Whether you have a 401k, IRA or both how are they doing? Are the accounts going in the direction you want them to go? Are you investing in the types of investments that you want your 401k or IRA to invest in? Do you even know? Regardless, you may not need to know what is currently going on with your account or how it is performing if it is set up wisely and in the manner that you want. The great thing about a very well set up retirement portfolio is that you don’t have to worry about it on a day to day basis.
Most of you probably don’t know the answers to the above questions. Hopefully, it is because you have already set up a great retirement portfolio and don’t worry about it from day to day.
A good portion of you who do not know the above questions is simply because you have no idea what is going on with your retirement accounts. All you know is that you continue to contribute to your 401k or IRA because you have always been told that it is a great hing to do.
In fact, many of us feel like an outsider in our own accounts. We have no idea what we are investing in nor if the way our accounts are currently set up are aligned with our current goals and values.
If you feel like an outsider with your account then now is the time to get your retirement accounts back on track. It is your retirement account so you should be in-charge of your account. Your adviser is there to support you and listen to you and take your direction. Again, remember this is your account and ultimately you should do what you want with it.
One thing to know about advisers is that they can only do so much. They are limited by the investment company that they are associated with.
For instance, if you would like to invest in real estate with your retirement account most only allow for a few options, namely REIT investments. If you want to invest in a physical real estate property it can be done but you have to find an investment company that will allow for a self-directed IRA.
Self-directed IRAs allow you to invest in things other than stocks and bonds. You can invest in real physical assets like gold and real estate. Again, the issue with doing this type of investing is that you have to find an investment company that allows for these types of investments. They are perfectly legal inside of an IRA or 401k but most investment companies don’t typically offer them because they make more money elsewhere.
Whether or not you want to diversify your retirement accounts outside of the stock markets with a self-directed IRA there is one thing that you should make sure that you do as soon as possible. What is that one thing you should do now with your retirement accounts? Make sure you stop feeling like an outsider with your own retirement accounts. Do that by getting in the know with your retirement accounts and make sure your adviser and you are on the same page with your retirement account.
If you realize you still want to do more and invest in other things then contact us about a self-directed IRA and learn how to invest in some great physical assets with your retirement account.
Author: Nick Barker