401k to Gold IRA - my recent rollover experience (UT based)

Paul Hill

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401k to Gold IRA - my recent rollover experience (UT based)

paul_hill🏆Advanced (250-500k)

about 2 months ago

Key Takeaways

•Just went through the whole 401k to Gold IRA rollover process recently, and wanted to share my experience for anyone else considering it.
•I'm based here in Salt Lake City, and my financial advisor has been a huge help guiding me through this.
•My advisor has been recommending a gold IRA for a while now for diversification, especially given current inflation.

See what your 401(k) could look like in gold

Just went through the whole 401k to Gold IRA rollover process recently, and wanted to share my experience for anyone else considering it. I'm based here in Salt Lake City, and my financial advisor has been a huge help guiding me through this. I had about $300k sitting in an old 401k from a previous job, and with all the market volatility, I’ve been feeling super antsy about keeping all my eggs in the stock basket. My advisor has been recommending a gold IRA for a while now for diversification, especially given current inflation. Seemed like a solid move to protect some of my capital.

The actual transfer itself was surprisingly smooth, though it felt like it took forever. From the moment I initiated the request with my old 401k provider to having the physical gold (mostly American Gold Eagles and Canadian Gold Maples) actually in the depository, it was just under three weeks. The longest part was definitely waiting for the funds to clear from the 401k administrator. They had some paperwork that felt like it took ages to process, even though I had everything ready on my end. Once the funds hit the Gold IRA account, selecting the coins and getting them shipped to the vault was pretty quick – maybe 4-5 days total for that leg.

I know some people worry about access, but my advisor walked me through all the insured storage options, and I feel good about where everything's held. The peace of mind alone is almost worth it. Anyone else in Utah or elsewhere gone through this recently? How long did your rollover take? Any unexpected hiccups or was it all pretty straightforward?

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5 comments

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Best Answer▲ 7 upvotes

frank_rivera💎Premium (500k-1m)

Totally agree with this! My experience was super similar, though I'm down in Arizona. Had about $250k in an old 401k from a tech company and my advisor made it unbelievably smooth. Definitely worth looking into if you're thinking about diversifying.

Comments (5)

timothy_reed💎Premium (500k-1m)Real Investor•about 2 months ago

Hey, thanks for sharing this! I'm actually in a pretty similar boat right now. I've got an old 401k from a job in Vegas that's just sitting there, and I've been looking into rolling it over to a Gold IRA. Hearing about your positive experience with an advisor in SLC is actually really encouraging. I've been a bit hesitant to pull the trigger, but you're making me think it's time to find a good advisor here in Nevada.

jason_morgan💰Established (100-250k)Real Investor✓ Verified•about 2 months ago

Hey, that's awesome you're sharing your experience! Super helpful for others. Quick question: was your advisor specifically a gold/precious metals specialist, or just a general financial advisor who also handles these types of rollovers?

thomas_walker🏆Advanced (250-500k)Real Investor✓ Verified•about 2 months ago

That's great you had a smooth experience with the rollover! It's definitely reassuring to hear when things go well. Speaking of which, I'm curious if your advisor mentioned any of the potential downsides or things to be aware of beyond the initial setup? I've heard some pretty strong opinions on both sides of the gold IRA debate, especially regarding liquidity and storage fees impacting long-term growth compared to, say, just holding a diverse portfolio of stocks and bonds. Just something to consider for others reading who might be looking at this as a one-size-fits-all solution.

helen_turner💰Established (100-250k)Real Investor•about 2 months ago

Hey, thanks for sharing your experience! It's always super helpful to hear real-world accounts of these rollovers, especially for us Utahns.

One thing I found really useful when I was looking into this was checking out the Better Business Bureau ratings for different Gold IRA companies. There are a few out there with some pretty mixed reviews, so it's good to do your research beyond just your advisor's recommendations. Good luck to anyone else thinking of making the jump!