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    Rollover took way longer than expected - anyone else?

    B
    Key Takeaways
    • β€’Just closed on the Ajax deal, finally got a minute to check in here.
    • β€’Been meaning to ask you all something about these rollovers.
    • β€’Did a pretty substantial direct rollover, about $800k from an old 401k that was just sitting there, felt like it was basically bleeding value.
    The 3-step rollover process explained

    Just closed on the Ajax deal, finally got a minute to check in here. Been meaning to ask you all something about these rollovers. Did a pretty substantial direct rollover, about $800k from an old 401k that was just sitting there, felt like it was basically bleeding value. Wanted to get it into something real, tangible, you know? Started the process for a Gold IRA back in early November, figuring it’d be done before the holidays. My guy in Aspen said it should be a few weeks, tops.

    Well, here we are, almost February, and the funds just got fully settled last week. That’s like a solid two and a half months. I get things can take time, especially with larger sums and all the paperwork involved, but seriously? I was itching to get that capital working for me, and that delay felt like an eternity. Anyone else experience this kind of lag? Is that normal for larger transfers, or did I just get unlucky with my custodian/administrator?

    My old 401k provider was Fidelity, and honestly, they weren't exactly hustling on their end. Super slow processing the outgoing paperwork. Meanwhile, the Gold IRA custodian was ready to go almost immediately. Just curious if this is par for the course for everyone else who’s moved a decent chunk over, say, north of half a million. When I was moving liquid cash into more physical metals a few years back, that was way quicker. Just feels like this qualified account stuff adds a whole other layer of bureaucracy, which is exactly what I was trying to get away from in the first place.

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    3 comments

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    catherine_bellπŸ†Advanced (250-500k)

    Hey, glad to hear you got that settled! $800k is a hefty sum, definitely makes sense to get it working for you. When you say "direct rollover," are you referring to a trustee-to-trustee transfer, or did you actually receive a check at any point?

    Comments (3)

    8
    ronald_morrisπŸ‘‘Elite (1m-5m)Real Investorβ€’about 7 hours ago

    Dude, preach! My small potatoes rollover (think like, a quarter of your amount, haha) felt like it was in limbo for ages. I was checking my account daily like a hawk, convinced something had gone wrong. Kept getting these vague "processing" updates. Ended up being fine, but the wait was definitely anxiety-inducing. Glad to hear yours finally went through though!

    9
    catherine_bellπŸ†Advanced (250-500k)Real Investorβ€’about 7 hours ago

    Hey, glad to hear you got that settled! $800k is a hefty sum, definitely makes sense to get it working for you. When you say "direct rollover," are you referring to a trustee-to-trustee transfer, or did you actually receive a check at any point?

    3
    joyce_cooperπŸ“ŠGrowing (50-100k)βœ“ Verifiedβ€’about 7 hours ago

    That's rough, man. While I totally get the frustration of a drawn-out rollover, I actually found mine went pretty smoothly. I had a similar situation, moving about $700k from an old 401k, and it was done in about 3 weeks. Maybe I just got lucky with the custodians involved, or perhaps the 'direct' aspect helped streamline it? Either way, 8 weeks sounds like a nightmare. Hope it's all sorted now!

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