Inherited IRA and rolling it into gold?

Linda Taylor

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Inherited IRA and rolling it into gold?

linda_taylor📊Growing (50-100k)

about 6 hours ago

Key Takeaways

•So, my aunt passed away last year and I inherited her IRA.
•It's about $75k, mostly in mutual funds.
•I'm a nurse here in Seattle, and honestly, the market volatility has me pretty nervous, especially with retirement still a ways off for me.

The 3-step rollover process explained

So, my aunt passed away last year and I inherited her IRA. It's about $75k, mostly in mutual funds. I'm a nurse here in Seattle, and honestly, the market volatility has me pretty nervous, especially with retirement still a ways off for me. I've been reading a lot about Gold IRAs for the past few months, and it really appeals to my desire for more stability. I started my own Gold IRA a couple of years ago with about $60k, just wanting that security for my retirement savings.

I'm wondering if it's even possible to roll an inherited IRA into a Gold IRA. I know the rules for inherited IRAs can be a bit different, and I definitely don't want to mess up and incur penalties or taxes I don't have to. The idea of having a significant portion of my retirement savings in physical gold feels a lot more secure right now than seeing those numbers jump up and down every day.

Has anyone here gone through this process with an inherited IRA? What were the main hurdles? Did you face any unexpected tax implications? I'm trying to figure out if this is a straightforward process or if I should just keep it in its current form and maybe use the distributions for something else down the line. Any advice or experiences would be super helpful!

4 comments

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Best Answer▲ 9 upvotes

daniel_wright💎Premium (500k-1m)

Hey, I hear you on the market jitters, especially with a chunk of money like that. It's totally natural to want to protect it. However, I'd just caution you to really dig into the fees associated with Gold IRAs. Sometimes they can eat into your returns more than you'd expect, and the storage costs alone can be significant compared to just holding mutual funds or ETFs in a traditional IRA. Diversification is key, but maybe consider other less volatile assets before going all-in on gold. Just my two cents!

Comments (4)

andrew_roberts👑Elite (1m-5m)Real Investor✓ Verified•less than a minute ago

Hey, totally get where you're coming from. My grandpa left me a small IRA a few years back, and I had similar jitters about leaving it all in stocks. Ended up moving a portion into a Gold IRA myself, and honestly, the peace of mind has been worth it. It's not a silver bullet, but it felt right for me to diversify a bit.

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

Hey, sorry to hear about your aunt. Regarding the gold IRA, when you say "mostly in mutual funds," do you mean those are the only assets in the inherited IRA right now, or are there other types of investments in there too that you're considering for the rollover?

daniel_wright💎Premium (500k-1m)Real Investor✓ Verified•less than a minute ago

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

Hey there! Sounds like you're in a common spot with that inherited IRA. The market can definitely be nerve-wracking lately, so looking into gold makes sense for diversification.

One thing to keep in mind, and this is a general tip I've seen mentioned a lot, is to make sure you understand the difference between a "direct rollover" and an "indirect rollover" when it comes to inherited IRAs. With an inherited IRA, you typically have to move it to another inherited IRA account in your name. If you take a distribution and then try to roll it over, there can be tax implications and you only have 60 days. So definitely double-check the rules for inherited IRAs specifically when considering a Gold IRA provider – they should be able to walk you through that process carefully!

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