I’m thinking about moving some of my old 401k into a gold IRA but I have no idea where to start. I’ve read a few guides online but they all seem to have different advice about fees storage and taxes.
Has anyone actually done this and felt confident in their choice? I want to make sure I’m not signing up with a company that will make things complicated. Any tips on what really matters would be helpful.
Gold IRA rollover guide, wondering if this is the right move for my retirement
byu/Ill-Blacksmith-5467 inpersonalfinance
Posted by Ill-Blacksmith-5467
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Be careful doing this. Those gold sellers try to get you into what’s called a Self-Directed IRA. They’re made to hold assets that aren’t cash or securities, such as real estate and precious metals. Because you can’t own the physical gold through any IRA it’s actually held at some storage facility.
There’s a reason they advertise on Infowars and various right wing crank shows. The exchange fees for converting cash to gold and back are terrible. That’s where they get their money.
If you must move forward you need to be very mindful of their exchange fees. Since you won’t be holding the gold anyway, you can also look up gold ETFs which can be held in a regular IRA.