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    Rollover took way longer than expected - anyone else?

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    Key Takeaways
    • β€’It reminded me of something that's been bugging me for a bit.
    • β€’Last fall, I decided it was time to move a chunk of my old 401k – about $1.5M of it – into a Gold IRA.
    • β€’My broker basically told me to expect the whole direct rollover to take roughly 3-4 weeks.
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    Just closed a seven-figure deal on a new spec home up in Woody Creek so I finally had some time to unwind and, naturally, start thinking about my portfolio. It reminded me of something that's been bugging me for a bit. Last fall, I decided it was time to move a chunk of my old 401k – about $1.5M of it – into a Gold IRA. I’ve been heavy into hard assets for decades, and with the way the market's been acting, it just felt right to solidify some of that gold and silver exposure.

    My broker basically told me to expect the whole direct rollover to take roughly 3-4 weeks. I figured, okay, it’s a decent chunk of change, some bureaucracy is expected. What I didn’t expect was for it to drag out for almost three damn months. Seriously, three months. I was calling them bi-weekly, feeling like a broken record, just to get updates. It wasn't exactly a dealbreaker since I'm not looking to liquidate this stuff anytime soon, but it was still frustrating to have that kind of capital in limbo for so long.

    Eventually, it all went through, and I got my various silver bars (mostly 100oz RCM and some 10oz Aseahi for smaller lots) and gold coins safely tucked away in the depository. But I'm curious – has anyone else experienced these kinds of delays with their 401k to Gold IRA rollovers? Was my situation an outlier, or is this just par for the course when you’re dealing with larger amounts and multiple institutions? Would love to hear if others have had smoother or even rougher rides.

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    Best Answerβ–² 10 upvotes
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    brian_edwards🌟Ultra (5m+)

    Congrats on the new spec home, sounds like a sweet deal! That 1.5M 401k rollover number definitely caught my eye. Were we talking about a direct rollover, or did you do an indirect rollover where the funds went to you first?

    Comments (3)

    4
    jason_morganπŸ’°Established (100-250k)Real Investorβœ“ Verifiedβ€’about 10 hours ago

    Oh man, I feel this. My rollover wasn't seven figures, but it felt like seven years, haha. Had a mid-five-figure 401k sitting there from an old job, and decided to move it to a Gold IRA. The initial consults were smooth, felt like it'd be done in a few weeks tops. Nope. Took almost three months, constant follow-ups. Definitely a lot slower than they make it sound on the initial calls.

    10
    brian_edwards🌟Ultra (5m+)Real Investorβœ“ Verifiedβ€’about 10 hours ago

    Congrats on the new spec home, sounds like a sweet deal! That 1.5M 401k rollover number definitely caught my eye. Were we talking about a direct rollover, or did you do an indirect rollover where the funds went to you first?

    6
    michelle_collinsπŸ†Advanced (250-500k)Real Investorβ€’about 10 hours ago

    Honestly, a multi-million dollar rollover to a Gold IRA sounds like a pretty complex beast. I'd almost expect it to take a while, especially if there were multiple custodians involved or if you were using a less common precious metals dealer. My smaller rollover, a fraction of that, still had its moments. I guess what I'm saying is, sometimes the scale of the transaction just naturally means more moving parts and more time.

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