Frustrating how long this is taking - 401k to Palladium

James Wilson

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Frustrating how long this is taking - 401k to Palladium

james_wilson👑Elite (1m-5m)

about 2 months ago

Key Takeaways

•Figured with the Fed doing… whatever it is they’re doing, and the general state of the world, getting more into physical metals was a no-brainer.
•I’ve always been heavy in precious metals, even back during my Wall Street days.
•Palladium's been looking undervalued, so that’s where I decided to direct this latest move.

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About three months ago, I initiated a direct rollover of a decent chunk of my old 401k – we're talking about $750k from a pre-tax account – into a Palladium IRA. Figured with the Fed doing… whatever it is they’re doing, and the general state of the world, getting more into physical metals was a no-brainer. I’ve always been heavy in precious metals, even back during my Wall Street days. Palladium's been looking undervalued, so that’s where I decided to direct this latest move.

The initial paperwork felt straightforward enough. My custodian, which handles a few other precious metals IRAs and my old brokerage accounts, assured me it would be a smooth process. They said expect it to be finalized within 4-6 weeks, tops. Well, here we are, going on 12 weeks, and it’s still showing as "in process." I've called them multiple times, and the best I get is "it's with the transfer department," or "we're awaiting final sign-off from the previous plan administrator." It’s incredibly frustrating. I’m in New York, and frankly, the market dynamics shift too quickly for this kind of glacial pace.

Am I being impatient, or is this really an unusually long time for a direct rollover? What has everyone else experienced with similar transfers, especially into something like a Palladium IRA? I had a smaller Gold IRA rollover a few years back that took half this time. Just trying to gauge if I should really start leaning on them harder, or if this is just the unfortunate reality of navigating these bureaucratic hurdles.

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8 comments

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Best Answer▲ 17 upvotes

sandra_green📊Growing (50-100k)

I've been following this topic closely and really appreciate the insights here.

Comments (8)

donna_rogers🏆Advanced (250-500k)Real Investor•about 2 months ago

Three months does feel like a drag, I hear you. But a Palladium IRA, especially for that amount? While I get the appeal of diversification and hedging against inflation, Palladium has had some pretty wild swings. It was over $3,000 an ounce a couple of years ago and now it's around $1,000. That's a steep drop, even for a precious metal.

I hope it works out for you, but it just feels like a very specific and potentially volatile choice for such a significant chunk of change, especially with the current market. Might be worth considering if a more balanced approach with gold and silver would have offered a bit more stability.

ashley_baker💼Starter (0-50k)✓ Verified•about 2 months ago

Wow, three months is a long time, especially for that kind of money. When you say "direct rollover," did your old 401k administrator send the funds directly to your new Palladium IRA custodian, or did they cut you a check that you then had to deposit?

donna_rogers🏆Advanced (250-500k)Real Investor•about 2 months ago

Ugh, I feel your pain on this. Not quite the same amount, but I tried to do a partial rollover from a Traditional IRA into a Gold IRA about a year ago, and it felt like pulling teeth. Everything was "just a few more days" or "we're waiting on one more signature." It eventually went through, but the communication was spotty, and I was constantly wondering if it was even happening. Hope yours gets sorted soon!