Thinking about converting inherited IRA to physical

Joseph Harris

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Thinking about converting inherited IRA to physical

joseph_harris📊Growing (50-100k)

about 2 months ago

Key Takeaways

•Okay, so I’ve been sitting on this inherited IRA from my aunt for a while now, probably close to three years.
•It’s got about $65k in it, and honestly, it’s just been sitting in a pretty vanilla mutual fund doing… well, exactly what the market’s been doing.
•My own Gold IRA is with Augusta Precious Metals – they’ve been super helpful getting me set up.

The 3-step rollover process explained

Okay, so I’ve been sitting on this inherited IRA from my aunt for a while now, probably close to three years. It’s got about $65k in it, and honestly, it’s just been sitting in a pretty vanilla mutual fund doing… well, exactly what the market’s been doing. With all the chatter lately, especially about inflation and the economy feeling a bit wobbly, I’ve been seriously considering moving at least a chunk of it into physical silver instead of just standard gold. I’m new to the physical precious metals game, only really got into my own Gold IRA a few months ago after talking to a buddy in the music biz here in Nashville who’s been preaching it for years.

My own Gold IRA is with Augusta Precious Metals – they’ve been super helpful getting me set up. I’ve put about $30k into that so far, mostly in common bullion coins like Eagles and Maples. My question is, how does this process work for an inherited IRA? Is it pretty much the same as rolling over a traditional IRA, or are there extra hoops to jump through? I know the distribution rules for inherited IRAs are a little different, especially since I'm not a spouse. My main goal is diversification and some peace of mind, not necessarily trying to get rich quick.

Specifically, I’m looking at silver coins for this inherited fund – maybe some specific varieties that hold numismatic value beyond just the melt price, or maybe just standard silver Eagles and Maples again. Has anyone here converted an inherited IRA to physical silver or done a direct rollover into a self-directed precious metals IRA? Any horror stories or smooth sailing experiences? What was your experience with custodians for inherited funds? Super curious to hear if there are any particular pitfalls I should watch out for.

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4 comments

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Best Answer▲ 9 upvotes

matthew_murphy👑Elite (1m-5m)

Hey, I actually just went through something pretty similar! Had an old 401k from a previous job that I rolled into an IRA. After watching it barely move for a bit, I decided to diversify and ended up putting a good chunk of it into physical gold through a Gold IRA.

The process wasn't too bad, mostly just a lot of paperwork coordinating with the new custodian. Definitely do your homework on different companies though, the fees can vary widely. Good luck!

Comments (4)

matthew_murphy👑Elite (1m-5m)Real Investor•about 2 months ago

The process wasn't too bad, mostly just a lot of paperwork coordinating with the new custodian. Definitely do your homework on different companies though, the fees can vary widely. Good luck!

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

Interesting! So you're looking at converting the *entire* $65k into physical silver? Or was your thought more to allocate a percentage of it?

brian_edwards🌟Ultra (5m+)Real Investor✓ Verified•about 2 months ago

Hey OP, I get the appeal of physical silver, especially with all the market noise. But just wanted to throw out a different angle – have you looked into silver ETFs as an alternative for that inherited IRA? You'd still get the silver exposure you're after without the hassle of storage fees or the potential liquidity issues of converting a chunk of an IRA into physical metals. Plus, it keeps things simpler within the IRA structure. Just something to consider before going full physical.

ronald_morris👑Elite (1m-5m)Real Investor•about 2 months ago

Hey, cool you're looking into this! Converting an inherited IRA to physical silver can be a smart move for diversification. Just a heads up though, make sure you're clear on the specific custodian requirements for self-directed IRAs holding precious metals. Not all of them are set up for it, and you'll need one that specializes in it to ensure everything's kosher with the IRS.

You might want to check out some resources like the IRS website on IRAs or even some reputable precious metals IRA companies' guides. They often have good breakdowns of the rules and lists of approved custodians. Good luck!

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