in retirement.
- Roth IRAs: Contributions to Roth IRAs are made post-tax, meaning that distributions during retirement are tax-free.
- SEP IRAs: Designed for self-employed individuals and small business owners, contributions are tax-deductible, with taxes paid on distributions.
- Simple IRAs: This is an option for businesses with 100 or fewer employees, offering a simplified process for making contributions to retirement savings.
Their Precious Metals IRAs allow investors to include physical precious metals as part of their retirement portfolio, offering a tangible hedge against inflation and market volatility.
Gold and Silver Coins
Red Rock Secured offers an array of gold and silver coins, both domestic and international, all of which are permissible in a precious metals IRA. These include:
- American Gold Eagle
- American Silver Eagle
- Canadian Gold Maple Leaf
- Australian Gold Kangaroo
- South African Gold Krugerrand
- Austrian Philharmonic
All these coins are recognized for their purity and value, providing a stable and secure form of investment.
For those who prefer bullion over coins, Red Rock Secured has a selection of gold, silver, platinum, and palladium bullion bars. These include:
- Gold bullion: Ranging from 1-ounce bars to 400-ounce bars
- Silver bullion: Available in weights of 10 ounces to 1000 ounces
- Platinum and Palladium bullion: Available in 1-ounce bars
Bullion offers a direct and straightforward means of owning precious metals, often available at a lower premium compared to coins.
Beyond these primary offerings, Red Rock Secured also provides the following services:
- Direct Purchase: For investors who wish to buy precious metals directly and hold them outside of an IRA.
- Home Delivery: Red Rock Secured can deliver your precious metals directly to your doorstep in discreet, secure packaging.
- Educational Resources: The company places a high value on investor education, offering resources to help individuals understand the nuances of investing in precious metals.
With these offerings, Red Rock Secured aims to provide a comprehensive service for anyone looking to diversify their retirement savings with precious metals.
How Much Does Red Rock Secured Cost?
Costs associated with investing through Red Rock Secured can be divided into several categories. It’s crucial to understand these potential charges to make an informed decision about your investment.
Red Rock Secured charges a one-time account setup fee. This is common practice among firms managing self-directed IRAs. As of my knowledge cutoff in September 2021, Red Rock Secured charged a setup fee of $50. However, the actual fee may vary, and potential investors are advised to check for current rates.
Annual Administration Fees
In addition to the setup fee, there are also annual administration fees, which cover the administrative work involved in managing your IRA. The cost for this service is typically tiered, depending on the value of the account. As of my last update, the cost ranged from $80 for accounts up to $100,000 to $250 for accounts over $1 million.
Another cost to consider is storage fees. Given that a Precious Metals IRA involves physical assets, secure storage at a depository is necessary. Red Rock Secured offers both segregated and non-segregated storage options. Segregated storage means that your precious metals are stored separately from others, while non-segregated storage may have your metals stored alongside other investors’ assets.
As of the last update, non-segregated storage fees started at $100 annually, while segregated storage started at $150 per year. Fees can go higher depending on the total value of the assets being stored.
Precious Metals Costs
The cost of the precious metals themselves will be the most significant portion of your investment. Red Rock Secured offers competitive pricing on a variety of precious metals, including gold and silver coins and bullion. The price of these assets fluctuates based on market conditions.
Possible Fee Waivers
It’s worth noting that Red Rock Secured frequently offers promotions that can waive some fees, such as setup and first-year fees, for qualifying accounts. It’s always recommended to check with the company for the latest offers.
As always, it’s essential to thoroughly understand all fees associated with your investment. All potential investors are advised to consult with a financial advisor or directly with Red Rock Secured for the most accurate, up-to-date information.
What Do Red Rock Secured Customers Say?
Most reviews from Red Rock Secured customers emphasize the quality of service, ease of account setup, and the security provided by the company. Customers often cite the company’s commitment to education, transparency, and personalized service.
Here are some customers reviews we found via TrustPilot…
Exceeded expectations. As the title says red rock secured really exceeded my expectations. Good people with great knowledge and quality metals. Highly recommend. I’ll be getting more from them soon.
Everyone I’ve had contact with at Red Rock is first rate! Nick walked me through processing with much patience; Edward Copland, our agent, is personable & professional and Ashley is efficient and friendly to keep me up to date with shipments. My husband had an account with Edward for a couple years previously and now I am happy and confident to be on board as well. I would trust this company to anyone interested in gold and silver investments.
I was very impressed with Red Rock Secured. They kept me informed every step of the way. Even though the banking system caused some problems, the staff at Red Rock Secured stayed on it until it all got worked out. I feel secure having my money in metals. They were friendly and professional. I would not hesitate to recommend or use them again.
Ratings and Complaints
UPDATE: Red Rock Secured had earned an A+ rating with the Better Business Bureau (BBB), the highest possible rating, but the agency was recently alerted to “government actions involving business’ marketplace conduct.” They no longer have a rating with the BBB, but perhaps once the pending government actions get sorted out they can regain their good standing with the organization.
Business Consumer Alliance
The company also holds an AAA rating with the Business Consumer Alliance, reflecting their dedication to customer service and business ethics.
On TrustPilot, Red Rock Secured enjoys a high rating from customers who value the company’s responsive customer service, comprehensive education resources, and transparent pricing. At last check they boasted a 5-star rating, with more than 160 people weighing in.
How to Check Your Precious Metals IRA Performance
An essential part of managing any investment is monitoring its performance. This enables you to make informed decisions, whether adjusting your investment strategy or reallocating your assets. With a Precious Metals IRA from Red Rock Secured, you can monitor your investments’ performance in a few ways:
Online Account Access
Red Rock Secured provides an online portal for its clients. Here, you can check your account status, view your assets, and monitor their performance. The platform is designed to be user-friendly and intuitive, giving you real-time access to your account information.
Regular Account Statements
In addition to online access, Red Rock Secured will provide you with regular account statements. These typically include a summary of your account activity, including purchases, sales, current holdings, and the overall value of your account. Statements can serve as a periodic “snapshot” of your IRA’s performance.
Precious Metal Prices
Given that your IRA is invested in physical precious metals, the performance of your account will largely reflect the performance of these metals in the marketplace. You can track the price of gold, silver, platinum, and palladium through various financial news sources, websites, and apps. A rise in precious metals prices generally translates into increased value for your IRA.
Consultation with Advisors
Red Rock Secured has a team of advisors available to clients. These professionals can provide personalized insights into the performance of your IRA and help interpret market trends. It’s a valuable resource if you’re unsure how to read your statement or if you want a more detailed understanding of your IRA’s performance.
Remember, investing in a Precious Metals IRA, like any investment, involves risks. It’s important to monitor your IRA’s performance regularly, understand market trends, and, if needed, adjust your investment strategy based on your risk tolerance and retirement goals.
Where does Red Rock Secured Store Your precious metals?
Red Rock Secured uses high-security depositories to store your precious metals, such as the Delaware Depository and Brinks Global Services USA. These storage facilities provide maximum protection and insurance for your investment.
Red Rock Secured Pros and Cons
When considering Red Rock Secured for your precious metals IRA needs, it’s essential to weigh the company’s pros and cons.
- High-Quality Customer Service: Red Rock Secured prides itself on its top-notch customer service. The company’s staff is knowledgeable and responsive, making the process of opening an account, purchasing metals, and managing your IRA straightforward and efficient.
- Wide Range of Investment Options: Red Rock Secured offers a variety of precious metal options for IRAs, including gold, silver, platinum, and palladium in the form of both coins and bullion. This allows investors to diversify their holdings within the realm of precious metals.
- Secure Storage and Insurance: Red Rock Secured partners with high-security depositories for the storage of physical metals, ensuring the safety of your assets. Moreover, these assets are fully insured, offering additional peace of mind.
- Solid Reputation and High Ratings: With high ratings from the Better Business Bureau, Business Consumer Alliance, and TrustPilot, Red Rock Secured enjoys a solid reputation in the industry. Many customers report positive experiences with the company.
- Potential for Precious Metal Price Volatility: While investing in precious metals can serve as a hedge against inflation and currency instability, the prices of these metals can be volatile. This could impact the value of your investment.
- Physical Assets Can’t be Accessed Immediately: Unlike a bank account or traditional IRA where you can easily liquidate assets, a precious metals IRA involves physical assets stored in a depository. If you need to access your investment, the process of selling these assets and withdrawing funds can take some time.
- Fees: While Red Rock Secured is transparent about its fees and even offers fee waivers for qualifying accounts, the costs associated with account setup, administration, and storage can add up.
- Limited to Precious Metals: If you’re seeking a broader range of investment options beyond precious metals, you may find Red Rock Secured’s offerings a bit limiting. They specialize in precious metals and do not offer other types of assets, like stocks or mutual funds.
Red Rock Secured offers a robust platform for investing in precious metals with excellent customer service and secure storage. However, as with any investment, it’s essential to consider potential risks and limitations, understand all costs involved, and seek advice from a financial advisor.
How to Open a Precious Metals IRA
Investing in a Precious Metals IRA can provide diversification to your retirement portfolio and potentially serve as a hedge against inflation. Opening a Precious Metals IRA with Red Rock Secured involves a series of steps designed to ensure the process is streamlined and tailored to your needs.
Step 1: Schedule Your One-on-One Consultation with Red Rock Secured
The first step involves scheduling a consultation with a Red Rock Secured representative. This one-on-one discussion is an opportunity to express your investment goals, discuss your risk tolerance, and get answers to any questions you might have. The representative will guide you through the process of opening an account and help you decide which type of Precious Metals IRA best fits your needs.
Step 2: Choose Your IRA
Red Rock Secured offers several types of Precious Metals IRAs, including Traditional, Roth, SEP, and SIMPLE IRAs. Each type comes with different tax implications:
- Traditional IRAs offer tax-deferred growth, meaning you’ll pay taxes upon withdrawal.
- Roth IRAs are funded with after-tax dollars, meaning you can take tax-free withdrawals in retirement.
- SEP and SIMPLE IRAs are designed for self-employed individuals and small businesses.
Your choice will depend on your individual tax situation and retirement goals.
Step 3: Determine Your Funding Source
Next, you’ll need to decide how you’ll fund your IRA. This could involve a rollover from an existing retirement account, a direct transfer from an existing IRA, or a new contribution. Each method has different implications for your taxes and retirement savings, so it’s worth discussing these options with a Red Rock Secured representative or a financial advisor.
Step 4: Decide Which Precious Metals to Buy
With your account set up and funded, the next step is to choose the specific precious metals you wish to invest in. Red Rock Secured offers a range of options, including gold, silver, platinum, and palladium in the form of coins or bullion. The choice will depend on your investment goals, risk tolerance, and the advice of your representative.
Step 5: Select a Depository
Lastly, you’ll need to select a depository for the secure storage of your physical precious metals. Red Rock Secured works with several highly secure, insured depositories, and offers both segregated and non-segregated storage options.
Once these steps are completed, your Precious Metals IRA will be up and running. Remember to regularly review your IRA’s performance and adjust your holdings as needed, in consultation with your representative or financial advisor.
How Can I Withdraw from My Account?
Withdrawing from your account follows IRS guidelines for retirement accounts. This can be done after reaching the age of 59 ½ without incurring penalties.
Tips for Deciding if a Precious Metals IRA is Right for You
Investing in a Precious Metals IRA can be an effective way to diversify your retirement savings and provide a hedge against inflation. However, it’s not a one-size-fits-all solution and might not be the right choice for everyone. Here are a few tips to consider when deciding whether a Precious Metals IRA is right for you:
Assess Your Investment Goals and Risk Tolerance
Like any investment, a Precious Metals IRA comes with both potential rewards and risks. While precious metals can provide a hedge against inflation and market instability, they can also be subject to price volatility. Consider your long-term financial goals, how much risk you’re comfortable with, and how a Precious Metals IRA fits into your overall investment strategy.
Understand the Nature of Precious Metals
Precious metals behave differently from assets like stocks and bonds. They are a physical asset, which can be both an advantage and a disadvantage. On one hand, having a physical asset can provide a sense of security. On the other hand, the need to securely store and insure these assets can bring added costs and complexities.
Consider the Tax Implications
A Precious Metals IRA has similar tax benefits to a conventional IRA. Depending on the type of IRA you choose, your contributions may be tax-deductible, and your investments can grow tax-deferred. However, when it’s time to take distributions, you’ll be dealing with the sale of physical assets, which can be more complicated than simply withdrawing cash from a standard IRA. Ensure you understand the tax implications and consult with a tax professional if needed.
Do Your Research
Before investing with any company, it’s important to do your due diligence. Research the company’s reputation, customer reviews, and ratings from independent organizations. Understand all costs and fees associated with your investment, and be sure that the company offers the level of customer service and support you’re comfortable with.
Consult with a Financial Advisor
A trusted financial advisor can be a valuable resource when making investment decisions. They can help assess your financial situation, provide advice tailored to your needs, and assist you in understanding the potential risks and rewards of a Precious Metals IRA.
Ultimately, deciding if a Precious Metals IRA is right for you will depend on your unique financial situation, retirement goals, and risk tolerance. If done wisely and with thorough research, investing in a Precious Metals IRA can be a worthwhile addition to a diversified retirement savings strategy.
Red Rock Secured is a reputable company in the precious metals IRA industry, offering high-quality service and secure investment options. At the time of this publication, the BBB has published an alert announcing charges against the company from the Securities and Exchange Commission – we’ll update this review if/when they announce the outcome of these charges.
However, as with any investment, due diligence and understanding your investment goals and risk tolerance is key.
Always consult with a financial advisor before making any investment decisions.