Retirement can be a scary word, idea and stage of life. Part of the reason that is can be so intimidating is that there are so many different types of retirement accounts, companies and things to be aware of. While this can very much be the case for you and your retirement you do not need to be scared by it. One of the best ways to calm your fears of retirement is to dive deep into figuring out your own retirement. If you can gain as much knowledge about your own retirement and apply that knowledge you will be better equipped to retire happily with enough money for a comfortable retirement.
While getting the basic education about retirement is important there may be some of you that aren't scared by retirement and actually want to take further control of your retirement. If you are looking to take control of your retirement a great way to start is by self directing your retirement account. The basics of a self directed retirement are just like normal retirement accounts. Self directed IRAs and self directed 401ks are the most common types of self directed accounts. What a self directed IRA and 401k allows you to do is to take control of what you are actually investing in with your IRA and 401k.
It can seem too hard to invest your own money into your retirement account, especially if you think of investing in strictly stocks and bonds but what if you could invest in just about whatever you wanted? Well guess what? You can! Through a self directed IRA and 401k you can invest in alternative investments like gold, silver, real estate, private businesses and more. You don't have to have someone else who controls what actually happens with your retirement account. You don't have to have someone else invest your money into strictly stocks and bonds. You do it all yourself with a self directed IRA and 401k. You invest in what you wish. Some of the most popular types of investments inside self directed IRAs and 401ks are precious metals and real estate. There are pluses to having complete control but there are also a few minuses that you will want to be aware of. If you want the tax benefits that come with a self directed IRA and know of a great real estate investment, private business or other investment that you want to purchase through your IRA then a self directed IRA is the perfect vehicle to help you do so.
We want you to get the most out of a self directed IRA and 401k by informing you with proper and professional information so that you can make the investments that you wish through your retirement account. The following are a few great resources to get you started so that you can know what is possible and not possible through a self directed account.
- What You Need To Know About Self Directed IRAs
- Self Directed IRA Rules
- No Self Dealing
- What Out For Indirect Benefit
If you have read those articles you should be much more comfortable with the types of investments that you are able to do in a self directed account. If you still need professional help and would like to set up a self directed account feel free to contact us at any time and we will help you get started and we will also help you know which type of investments that may be considered a dissqualified transaction.
Author: Nick Barker