My gold IRA transfer from 401k took way longer than expected... anyone else? Platinum IRA process?

Gary Stewart

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My gold IRA transfer from 401k took way longer than expected... anyone else? Platinum IRA process?

gary_stewart📊Growing (50-100k)

about 2 months ago

Key Takeaways

•So I finally pulled the trigger on getting some of my 401k into a Gold IRA, thinking it would be a relatively quick process.
•Been in agribusiness my whole life, so I get the value of real assets, you know?
•I started the whole rollover process about six weeks ago.

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So I finally pulled the trigger on getting some of my 401k into a Gold IRA, thinking it would be a relatively quick process. I'm in Fresno, and with all the volatility lately, especially with the ag market, I really just wanted to de-risk a portion of my portfolio and get it into something tangible. Been in agribusiness my whole life, so I get the value of real assets, you know?

I started the whole rollover process about six weeks ago. Had about 75k that I wanted to transfer out of my old 401k from a previous job. The broker I'm working with for the Gold IRA was super helpful on their end, got all the paperwork squared away for the new account pretty fast. Then it came down to getting the funds out of the old 401k. That's where things started to drag. Had to call them three separate times, felt like I was explaining the same thing over and over. Finally got confirmation a few days ago that the funds were wired, which means it took a full month just to get the money out of the old account and into the new Gold IRA custodian. Now I'm just waiting for the actual physical gold to be purchased and allocated.

Is this normal? I was expecting maybe 2-4 weeks total, not 6 weeks and counting. Did I just have a particularly slow 401k provider? For those of you who've done a direct rollover from a 401k to a Gold IRA (or even a Platinum IRA, which I've been considering for a smaller portion too), what was your timeline like? Did anyone else experience these kinds of delays getting the money out of your old retirement accounts?

Part of me is just relieved it's finally happening, but the other part is a little frustrated with how long it took. Just wanted to get some peace of mind with this transfer. Any insights on ways to speed this up if I ever do another one? Or is it just a waiting game with these big institutions?

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5 comments

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Comments (5)

david_brown💎Premium (500k-1m)Real Investor•about 2 months ago

Ugh, tell me about it. My silver IRA transfer from an old 403b felt like it took forever too. I was expecting a month, maybe six weeks tops, but it stretched to almost three months because of some paperwork snafu between the custodian and my old employer's HR. Super frustrating when you're just trying to get things done!

maria_campbell📊Growing (50-100k)✓ Verified•about 2 months ago

Hey, glad you finally got it done though! When you say "way longer than expected," what was the actual timeframe from start to finish? Trying to gauge expectations since I'm thinking of doing something similar myself.

daniel_wright💎Premium (500k-1m)Real Investor✓ Verified•about 2 months ago

Hmm, interesting to hear your experience. While I definitely agree that paperwork and transfers can be a pain, sometimes the "longer than expected" part is actually just a sign that your custodian is being super diligent. Better a slow, secure transfer than a rushed one with errors, especially when we're talking about significant assets. Was there anything specific that caused the delays, like unresponsive previous custodians or missing documents on your end, or was it just the general process?

brian_edwards🌟Ultra (5m+)Real Investor✓ Verified•about 1 month ago

Ngl I came here expecting the usual affiliate spam but the discussions are actually decent. Way better info than what I was getting from my old advisor.