My Gold IRA transfer timeline - anyone else experience this?
- •Been following this sub for a while, figured I'd post my own experience with getting gold into my retirement.
- •I started the process in late March.
- •My 401k was with a pretty standard firm, nothing fancy.
Been following this sub for a while, figured I'd post my own experience with getting gold into my retirement. I finally pulled the trigger on a 401k to Gold IRA transfer earlier this year and wanted to share the timeline, mainly because it felt like forever and I was getting a little antsy toward the end.
I started the process in late March. My 401k was with a pretty standard firm, nothing fancy. I’d been hearing the execs at my job talk about inflation and economic uncertainty for months now, and watching my 401k barely budge while gas prices keep climbing here in Tulsa just solidified my decision. I initiated the rollover request with my existing 401k administrator, and they were surprisingly quick with their part, sending out the check to the new Gold IRA custodian by end of the first week of April. It was about $150k I was moving, so a decent chunk for me.
Then came the waiting game. The custodian for the Gold IRA received the check by mid-April, and that’s when things felt like they slowed to a crawl. They had to clear the funds, then process the order for the actual physical gold. I was expecting it to be a bit faster, honestly. I called them a couple of times, mostly just for reassurance, and they were always polite but couldn't really give me a firm date. Finally, the metals were purchased and allocated to my account by the first week of May, and confirmed in storage by the second week. So, all in all, about 6-7 weeks from my initial request to having the gold officially in my account.
Has anyone else had a similar timeline, or was mine unusually long/short? I know every situation is different, and I'm just an oil company secretary so this is all still fairly new territory for me, but that wait felt pretty intense. Now though, with everything going on, I feel a lot better having a portion of my retirement diversified into something tangible. Worth the wait, I suppose!