Quick question on IRA rollover and taxes - specifically Platinum
- •Been thinking about rolling over a chunk of my old 401k into a Platinum IRA.
- •Got about $380k sitting there from my days at U.S.
- •Steel before I retired, and with the way the market's been acting, I'm liking the stability Platinum offers right now.
Been thinking about rolling over a chunk of my old 401k into a Platinum IRA. Got about $380k sitting there from my days at U.S. Steel before I retired, and with the way the market's been acting, I'm liking the stability Platinum offers right now. Always been a commodities guy, so precious metals make sense to me, but this is the first time I'm really digging into the IRA rollover specifics.
My main concern is obviously the tax hit. I know direct rollovers from a qualified plan to a Gold or Platinum IRA generally aren't taxable events, but are there any hidden gotchas I should be aware of? Like, is there anything different if it’s platinum versus gold in terms of how the IRS views the rollover? I'm not planning on doing a 60-day indirect rollover because that just seems like asking for trouble with the withholding and potential penalties if I mess up the timing. Plus, who needs the stress of managing that temporary cash?
Also, this is probably getting ahead of myself, but I'm trying to plan long-term here. I turn 73 in a few years, and the Required Minimum Distributions (RMDs) are coming into play. I've been messing around with this RMD Calculator at goldirablueprint.com, which is pretty handy, but I'm curious if anyone has firsthand experience with how RMDs are handled when your IRA is primarily physical metal like platinum? Do they just liquidate a small portion, or is there more flexibility in how that’s managed to avoid selling at an unfavorable time?
Just trying to make sure all my ducks are in a row. Living here in Birmingham, AL, I’ve seen enough ups and downs in commodities to know you gotta be prepared. Any advice from folks who’ve done a Platinum IRA rollover would be greatly appreciated!