Thoughts on converting inherited IRA to Gold with Augusta?

Ruth Perez

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Thoughts on converting inherited IRA to Gold with Augusta?

ruth_perez📊Growing (50-100k)

about 2 months ago

Key Takeaways

•Just looking for some opinions and shared experiences here.
•My grandpa passed away last year and left me a traditional IRA, which has about $85k in it right now.
•My financial advisor mentioned converting some of it into a Gold IRA, specifically through Augusta Precious Metals.

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Just looking for some opinions and shared experiences here. My grandpa passed away last year and left me a traditional IRA, which has about $85k in it right now. I'm a government employee here in Albuquerque, and between my pension and what I've got saved elsewhere, I'm trying to figure out the best way to supplement my retirement when I eventually hang up my hat. My financial advisor mentioned converting some of it into a Gold IRA, specifically through Augusta Precious Metals.

Honestly, the idea of having some physical assets, especially with all the economic uncertainty, really appeals to me. I've been doing a lot of reading about inflation and market volatility, and gold seems like a solid hedge. The thought of this inherited money being tied up solely in the stock market for the next 15-20 years until I retire makes me a little uneasy sometimes. Augusta seems to get a lot of positive press, but I'm always wary of anything that sounds too good.

Has anyone here gone through a similar process with an inherited IRA? What was your experience like? And specifically, if you used Augusta, how was the whole rollover/conversion process? Were there any hidden fees or unexpected headaches? Just trying to gather as much real-world feedback as I can before I make any big moves. Thanks in advance for any insights!

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5 comments

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Best Answer▲ 10 upvotes

michelle_collins🏆Advanced (250-500k)

Hey, I've actually looked into something super similar! My grandma also left me a traditional IRA a few years back, and I seriously considered moving a chunk of it into a Gold IRA, though I was looking at a different company. The tax implications for inherited IRAs can be a little different too, so definitely something to keep in mind. Have you already spoken to Augusta about the specifics for an inherited account?

Comments (5)

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

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

Hey, sorry about your grandpa, that's rough. $85k is a good chunk of change to work with though. You mentioned being a government employee – are you contributing to a TSP then, or have you rolled anything into a civilian IRA already?

susan_clark💰Established (100-250k)Real Investor•about 2 months ago

Hey, I hear you on wanting to diversify, especially with the market being a bit wild. Augusta is definitely a popular choice for gold IRAs, and I've seen good things about their customer service.

However, just a thought: have you looked into all the potential fees associated with a gold IRA conversion, especially with an inherited one? Sometimes those can eat into your returns more than you'd expect. Also, it might be worth exploring other inflation hedges beyond just physical gold. Just something to consider before pulling the trigger!

steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verified•about 2 months ago

Hey, sorry to hear about your grandpa. That's a solid amount to work with!

One thing to keep in mind, especially with an inherited IRA, is the RMD (Required Minimum Distribution) rules. Even if you convert it to a Gold IRA, you'll still have those RMDs to deal with. While Augusta can definitely help with the conversion and buying the physical gold, make sure to ask them how they handle RMDs from an inherited account. Some custodians have smoother processes than others for liquidating a small portion of your metals to cover those distributions. Might be worth checking out this article on Investopedia about inherited IRA RMDs – it's a good primer!