SDIRA vs. Traditional - My Experience & Questions on Silver!

Robert Thompson

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SDIRA vs. Traditional - My Experience & Questions on Silver!

robert_thompson💰Established (100-250k)

about 2 months ago

Key Takeaways

•I've been kicking myself lately thinking about how much I missed out on by not going with a self-directed IRA right from the start.
•After the 2008 crash, as a retired teacher here in Phoenix, I really wanted to diversify my retirement savings beyond just stocks and bonds.
•That's when I first looked into precious metals, specifically gold, to protect my nest egg.

The 3-step rollover process explained

I've been kicking myself lately thinking about how much I missed out on by not going with a self-directed IRA right from the start. After the 2008 crash, as a retired teacher here in Phoenix, I really wanted to diversify my retirement savings beyond just stocks and bonds. That's when I first looked into precious metals, specifically gold, to protect my nest egg. I ended up putting about $150k into a Gold IRA with a traditional custodian, and while it's been okay, I feel like my options have been pretty limited.

I've been looking more into silver lately, especially some of the more collectible coins, and my current custodian just doesn't seem equipped for it. They deal in the standard bars and Eagles, which is fine, but I've been eyeing some pre-1965 90% silver coins and specific proof sets that I know can be held in an SDIRA. It's frustrating to feel like my hands are tied when I see what some folks on this sub are doing with their SDIRAs.

For those of you who started with a traditional custodian and then switched to an SDIRA, what was that process like? Was it a huge headache? I'm particularly interested in hearing from anyone who moved over silver coins, not just bullion. Also, for those with SDIRAs that do hold a variety of silver coins, which custodians have you had good experiences with? I'm trying to avoid another situation where I feel pigeonholed into just a few options.

I'm sitting on about $220k in my IRA now, and I'm really ready to take more control and explore the silver coin market. Any advice on navigating the self-directed world, especially for a slightly less tech-savvy individual, would be greatly appreciated. Thanks!

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13 comments

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Best Answer▲ 18 upvotes

ruth_perez📊Growing (50-100k)

Appreciate you taking the time to share this. Lots to think about for my own portfolio.

Comments (13)

betty_king📊Growing (50-100k)•about 2 months ago

Oh man, I hear you! I actually had a super similar experience. My FIL had been pushing me for years to look into precious metals, and for the longest time, I just kinda shrugged it off, thinking my traditional investments were "good enough." Then the pandemic hit, and while my portfolio wasn't *decimated*, it definitely took a much bigger hit than I thought it would. That’s when I finally decided to look into a self-directed IRA and add some gold and silver. Wish I’d done it 5 years earlier!

catherine_bell🏆Advanced (250-500k)Real Investor•about 2 months ago

Interesting take on the SDIRA. When you say you 'missed out' by not going with one from the start, are you specifically talking about the gains you could've made with silver, or was there more to it than just that? Just curious what your main driver was there!

elizabeth_johnson💰Established (100-250k)Real Investor✓ Verified•about 2 months ago

Interesting perspective! While I totally get the desire for diversification and the appeal of physical assets like silver, I sometimes wonder if the "missed out" feeling on not going SDIRA immediately is a bit of an overstatement for a lot of folks. The fees and complexities can sometimes eat into those potential gains, especially for smaller accounts. It's not always as clear-cut as just "missing out," in my opinion.

joseph_harris📊Growing (50-100k)•about 2 months ago

Hey, great post! It's awesome you're looking into silver for your SDIRA. One thing I found super helpful when I was first researching was this flowchart from Augusta Precious Metals. It breaks down the whole process of setting up a precious metals IRA pretty clearly and might answer some of those silver-specific questions you have, especially about storage and eligible products.

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

Totally agree with you on the SDIRA. Kicking myself too for not getting into one sooner. The amount of control and diversification it offers compared to a traditional IRA is night and day.

For me, it was less about silver specifically, but being able to finally get some physical gold into my retirement was a game changer. The peace of mind alone is worth it.