Boston doctor's 401k to Gold IRA rollover experience - surprisingly smooth!

David Brown

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Boston doctor's 401k to Gold IRA rollover experience - surprisingly smooth!

david_brown💎Premium (500k-1m)

about 5 hours ago

Key Takeaways

•Honestly, I was bracing myself for a bureaucratic nightmare, but it was surprisingly straightforward.
•I worked with a reputable Gold IRA company (did a ton of due diligence on them, happy to share my research process if anyone's interested).
•They handled most of the heavy lifting.

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

Just wanted to share my recent experience rolling over a chunk of my old 401k into a Gold IRA, especially since I know a lot of us here are in a similar boat, looking to diversify beyond traditional assets. As a doctor in my late 40s in Boston, my portfolio is fairly diversified, but I've been wanting more tangible assets given all the economic uncertainty. I had about $300k sitting in an old 401k from a previous hospital system, and after some research, decided to move about $150k of it into physical gold.

Honestly, I was bracing myself for a bureaucratic nightmare, but it was surprisingly straightforward. I worked with a reputable Gold IRA company (did a ton of due diligence on them, happy to share my research process if anyone's interested). They handled most of the heavy lifting. The biggest "hassle" was just coordinating with the old 401k administrator, who, as always, moved at a glacial pace. But even that was just a few phone calls from me and then the Gold IRA company took over. The funds were transferred directly custodian-to-custodian, so I never actually touched the money, which is key for avoiding any tax penalties. The whole process, from initial contact to having the gold securely vaulted, took about 3 weeks. Feeling pretty good about having that physical asset now, tucked away safely.

One thing that's on my mind now is thinking about future RMDs, especially with different asset types. Has anyone here started taking distributions from a Gold IRA? I stumbled upon this RMD Calculator (rmdcalculator.goldirablueprint.com) the other day and it seems pretty useful for figuring out those required minimum distributions. Planning ahead for that is definitely my next step. Any tips or personal experiences with RMDs from a Gold IRA would be super helpful!

5 comments

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Best Answer▲ 10 upvotes

ruth_perez📊Growing (50-100k)

Hey, that's great you had a smooth experience! While it's awesome you're happy with your diversification, I've always been a bit wary of Gold IRAs. The storage fees and often wider bid-ask spreads can really eat into potential gains, and let's be real, gold isn't exactly known for its dividends. Might be worth considering other inflation hedges for some of that diversification play, but to each their own!

Comments (5)

joyce_cooper📊Growing (50-100k)✓ Verified•less than a minute ago

Glad to hear it went smoothly for you! I had a pretty similar experience last year with a traditional IRA to gold IRA rollover. Was bracing for a bunch of paperwork and headaches, but it was surprisingly straightforward. Definitely a good feeling to have that extra diversification.

sharon_evans💰Established (100-250k)Real Investor•less than a minute ago

Hey, that's awesome to hear it went smoothly! I've been eyeing a similar move myself. When you mentioned "surprisingly smooth," what was the one thing you were most bracing for that turned out to be a non-issue?

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

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

Awesome to hear about your smooth rollover! That's always great to hear, especially with something like a 401k. For anyone else looking to do something similar, remember to double-check the custodian's fees for storage and maintenance. Sometimes those can add up, so it's good to factor them in when comparing different providers. This Investopedia article has a decent breakdown of things to look out for.

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

Hey, that's awesome to hear! Glad it was so smooth for you. I had a pretty similar experience last year with my old 403b. Honestly, I was dreading the paperwork and potential hiccups, but my custodian (I used Augusta Precious Metals) made it super straightforward. Took about 3 weeks from my initial call to completion.

It's definitely a relief to have some exposure outside the stock market these days. Good call on diversifying!

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