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    Rollover took longer than expected?

    Key Takeaways
    • Just finished up a direct rollover from an old 401k into a Gold IRA, and man, that felt like watching paint dry.
    • Everyone always talks about how simple and quick these things are, but my experience was anything but.
    • I initiated the process about six weeks ago, transferring roughly $350k from a 401k I’d had since my mid-20s.
    See what your 401(k) could look like in gold

    Just finished up a direct rollover from an old 401k into a Gold IRA, and man, that felt like watching paint dry. Everyone always talks about how simple and quick these things are, but my experience was anything but. I'm sitting here in Birmingham, pretty heavily invested in the metals game already given my background in steel – I know commodities, and I definitely know waiting on supply chains – but this was a different beast altogether.

    I initiated the process about six weeks ago, transferring roughly $350k from a 401k I’d had since my mid-20s. The advisor at the Gold IRA company said 2-3 weeks, tops, for everything to clear and the physical gold to be purchased and allocated. I figured, okay, a little buffer, maybe a month. But here we are, pushing into the seventh week, and while the funds finally hit their account last week, I'm still waiting on confirmation that the specific bars have been secured and shipped to the depository. Is this normal these days?

    Maybe it’s just me, being a bit impatient after dealing with the constant push and pull of the steel market for so long. Or maybe my expectations were just out of whack from all the "easy rollover" advertising. For any of you who've done this recently, especially with a direct rollover, did you experience similar delays? Was it the old 401k provider dragging their feet, or is the demand for physical gold causing longer fulfillment times at the IRA custodian end? Just trying to gauge if my experience is an outlier or if the timeline estimates are just generally optimistic.

    Thanks for any insights.

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    7 comments

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    Best Answer▲ 18 upvotes
    S
    steven_mitchell🏆Advanced (250-500k)
    Been looking into this myself — the fees on some of these custodians are wild. Anyone found one that doesn't gouge you?

    Comments (7)

    4
    nancy_hall💰Established (100-250k)Real Investorabout 2 months ago

    Totally get the "watching paint dry" feeling, especially when it comes to money. But honestly, for a direct rollover involving physical assets like gold, I've always heard they can be a bit of a marathon, not a sprint. Banks and custodians have a lot of hoops to jump through. I'd almost be more concerned if it *was* lightning fast, given the security involved. Patience is definitely a virtue in the gold game!

    9
    james_wilson👑Elite (1m-5m)Real Investor✓ Verifiedabout 2 months ago

    Ugh, tell me about it! Had a similar experience with a Roth conversion last year. My advisor made it sound like a breeze, "just a few forms and poof!" Nope. Took way longer than I anticipated, constant back and forth with the old custodian. Always a little more involved than they let on, isn't it?

    8
    laura_sanchez💰Established (100-250k)Real Investor✓ Verifiedabout 2 months ago

    Totally get it, direct rollovers can be surprisingly slow sometimes. You mentioned you're "heavily invested in the metals game already" - did you go with a company that specializes in precious metals IRAs, or just one of the bigger brokerage houses?

    7
    kenneth_parker💎Premium (500k-1m)Real Investor✓ Verifiedabout 2 months ago

    Hey, totally get the frustration! "Quick and easy" sometimes just means "quicker and easier than dealing with a stack of paper forms." The actual time can vary a lot, especially with the extra steps a Gold IRA adds.

    One thing that can sometimes speed things up (or at least give you peace of mind) is to have all your current account statements and employer info (even old ones) ready to go *before* you start the rollover. That way, if your new custodian needs anything, you're not scrambling. Hope it's all settled now!

    18
    steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verifiedabout 1 month ago

    Been looking into this myself — the fees on some of these custodians are wild. Anyone found one that doesn't gouge you?

    17
    thomas_walker🏆Advanced (250-500k)Real Investor✓ Verifiedabout 1 month ago

    I rolled over about $80k last year. Honestly the hardest part was just picking which metals to hold. Still second-guessing myself.

    0
    richard_garcia👑Elite (1m-5m)Real Investorabout 1 month ago

    My advisor told me 10-15% in gold is the sweet spot but I went heavier. We'll see how it plays out.

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