Rollover took way longer than expected, anyone else?

Robert Thompson

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🥇 Gold IRA

Rollover took way longer than expected, anyone else?

robert_thompson💰Established (100-250k)

about 4 hours ago

Key Takeaways

•Just wanted to share my experience with a 401k to Gold IRA rollover and see if anyone else had a similar timeline.
•Gold has always felt like a safer bet to me.
•My Gold IRA company (which I won't name here, but they've generally been good) quoted me about 3-4 weeks for the whole thing, tops.

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Just wanted to share my experience with a 401k to Gold IRA rollover and see if anyone else had a similar timeline. I started the process back in late October/early November last year – you know, when all the news about inflation and the economy was starting to really pick up. I’m a retired teacher here in Phoenix, and after seeing what happened in '08, I decided it was time to move more of my savings, probably around $150k worth of my old 401k, into something more tangible. Gold has always felt like a safer bet to me.

My Gold IRA company (which I won't name here, but they've generally been good) quoted me about 3-4 weeks for the whole thing, tops. I figured, okay, a month or so, I can live with that. Well, let me tell you, it ended up being almost two and a half months before everything was completely finalized and my gold was actually in the depository. I was calling them weekly, sometimes twice a week, just to get updates. It felt like one hand didn't know what the other was doing between my old 401k administrator and the new Gold IRA custodian.

Most of the delays seemed to be on the side of my old 401k provider sending the funds. They kept saying there was paperwork missing, then it was a signature from their end, then some internal audit. It was pretty frustrating, especially watching the news and just wanting to get my money moved over. Has anyone else experienced these kinds of significant delays with their rollovers? Is two and a half months considered crazy long or is that just the new normal with these things?

I know it's done now and I'm happy to have my gold—it’s a big chunk of my nest egg—but the process was definitely more drawn out and stressful than I anticipated. Made me wonder if there's anything I could have done differently to speed it up. Any thoughts or shared experiences are appreciated!

5 comments

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Best Answer▲ 10 upvotes

susan_clark💰Established (100-250k)

Yeah, I feel you on this one! My Roth IRA to Gold IRA rollover felt like it was stuck in molasses. Started mine in January, thinking it'd be a smooth couple of weeks, and it dragged on until mid-March. I kept checking my accounts like a hawk. It was definitely a test of patience!

Comments (5)

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

Hmm, that's interesting. While it definitely *can* take a while, especially with different custodians and the 60-day rule, I've seen some pretty speedy rollovers too. I wonder if the end-of-year rush had something to do with your extended timeline. A lot of people seem to try and get things done before the new year for tax reasons, which could back up the system. Just a thought!

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

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

Hey, I'm curious about something you mentioned. When you said the rollover "took way longer than expected," what was your original expectation for the timeline? Like, were you thinking a few weeks, a month, etc.? Just trying to get a sense of what's considered "normal" in this process.

karen_robinson💼Starter (0-50k)•less than a minute ago

Hey, totally feel your pain on the rollover timeline! It can definitely be a marathon, not a sprint. One thing I found super helpful during my own rollover (which also felt like it took forever) was keeping a detailed log of every communication – dates, who I spoke to, what was discussed. It made it way easier to follow up and hold everyone accountable. Hope your gold arrives safe and sound soon!

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

Totally! I had a similar experience. My rollover from a traditional IRA to a Gold IRA in January felt like it took forever. I was thinking maybe 2-3 weeks, but it ended up being closer to 6. My rep said it was due to high demand, which makes sense given everything going on with the economy. Glad to hear I'm not the only one who felt like they were in a waiting game.

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