Inherited IRA to Gold - What are my options? Anyone done
- •So, my cousin passed away unexpectedly last month, and I'm inheriting his traditional IRA.
- •It's not a crazy amount, probably around $150k or so once everything is settled.
- •well, not what he would've wanted, and frankly, I’m getting nervous with the market.
So, my cousin passed away unexpectedly last month, and I'm inheriting his traditional IRA. It's not a crazy amount, probably around $150k or so once everything is settled. He was a good guy, always talking about diversifying, and honestly, the thought of just leaving it in whatever mutual funds it's in now feels a bit... well, not what he would've wanted, and frankly, I’m getting nervous with the market. I'm a secretary for an oil company here in Tulsa, and I've heard enough chatter from our execs about inflation and global instability to make me seriously consider precious metals.
My first thought was to convert some of it to a Gold IRA. I know you can't physically hold the gold within a traditional IRA, but I've been looking into rolling it over into a self-directed IRA and then purchasing IRS-approved gold or silver. Has anyone here done this with an inherited IRA? What was the process like? Were there any major headaches or tax implications I should be aware of beyond the usual RMDs for inherited IRAs?
I'm particularly interested in the timeline and any specific custodians or companies you'd recommend (or warn against). My comfort level is probably starting with a 25-30% allocation to gold, maybe more if I feel good about it. I'm not looking to get rich quick, just preserve some of this inheritance and have a hedge against the general economic weirdness everyone's predicting. Any advice from you seasoned investors would be greatly appreciated!