Gold IRA transfer from 401k - my experience (and a question!)
- •Just closed out my old 401k and rolled it into a Gold IRA, and honestly, the timeline was a bit wilder than I expected.
- •Thought I'd share my experience for anyone else considering this move, and then I have a question for you all.
- •So, I had about $1.8M chilling in an old employer's 401k from when I sold off my tech startup a few years back.
Just closed out my old 401k and rolled it into a Gold IRA, and honestly, the timeline was a bit wilder than I expected. Thought I'd share my experience for anyone else considering this move, and then I have a question for you all. So, I had about $1.8M chilling in an old employer's 401k from when I sold off my tech startup a few years back. Decided with all the market volatility lately, especially with everything going on overseas, it was time to move a good chunk of that into something more stable. Gold felt like the obvious play.
I initiated the rollover process about 7 weeks ago. The initial paperwork with the new Gold IRA custodian was a breeze – maybe an hour or two online. The real slowdown came from the 401k provider. It took them forever to actually process the distribution. I was on the phone with them at least once a week from my office in Dublin, OH, just chasing up where the check was. They kept saying "it's in the mail," then "it's been processed," then "the check is being cut." Felt like I was talking to robots. The check finally arrived last week, which means the whole process, from first contact to the gold actually being secured in the vault, took closer to 8 weeks. I was hoping for something more in the 4-6 week range I'd seen advertised by some companies.
My biggest relief was seeing the confirmation that my Krugerands and Eagles were finally secured. It’s a huge weight off my shoulders, especially after pouring so much of my life into building that capital. But it definitely tested my patience. Have any of you had similarly drawn-out timelines for a 401k to Gold IRA transfer? Or did I just get unlucky with my old 401k provider? Seriously wondering if there are providers out there who are known for being exceptionally slow or fast. Would love to hear your experiences – good or bad!