Inherited IRA to Gold - What are my options?

Carol Carter

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Inherited IRA to Gold - What are my options?

carol_carter💰Established (100-250k)

about 5 hours ago

Key Takeaways

•My folks really got me thinking lately about my retirement portfolio.
•My dad passed a few years ago, and I inherited his traditional IRA, which has grown to about $180k now.
•The market swings just give me serious heartburn sometimes when I think about it being my dad's money.

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My folks really got me thinking lately about my retirement portfolio. My dad passed a few years ago, and I inherited his traditional IRA, which has grown to about $180k now. I've been doing well with my insurance agency here in Omaha, and my own Roth and 401k are looking good, but something about this inherited IRA makes me want to be extra careful. The market swings just give me serious heartburn sometimes when I think about it being my dad's money.

I've been kicking around the idea of converting a portion of it, or even all of it, into a Gold IRA. I’m picturing about $100k going into some physical gold to just have that stability, that tangible asset. I've read a bit about the tax implications of converting a traditional IRA into a Gold IRA, especially since it's an inherited one. It seems like it might be a bit more complicated with the RMDs and all. My financial advisor is good, but I feel like they lean heavily on traditional investments, and I want to hear from people who have actually done this with inherited funds.

Has anyone here converted an inherited traditional IRA into a Gold IRA? What was your experience like? Did you do a direct rollover or was it more of a multi-step process? I'm trying to figure out if it's even feasible to do a partial conversion without triggering a massive tax event. And if you did, which custodians did you find were best to work with for something like this? I'm really looking for some peace of mind and diversification, especially with everything going on in the world.

3 comments

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Best Answer▲ 4 upvotes

ashley_baker💼Starter (0-50k)

Hey, that's a decent chunk of change to inherit, congrats on the growth! Just curious about the "something about th" part – what specifically about your dad's IRA (or the market in general) has you thinking about converting to gold? Are you worried about inflation or something else?

Comments (3)

ashley_baker💼Starter (0-50k)✓ Verified•less than a minute ago

Hey, totally get where you're coming from. My grandpa left me some old mutual funds that I just let sit for years. After watching the market rollercoaster lately, I finally pulled the trigger and rolled a good chunk of it into a Gold IRA. Didn't do the whole thing, but enough to feel way more secure about that portion of my inheritance. It's a different kind of peace of mind, for sure.

ashley_baker💼Starter (0-50k)✓ Verified•less than a minute ago

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

Inheriting an IRA and thinking about gold is definitely a topic that gets a lot of discussion. While some people swear by gold as a hedge, especially during uncertain times, it's worth considering the long-term historical performance of gold versus a diversified portfolio, particularly for an inherited IRA intended for growth. Gold can be volatile and doesn't offer dividends or interest like other assets might. Just something to chew on as you're making your decisions!

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