Anyone converted an inherited IRA to gold? Looking at silver coins specifically.

Sharon Evans

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🥈 Silver Coins

Anyone converted an inherited IRA to gold? Looking at silver coins specifically.

sharon_evans💰Established (100-250k)

about 7 hours ago

Key Takeaways

•I’ve been thinking a lot about my inherited IRA lately, specifically the portion from my aunt that’s just sitting there.
•She left me about $80k when she passed a few years ago, and it's been in a pretty standard mix of index funds and bonds.
•My dad, an executive at a mid-sized oil company, got me into Gold IRAs a few years back for my own retirement savings.

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I’ve been thinking a lot about my inherited IRA lately, specifically the portion from my aunt that’s just sitting there. She left me about $80k when she passed a few years ago, and it's been in a pretty standard mix of index funds and bonds. But with all the economic uncertainty, especially with gas prices fluctuating like crazy even here in Tulsa where everyone’s connected to oil, I'm getting nervous.

My dad, an executive at a mid-sized oil company, got me into Gold IRAs a few years back for my own retirement savings. He’s always stressed the importance of tangible assets, especially when the market feels like it's on a rollercoaster. He’s got a good chunk of his retirement in various metals, and honestly, seeing how calm he is about market swings compared to some of his colleagues, it’s really stuck with me.

So, I'm weighing the pros and cons of converting a significant portion of that inherited IRA into physical gold. Specifically, I'm leaning towards silver coins over bars because they feel a bit more liquid if I ever needed to sell off a smaller amount. Does anyone here have experience with converting an inherited IRA into a precious metals IRA? Was there anything unexpected about the process? I'm picturing a direct rollover, but I'm curious if there are any special considerations or tax implications I should be extra aware of for an inherited account versus a regular one.

My total portfolio is around $200k, and I'd probably look at moving about half of that inherited IRA ($40k) into silver coins. The other half I'd keep diversified. Just trying to figure out if this is a smart move right now, or if I’m letting current inflation fears get the better of me. Any advice or shared experiences would be greatly appreciated!

3 comments

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Best Answer▲ 4 upvotes

gary_stewart📊Growing (50-100k)

Hey, that's an interesting thought process you're having. When you say "silver coins specifically," are you thinking more along the lines of something like American Silver Eagles, or did you have a different type of coin in mind?

Comments (3)

daniel_wright💎Premium (500k-1m)Real Investor✓ Verified•less than a minute ago

Hey, I actually did something similar with an inherited IRA from my grandfather. Not the whole thing, but I rolled a chunk of it into a Gold IRA. I went with physical gold instead of silver, mostly because of the historical stability, but the process itself was surprisingly straightforward. Definitely worth looking into the pros and cons for silver specifically, but the general concept is solid for diversification!

gary_stewart📊Growing (50-100k)•less than a minute ago

steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verified•less than a minute ago

Hey, cool you're looking into this! While silver coins can be super appealing, especially with their lower price point, have you considered the actual storage and insurance costs for that much physical silver in an IRA? Sometimes the fees for storing coins, especially if you're talking about a significant portion of $80k, can eat into the returns more than people anticipate. Just something to keep in mind when weighing your options!

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