From an Inherited IRA to Gold - What's your take?

Sharon Evans

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From an Inherited IRA to Gold - What's your take?

sharon_evans💰Established (100-250k)

22 days ago

Key Takeaways

•So, my mom passed last year, and I inherited her IRA.
•It was a pretty good chunk, maybe $150k.
•I work for an oil company here in Tulsa, and you hear a lot of chatter from the execs about hedging against uncertainty.

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So, my mom passed last year, and I inherited her IRA. It was a pretty good chunk, maybe $150k. My original plan was just to leave it in the brokerage account and let it ride, but honestly, with all the talk at work about inflation and the economy, I've been getting cold feet. I work for an oil company here in Tulsa, and you hear a lot of chatter from the execs about hedging against uncertainty. I’ve picked up some good tips over the years from them, and one thing that always comes up is gold.

I’ve been seriously considering converting a good portion of that inherited IRA into a Gold IRA. I’m thinking maybe 70-80% of it. I know it’s a big move, especially with an inherited account, but it feels like a safer, more tangible asset right now. I’ve looked into a few companies that specialize in this, and it seems like a pretty straightforward process, though there are definitely some fees involved, naturally.

Has anyone here done something similar with an inherited IRA? What were your experiences? Any pitfalls I should be looking out for specifically because it's an inherited account? I'm trying to make the most of this money my mom left me, and protecting it feels paramount. I even messed around with a Gold IRA Calculator the other day just to see some potential numbers, and it definitely got me thinking about the long-term protection aspect.

I’m particularly curious about the tax implications of converting an inherited IRA into a self-directed Gold IRA. My existing portfolio is probably around $200k, so this inherited portion would be a significant addition. I just want to make sure I’m not overlooking anything crucial. Any advice from those who've walked this path before would be hugely appreciated!

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3 comments

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Best Answer▲ 10 upvotes

william_davis💎Premium (500k-1m)

Hey, sorry to hear about your mom. That's a tough situation, and it's understandable you're looking into options.

You mentioned "all the talk at work about inflation and the economy taking a dive." Is there anything specific from those conversations that's making you lean towards gold, or is it more of a general unease?

Comments (3)

janet_cook📊Growing (50-100k)•22 days ago

Hey, I hear you on this. My grandpa left me a traditional IRA a few years back, and I actually ended up rolling a portion of it into a Gold IRA. Not the whole thing, but enough to feel like I had some diversification against what felt like a super volatile market. It was definitely a learning curve figuring out all the rules for inherited IRAs and then the Gold IRA specifics, but I'm glad I did it. Just offered a different kind of peace of mind.

william_davis💎Premium (500k-1m)Real Investor•22 days ago

Hey, sorry to hear about your mom. That's a tough situation, and it's understandable you're looking into options.

timothy_reed💎Premium (500k-1m)Real Investor•22 days ago

Hey, first off, super sorry about your mom. That's a tough one, and then dealing with all the financial stuff on top of it.

I totally get the inflation jitters, but converting an inherited IRA to gold can be a bit of a double-edged sword. You're giving up potential growth from the market (even a choppy one) for a commodity that doesn't generate income or dividends. Gold's great for stability, but it's not a growth engine. Have you looked into other inflation hedges that might still offer some upside?

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